US microinverter manufacturer and residential battery supplier Enphase Energy saw net income soar 183% year-on-year in the first quarter of 2023, but its battery shipments fell for the third quarter in a row. Contact online >>
US microinverter manufacturer and residential battery supplier Enphase Energy saw net income soar 183% year-on-year in the first quarter of 2023, but its battery shipments fell for the third quarter in a row.
In its recent announcement of the first financial results of 2023, the company said its net income increase from US$51.8 million in Q1 2022 to US$146.9 million in Q1 2023, equivalent to an increase of 183.4%. Quarter-on-quarter, net income dropped by 4.5% from US$153.8 million.
Meanwhile, its revenue surged from US$441.3 million in Q1 2022 to US$726 in Q1 2023, equating to a 64.5% year-on-year increase. Compared to Q4 2022, revenue increased by 0.2% from US$724.7 million.
According to the company, revenue in the US for Q1 2023 decreased by about 8.7% from US$518 million to US$473 million due to seasonality and macroeconomic conditions. However, its revenue in Europe increased from US$206.7 million in Q4 2022 to US$253 million in Q1 2023.
The company added that its IQ Battery shipments were 102.4 MWh in Q1 2023, down from 122.1 MWh in Q4 2022, although it started shipping to customers in the Netherlands, France, Austria, and Switzerland, in addition to North America, Germany, and Belgium.
Moreover, the company began shipments of its Enphase microinverters from a contract manufacturer,Flex, in Timisoara, Romania in Q1 2023. With this new manufacturing capability, Enphase Energy said it had increased its global capacity to about six million microinverters per quarter.
In Q2 2023, Enphase Energy will add manufacturing capacity in the US thanks to the Inflation Reduction Act (IRA). It will also open manufacturing lines in the US with three partners, adding a capacity of 4.5 million microinverters per quarter and bringing itstotal global quarterly capacity to more than 10 million microinverters by the end of 2023. Enphase Energy will begin US manufacturing with one partner in Q2 and with the remaining two in Q3.
Apart from the financial results of Q1 2023, Enphase Energy’s revenue in Q2 will be within a range of US$700.0 million to US$750.0 million, including shipments of up to 100MWh of its Enphase IQ Batteries. The gross margin will be within the range of 41% to 44%.
Microinverter supplier Enphase Energy posted strong Q4 2021 results last week that saw strong revenue growth, following high demand for its IQ microinverters and a 53% jump in orders of its IQ batteries compared with Q3 2021, despite supply chain constraints.
Enphase recorded US$412.7 million in revenue for the three months ending 31 December 2021, up from US$351.5 million in Q3 2021, according to its Q4 2021 financial results released 8 February. This was a 17% jump on the record revenue posted in Q3 2021.
It said strong demand for its IQ microinverters and IQ Batteries in the US and international markets drove the increased revenue despite "supply chain constraints and logistical challenges".
Enphase shipped roughly 3,033,891 microinverters totalling 1,082MWdc and 100MWh of Enphase IQ Batteries. In Q3, it shipped 2.6 million microinverters, equivalent to around 913MWdc, and 65MWh of storage systems.
The company has 180MWh of storage production capacity today, up from 120MWh in Q3, and is in discussions with additional storage suppliers to increase capacity further, it said.
"Our lead times for batteries are still long today at approximately 14 to 16 weeks primarily due to logistics challenges, which are global," said Enphase CEO Kothandaraman in discussing results with analysts.
Enphase expects to ship between 110-120MWh of batteries in Q1 this year, said Kothandaraman, up 15% from Q4 last year. But expect prices for Enphase''s battery storage products to go up in March this year, Kothandaraman told analysts.
The company expects revenue of US$420-440 million in Q1 versus prior estimate of US$397 million, according to a ROTH Capital note that added the better-than-expected figures are "due in part to anticipated growth in storage as Enphase expects to ship 110-120MWh of storage in Q1 for implied sequential growth of 15% versus prior ROTH estimate of 105MWh."
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