Enphase Energy Q2 Profit Drops 71% Due to Weak Demand
POWER & RENEWABLE ENERGY

Enphase Energy Q2 Profit Drops 71% Due to Weak Demand

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code