Enphase statistics show a global energy-technology company with millions of deployed systems, tens of millions of shipped microinverters and a growing battery ecosystem. The figures below distinguish cumulative company-reported deployment from shipments, GAAP results from non-GAAP measures, and observed results from management forecasts.
Key Enphase Statistics
The most useful Enphase statistics span deployment, financial performance, products, people and adoption:
- In December 2024, approximately 80.0 million Enphase microinverters had been shipped globally.
- By December 2024, approximately 4.7 million Enphase residential and commercial systems had been deployed in more than 160 countries.
- In Q2 2025, Enphase reported more than 4.9 million systems deployed across over 160 countries globally.
- In Q2 2025, approximately 83.1 million Enphase microinverters had been shipped worldwide.
- Enphase generated $1.330 billion in FY2024 revenue company-wide, compared with $2.291 billion in FY2023.
- Enphase reported 47.3% FY2024 GAAP gross margin company-wide, compared with 46.2% in FY2023.
- FY2024 GAAP net income was $102.7 million company-wide, compared with $438.9 million in FY2023.
- Enphase sold approximately 6.5 million microinverters company-wide in FY2024, down from approximately 15.5 million in FY2023.
- Enphase shipped 521.0 MWh of IQ Batteries company-wide in FY2024, up from 351.6 MWh in FY2023.
- In Q2 2025, IQ Battery shipments reached a reported 190.9 MWh company-wide.
- In Q2 2025, approximately 1.53 million microinverters were shipped globally, representing 675.4 MW DC.
- In Q4 2024, more than 10,300 installers worldwide were certified to install IQ Batteries.
- Enphase had 2,781 full-time employees at December 31, 2024, across its company-wide workforce.
- Enphase generated $480.1 million in FY2024 free cash flow company-wide, a company-defined non-GAAP measure.
- In Q2 2025, 210 MWh of batteries were enrolled in virtual power plant programs globally, according to Enphase.
- By Q4 2025, the IQ Meter Collar had been approved by 52 U.S. utilities serving approximately 30 million customer accounts.
Contents
- Enphase deployment statistics and global reach
- Enphase revenue, margins and earnings trends
- Microinverter and battery shipment data
- Installers, manufacturing and workforce statistics
- Cash flow, investment and shareholder statistics
- 2025 outlook and measured adoption indicators
Enphase Deployment Statistics and Global Reach
Enphase’s cumulative figures describe products shipped and systems deployed, rather than market share or active installed capacity. The company’s 2024 Form 10-K reported the following global scale as of December 31, 2024:
| Measure | Reported figure | Scope and period |
|---|---|---|
| Microinverters shipped | Approximately 80.0 million | Global, cumulative through December 31, 2024 |
| Systems deployed | Approximately 4.7 million | Residential and commercial; more than 160 countries |
| U.S. contract manufacturing capacity | 5 million microinverters per quarter | Capacity described in the 2024 Form 10-K |
Source: Enphase Energy, Inc. 2024 Form 10-K. These are company-reported cumulative shipments and deployments; they are not an independent market-share estimate.
By Q2 2025, Enphase reported more than 4.9 million Enphase-based systems deployed in over 160 countries and approximately 83.1 million microinverters shipped globally. Because the periods differ from the year-end 2024 filing, these later cumulative figures should be read as a subsequent company report, not as a recalculated installation rate.
The Q2 2025 release also reported the IQ EV Charger 2 shipping across 18 countries in Europe, Australia and New Zealand. That is a shipment-market count, not an installed-base count.
Enphase described the IQ Battery 10C as designed to be 30% more energy-dense than the prior model and to occupy 62% less wall space than the previous model. These are company product-design claims, and the baseline is the previous model; they are not independently measured field results.
Source: Enphase Energy Reports Financial Results for the Second Quarter of 2025.
Enphase Revenue, Margins and Earnings Trends
Enphase’s annual 2024 results show lower revenue and earnings than 2023, while the reported GAAP gross margin was modestly higher. The figures are fiscal-year totals and company-wide GAAP measures.
| Financial measure | FY2024 | FY2023 |
|---|---|---|
| Revenue | $1.330 billion | $2.291 billion |
| GAAP gross margin | 47.3% | 46.2% |
| GAAP operating income | $77.3 million | $445.7 million |
| GAAP net income | $102.7 million | $438.9 million |
| Diluted GAAP EPS | $0.75 | $3.08 |
Source: Enphase Energy, Inc. 2024 Form 10-K.
Quarterly results provide a more specific view of the late-2024 mix. Q4 2024 revenue was $382.7 million, compared with $380.9 million in Q3 2024; U.S. revenue increased approximately 6% quarter over quarter, while European revenue decreased approximately 25%.
