Enphase Energy Q2 Profit Drops 71% Due to Weak Demand

26 Jul 2024 CW Team

Enphase Energy, a supplier of microinverters and battery storage, experienced a 71.4 per cent drop in net income for the second quarter (Q2) of 2024, reaching $58.8 million, due to ongoing demand challenges. This marked the fourth consecutive quarter of year-on-year profit declines.

The company's revenue also saw a significant decrease of 57.3 per cent, falling to $303.5 million from $711.1 million in the same period last year.

Despite these declines, Enphase's battery storage business experienced a 60 per cent sequential growth. The company shipped 120.2 MWh of IQ Batteries in Q2, up from 75.5 MWh in the previous quarter. This growth was driven by higher battery attach rates in California, influenced by the increasing adoption of NEM 3.0.

CEO Badri Kothandaraman noted during an investor call that their battery business was performing well with quarter-to-quarter growth and that Q3 bookings were the healthiest they had been in a year. He mentioned that cell pack prices were decreasing.

Enphase also benefited from the Inflation Reduction Act (IRA), which provides production tax credits for domestically manufactured inverters. Of the 1.4 million microinverters shipped in the quarter, approximately 574,000 were from U.S. contract manufacturing facilities.

Kothandaraman projected that the company would ship around 1.1 million microinverters from US facilities in Q3 and highlighted that the company's revenue in India had doubled from the previous year.

Resources

03 Jun 2026

Jyoti Structures Launches Heat Safety Drive Across Sites

Jyoti Structures (JSL) has strengthened heat safety measures across its project sites and manufacturing facilities as temperatures rise across India. The company has implemented a Summer Safety Plan covering all transmission line projects to address risks related to heat stress, dehydration and worker fatigue.The initiative includes rescheduling work away from peak afternoon temperatures, provision of drinking water, ORS and lemon-salt solutions, and installation of rest shelters near work areas. Daily toolbox talks, worker health monitoring, first-aid preparedness, emergency transport arrange..

MHADA Declares 82 Buildings Most Dangerous in Central and South Mumbai

The Maharashtra Housing and Area Development Authority (MHADA) has declared 82 buildings as most dangerous across Central and South Mumbai and has appealed to residents to vacate immediately. The list, prepared after structural assessments by the authority, identifies buildings judged to pose imminent risk to occupants and to passersby. Local civic bodies have been asked to coordinate evacuations and to make arrangements for temporary shelter and rehabilitation for displaced households. Officials said the authority prioritised buildings with visible structural distress, severe cracking, tiltin..

Damage Reported At Halwara Airport Terminal After First Rains

Severe damage was reported at the terminal of Halwara Airport during the first major rain spell of the season, prompting immediate concern among aviation and local authorities. Images from the site showed water ingress and visible deterioration of the terminal interior, affecting passenger areas and ancillary services. The airport authority suspended certain operations temporarily to assess structural safety and ensure passenger wellbeing. Preliminary inspections have prioritised electrical systems and roof seals to prevent further water ingress. State aviation officials ordered a formal inqui..