According to Badri Kothandaraman, president and CEO of Enphase Energy, the business plans to establish six manufacturing lines by the end of the year to boost its quarterly capacity, at least three of which will be based in the United States.
The first will begin in Q2 2023 with a new contract manufacturing partner, and two more will be added in the second half of the year with current partners.
In Europe, the business is on pace to begin manufacturing at Flex Romania in the first quarter of 2023, allowing for a quicker supply of inverters on the European market and increasing quarterly capacity from five million in Q4 2022 to six million in Q1 2023.
In addition, the microinverter supplier’s revenue for the three months ended 31 December 2022 increased to $724,7 million from $412.7 million during the same time the previous year. This was a 14% increase above the record revenue generated in the third quarter of 2022, due to the high demand for Enphase’s Energy Systems.
In Q4 2022, more than two-thirds (71%) of the company’s revenue will come from the United States, with the remainder coming from overseas markets. The Netherlands, France, Germany, Belgium, Spain, Portugal, and the United Kingdom drove the revenue growth in Europe, which was greater than 130% year-over-year.
In addition, Enphase debuted its IQ8 microinverters in France and the Netherlands during the fourth quarter of 2022, marking the product’s first international expansion since its introduction in North America in late 2021. The IQ8 product accounted for about 55% of all microinverter shipments in the fourth quarter of 2022.
Kothandaraman anticipates that European markets will continue to increase from Q4 2022 to Q1 2023 as the business continues to launch its IQ8 microinverters to further European regions.
Enphase supplied 4,873,702 microinverters totaling 1,952.4MWdc during the fourth quarter of 2022, concluding the year with over 6GW of microinverters shipped globally, as well as 122.1MWh of Enphase IQ Batteries.
Enphase also completed the acquisition of German software supplier GreenCom Networks during the fourth quarter of 2022, expanding its home energy management capabilities.
In Q4 2022, Enphase’s GAAP net income nearly tripled from $52.6 million in Q4 2021 to $153.8 million, an increase of about $40 million from the $114.8 million recorded in Q3 2022.
Enphase has projected revenue for the first quarter of 2023 to range between US$700 million and US$740 million, with 100–120MWh of battery energy storage solutions shipped.
Kothandaraman predicts that the company’s US business will decline marginally in Q1 2023 compared to Q4 2022, owing to seasonality and the macroeconomic climate.
