Enphase Energy, Inc. Q2 FY26 Results

We reported quarterly revenue of $291.9 million in the second quarter of 2026 and shipped approximately 1.59 million IQ® Microinverters, or 725.2 megawatts DC, and 113.8 megawatt hours (MWh) of IQ® Batteries. We exited the second quarter of 2026 with $937.7 million in cash, cash equivalents and marketable securities, and generated $40.3 million in cash flow from operations. Capital expenditures were $14.4 million, compared to $19.9 million in the first quarter. During the second quarter, we accelerated development of the IQ® Solid-State Transformer (IQ SST) for next-generation AI data centers. We are actively engaged with customers and ecosystem partners, with a few opportunities advancing to the RFI and RFP stages and representing a potential multi-gigawatt pipeline. We achieved important milestones across the IQ SST power module, medium-voltage transformer, and system-control architecture, including a 15-module series stack operating at 4.16 kV AC with droop control, and remain on track for a full-system demonstration later this year. We expanded our commercial portfolio during the second quarter. In the United States, we began shipping our IQ9S-3P™ Commercial Microinverter, a GaN-based 548 W microinverter designed for 480 V three-phase systems. Together with the IQ9N-3P™ Commercial Microinverter, the IQ9S-3P broadens our offering for the U.S. commercial solar market. We also launched our IQ9N™ Residential Microinverter in the United States and key European markets in June 2026, followed by Australia and New Zealand in July. Built with advanced GaN technology, the IQ9N is designed to pair with today’s high-power residential solar modules and help maximize energy harvest and system performance. At Intersolar Europe in June 2026, we showcased our upcoming IQ® Battery G5. This AC-coupled battery is designed to provide higher energy density and flexible capacity through stackable 5 kWh modules that can scale up to 30 kWh. It uses 100 Ah prismatic cells and is expected to deliver approximately 50% higher energy density than the fourth-generation IQ® Battery 10C, while reducing cost by approximately 40%. We also showcased our IQ® Bidirectional EV Charger at Intersolar Europe. Built on our GaN power platform and designed to support modern 800 V DC electric vehicle architectures, the charger is engineered to move power efficiently and bidirectionally between the grid-facing AC system and the vehicle. We are collaborating with several leading global automotive manufacturers to support the adoption of this product.