US-based solar microinverter and energy storage supplier Enphase Energy reported revenue of US$291.9 million for the second quarter of 2026, up 3.2% from US$282.9 million in the first quarter of the year.
According to the company, the sequential revenue increase was driven by stronger European demand and higher revenue from shipments to projects that had secured ‘safe harbour’ status in the US, which rose to US$84.3 million, alongside improving margins despite ongoing tariff pressures.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Revenue in the US declined by approximately 3% sequentially, reflecting continued softness in the domestic residential solar market, while European revenue increased by around 35%, highlighting stronger demand across the region.
Enphase shipped approximately 1.59 million IQ Microinverters, equivalent to 725.2MWdc, during the quarter alongside 113.8MWh of IQ Batteries, compared with 103.1MWh in the previous quarter.
Enphase ended the quarter with US$937.7 million in cash, cash equivalents and marketable securities, generating US$40.3 million in operating cash flow and US$25.9 million in free cash flow.
The company also benefited from approximately US$52 million in US Customs and Border Protection (CBP) refunds relating to import duties, of which US$41 million was received during the quarter and the remaining US$11 million after the reporting period.
On the product side, Enphase expanded both its residential and commercial solar portfolios during the quarter. The company began shipping its IQ9S-3P commercial microinverter for the US market and launched its IQ9N residential microinverter across the US and key European markets, with Australia and New Zealand following in last month.
Beyond its core residential solar business, Enphase continued development of its IQ Solid-State Transformer (IQ SST), targeting power infrastructure for AI data centres. The company said it had reached key technical milestones and is now engaged with customers on potential multi-gigawatt opportunities, with several projects progressing through request-for-information and request-for-proposal stages.
For the third quarter of 2026, Enphase expects revenue between US$290 million and US$320 million, including approximately US$75 million of safe harbour shipments and battery deliveries of between 130MWh and 150MWh.
During its first-quarter 2026 results, Enphase reported a 17% quarter-on-quarter revenue decline to US$282.9 million, attributing the fall to weaker demand in the US residential solar market following the expiry of the Section 25D residential clean energy tax credit at the end of 2025.
Earlier this year, Enphase sold more than 50 patents covering distributed energy systems, inverter technology, power management and grid-connected energy infrastructure to intellectual property licensing firm PowerBridge Networks.
