Enphase Energy, a supplier of microinverter-based solar-plus-storage systems, has reported a revenue of $412.7 million in the fourth quarter (Q4) of 2021, a 56.10% year-over-year (YoY) increase compared to $264.8 million in the same period last year.
The company’s net income stood at $52.59 million in Q4 2021, a 28% decline compared to $72.99 million in Q4 2020.
Enphase met the surge in customer demand navigating supply constraints and logistics challenges. The company said that the strong demand for IQ™ microinverters continued in the fourth quarter of 2021, while shipments of IQ Batteries increased by about 53%, compared to the third quarter of 2021.
The company has shipped around 3,033,891 microinverters or 1,082 MW(DC) and 100.2 MWh of Enphase IQ batteries. It also started production shipments of IQ8 microinverters for consumers in North America in Q4 2021. The new technology could form a microgrid during a power outage using only sunlight, providing backup energy without a battery. It also eliminated traditional ratio requirements between solar system size and battery size.
Enphase said the demand for its IQ microinverters continued in Q4 2021, and shipments of its IQ batteries increased around 53% compared to the previous quarter.
In Q4 2021, the company completed the acquisition of ClipperCreek, an electric vehicle charging solutions provider for residential and commercial consumers in the U.S. It also acquired 365 Pronto that provides a predictive software platform to simplify maintenance by matching cleantech asset owners to a local and on-demand workforce of service providers.
Its non-GAAP operating expenses grew to $68.2 million in Q4 2021, compared to $57.3 million in the last quarter, due to product launches, research and development, and information technology infrastructure investments. The non-GAAP operating income stood at $97.7 million in Q4 2021, compared to $89.5 million in Q3 2021.
In Q1 2022, the company expects revenue to grow to $420-$440 million, including shipments of 110-120 MWh of IQ batteries.
For 2021, the company’s revenue was $1,382 million, a 78% increase compared to $774.4 million in 2020. It generated a record $352.0 million in cash flow from operations in 2021, compared to $216.3 million in 2020. GAAP net income was $145.4 million, while the Non-GAAP net income was $340.3 million.
In February 2021, Enphase Energy unveiled plans to raise $1 billion through the issuance of convertible senior notes. The company was expected to offer $500 million of green convertible senior notes due in 2026 and another $500 million due in 2028.
Mercom had earlier reported that Enphase Energy announced to acquire DIN Engineering Services’ solar design service business.