Enphase Energy, a supplier of microinverter-based solar-plus-storage systems, reported a 193% YoY surge in profit at $153.8 million in the fourth quarter (Q4) of 2022.

The profit was fueled by higher shipments of microinverters and batteries in the United States.

During the October-December quarter, the company’s revenue jumped 76% YoY to $724.7 million.

The company shipped 4,874 microinverters, amounting to 1,937 MW in capacity, up 61% YoY. Enphase shipped 122.1 MWh batteries in the same period, up 22% YoY.

Enphase said it plans to add an additional manufacturing capacity in America to address the demand and build on the incentives related to the Inflation Reduction Act.

Enphase introduced IQ8 series of microinverters in France and the Netherlands in the fourth quarter, marking the company’s first expansion into international markets for the product since its successful launch in North America in late 2021.

The company began manufacturing Enphase-branded electric vehicle chargers at its production facility in Mexico, helping the firm increase capacity and reduce costs.

The company has approximately 2,300 installers worldwide certified to install IQ Batteries.

Puerto Rico, New Hampshire, Arizona, Colorado, Florida, Northern California, Oregon, North Carolina, Nevada, and Hawaii also witnessed increased deployments of Enphase’s systems.

In December 2022, Enphase and Pacific Gas and Electric Company announced the launch of a home battery energy storage program that would use Enphase’s batteries to support vulnerable, low-income customers during power outages.

In January 2023, Enphase announced installers of Enphase products in Brazil had seen a significant increase in deployments of residential solar energy systems powered by IQ7+ and IQ7AM microinverters.

Enphase Energy posted a YoY growth of 81% in revenue at $634.7 million for the third quarter.

The company’s revenue for the second quarter stood at $530.2 million, a YoY increase of 66% from $316.05 million in Q2 2021.