US-based solar microinverter and energy storage supplier Enphase Energy has reported Q3 revenue of US$293.3 million, up less than 1% from US$291.9 million in the previous quarter.
The company said its US revenues increased by approximately 3%, less than it anticipated, due to lower residential solar demand. European revenue decreased approximately 11%, which it attributed to summer seasonality and continued weakness in some solar markets.
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Revenue from shipments to projects that secured ‘safe harbour’ status in the US were US$85 million, slightly more than US$84.3 million in the previous quarter.
Global sell-through increased approximately 1% sequentially in the third quarter of 2026, below an expected 10% growth, and the smaller rise in sell-through was listed as a contributory factor in its revenues for the quarter appearing at the lower end of its expectations. Sell-through in the US rose by 5% on the previous quarter, but has fallen 35% compared to the same period last year. European sell-through this quarter has declined 12% from Q2, particularly driven by lower demand from France.
Enphase also shipped fewer IQ Microinverters in Q3 than in Q2, selling approximately 1.42 million, equivalent to 655.2MWdc, compared to 1.59 million in the previous quarter. However, it shipped 129.9MWh of battery energy storage systems (BESS), up from 113.8MWh in Q2.
As of the end of Q3, Enphase held US$931.8 million in cash and securities, and Q3 saw it generate around US$0.1 million in cash flow from operations. Capex was slightly higher at US$11.5 million, compared to US$14.4 million in Q2.
The company cites the expiration of the Section 25D federal tax credit and high interests in the US as two of the current challenges to its business is experiencing, but said it is making preparations for a “new phase of growth” in 2027.
Enphase identified a number of “key growth drivers” heading into 2027, which focus on the battery, solar and electric vehicle (EV) sectors. These include the fifth iteration of the IQ battery for residential storage, commercial solar using its IQ9 microinverters and uni- and bi-directional EV chargers designed for the global market.
The company also said it is “actively engaged” with a leading hyperscaler and a “global AI computing leader” with regard to its products. Enphase expects Q4 revenue to be between US$225-255 million and to sell 100-120MWh of IQ batteries.
