Enphase Energy, a supplier of micro inverter-based solar-plus-storage systems, reported a record first quarter (Q1) revenue of $441.3 million, a year-over-year (YoY) increase of 46.2% compared to $301.7 million in the same period last year, and 7% quarter-over-quarter (QoQ) surge compared to $412.7 million in the fourth quarter of 2021.
The company shipped approximately 1 GW (1,029 MW) or 2,838,693 microinverters during the quarter. The shipments of Enphase’s IQ batteries increased to 120.4 MWh in Q1 2022, a 20.1% increase in megawatt-hours compared to 100.2 MWh shipped in the previous quarter.
Enpahse registered a net income of $51.8 million, a YoY increase of 63.4% compared to $31.6 million in the same period a year ago.
The company said that it continued shipments to its clients in the U.S., Germany, and Belgium during Q1. It has over 1,300 installers in America that are now certified to deploy the IQ batteries.
Enphase recorded an income of $61.8 million from its operations in the first quarter, a YoY surge of 0.71% compared to $61.3 million in the same period last year. The company’s expenses on operations increased by 87% to $115.1 million, compared to $61.5 million in the same period a year ago.
The energy company had $1.1 billion in cash, cash equivalents, and marketable securities in Q1 2022 and generated $102.4 million in cash flow from its operations. Enphase’s expenditure in Q1 totaled $12.4 million, a QoQ decline of 6.06% compared to $13.2 million in the fourth quarter of 2022.
The micro inverter-based solar systems supplier made significant acquisitions and announced long-term partnerships in Q1. Last month, Enphase announced that it acquired California-based SolarLeadFactory LLC and strengthened its installer platform in the U.S.
Enphase also announced the expansion of a 15-year relationship with an internationally diversified producer of designs and supply chain logistics, Flex, in the first quarter.
In the fourth quarter of 2021, Enphase completed the acquisition of ClipperCreek, an electric vehicle charging solutions provider for residential and commercial users in America.