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Microinverter-based solar-plus-storage systems company Enphase Energy recorded revenue of $634.7 million in the third quarter (Q3) of 2022, a year-over-year (YoY) increase of 81% from $351.5 million.
The numbers marked an increase of 20% compared to $530.2 million in the previous quarter.
The growth in the quarterly revenue was driven by strong demand for Enphase Energy Systems, powered by IQ microinverters and IQ Batteries. IQ8 Microinverters constituted approximately 47% of all microinverter shipments during Q3. The company shipped 4,342,805 microinverters, or approximately 1,709 MW (DC), and 133.6 MWh of Enphase IQ Batteries.
The company shipped batteries to the United States, Germany, and Belgium during Q3 2022. It now has approximately 2,100 installers worldwide certified to install the IQ Batteries.
The company’s net income stood at $175.5 million, increasing by 108% compared to $84.2 million during the same period last year. The net income increased by 18% compared to $149.8 million during Q2 2022.
The company stated that the demand was strong worldwide, particularly in North America and Europe. Revenue from Europe increased by approximately 70% compared to Q2 2022 as countries in the region accelerated their efforts to address rising energy prices and reliance on fossil fuels.
Speaking on the results, Badri Kothandaraman, President and Chief Executive Officer of Enphase Energy, said, “Our U.S. and international revenue mix for Q3 2022 was 71% and 29%, respectively. We experienced strong growth in Q3, both in North America and Europe. In the U.S., our revenue increased 7% sequentially and 69% YoY. In Europe, our revenue increased approximately 70% sequentially and 136% YoY, led by strong demand for our microinverters in the Netherlands, France, Germany, Belgium, Spain, and Portugal, and for our IQ batteries in Germany and Belgium.”
The company’s non-GAAP operating expenses were $78.6 million in Q3 2022, an increase of 37% compared to $57.3 million during the corresponding period last year. The numbers were 10% higher than the $71.2 million reported in the last quarter. The increase was primarily due to increased investment in R&D, customer service, and sales.
In March this year, the company acquired California-based SolarLeadFactory. The financial terms of the transaction were not disclosed.
In August this year, Enphase Energy announced that ClipperCreek, a division of Enphase offering EV charging solutions, was expanding product deployments amidst rising consumer interest in electric vehicles and electrification.
Enphase Energy recorded a revenue of $530.2 million in Q2 2022, an increase of 66% from $316.05 million in Q2 2021.