Q4 2024 non-GAAP gross margin was 53.2%, compared with 48.1% in Q3 2024. Excluding the net IRA benefit, Q4 2024 non-GAAP gross margin was 39.7%, so the two non-GAAP margin figures should not be treated as interchangeable with GAAP gross margin.
In Q2 2025, revenue was $363.153 million, compared with $356.084 million in Q1 2025. Q2 2025 GAAP gross margin was 46.9%, versus 47.2% in Q1, while non-GAAP operating income was $98.613 million, compared with $94.637 million in Q1.
The supplied Q4 2025 results reported revenue of $343.321 million, versus $410.427 million in Q3 2025 and $382.713 million in Q4 2024. Q4 2025 GAAP gross margin was 44.3%, versus 47.8% in Q3 2025 and 51.8% in Q4 2024; GAAP net income was $38.713 million, compared with $66.638 million and $62.160 million in those comparison periods.
Sources: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024, Enphase Energy Reports Financial Results for the Second Quarter of 2025, and Enphase Energy Reports Financial Results for the Fourth Quarter of 2025.
Microinverter and Battery Shipment Data
Shipment volumes show product flow during defined periods, not necessarily end-user installations. Annual microinverter sales fell from approximately 15.5 million units in FY2023 to approximately 6.5 million in FY2024, while annual IQ Battery shipments rose from 351.6 MWh to 521.0 MWh.
| Product measure | Earlier period | Later period |
|---|---|---|
| Microinverter sales | Approximately 15.5 million, FY2023 | Approximately 6.5 million, FY2024 |
| IQ Battery shipments | 351.6 MWh, FY2023 | 521.0 MWh, FY2024 |
| IQ Battery shipments | 172.9 MWh, Q3 2024 | 152.4 MWh, Q4 2024 |
Source: Enphase Energy, Inc. 2024 Form 10-K and Enphase Energy Reports Financial Results for the Fourth Quarter of 2024.
Q4 2024 U.S. contract manufacturing shipped approximately 1.69 million microinverters. These shipments were booked for 45X production tax credits, so the manufacturing geography and tax-credit context are part of the definition.
The 2025 quarterly data shows battery shipments of 170.1 MWh in Q1 and a company-reported record of 190.9 MWh in Q2. Q2 microinverter shipments were approximately 1.53 million units, equal to 675.4 MW DC, including approximately 1.41 million units shipped from U.S. manufacturing facilities for 45X production tax credits.
The supplied Q4 2025 figures reported approximately 1.55 million microinverters shipped, equal to 682.6 MW DC, and 150.1 MWh of IQ Battery shipments. These quarterly shipment figures are not equivalent to deployed systems or active capacity.
Source: Enphase Energy Reports Financial Results for the Second Quarter of 2025 and Enphase Energy Reports Financial Results for the Fourth Quarter of 2025.
Enphase Installers, Manufacturing and Workforce Statistics
Installer certification is an ecosystem measure, not a count of active installations. More than 9,000 installers worldwide were certified in Q3 2024, more than 10,300 in Q4 2024, more than 10,900 in Q1 2025 and more than 11,700 in Q2 2025 to install IQ Batteries.
Source: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024, Enphase Energy Reports Financial Results for the First Quarter of 2025, and Enphase Energy Reports Financial Results for the Second Quarter of 2025.
At December 31, 2024, Enphase had 2,781 full-time employees. The year-end functional breakdown was 1,171 in sales and marketing, 1,077 in research and development, 263 in general and administration, 159 in manufacturing and operations, and 111 in solar system configuration design and permitting services.
Approximately 54% of employees were located in India at that date. These are year-end company-wide headcount figures, while certified installers are a separate worldwide ecosystem count.
Source: Enphase Energy, Inc. 2024 Form 10-K.
Enphase Cash Flow, Investment and Shareholder Statistics
Enphase generated $480.1 million in FY2024 free cash flow, a company-defined non-GAAP measure. Q4 2024 operating cash flow was $167.3 million and capital expenditures were $8.1 million, while ending cash, cash equivalents, restricted cash and marketable securities totaled $1.72 billion.
The Q4 2024 shareholder return activity included 2,883,438 shares repurchased at an average price of $69.25. The reported liquidity measure includes restricted cash, so it is not directly identical to later release wording that excludes restricted cash.
In Q1 2025, capital expenditures were $14.6 million, compared with $8.1 million in Q4 2024. Q2 2025 operating cash flow was $26.6 million and capital expenditures were $8.2 million; Q2 ending cash, cash equivalents and marketable securities were $1.53 billion.
Enphase repurchased 702,948 shares in Q2 2025 at an average price of $42.67 per share for approximately $30.0 million. Free cash flow is non-GAAP, while the quarterly operating cash-flow figures are reported amounts and should be interpreted using their stated definitions.
Sources: Enphase Energy, Inc. 2024 Form 10-K, Enphase Energy Reports Financial Results for the Fourth Quarter of 2024, Enphase Energy Reports Financial Results for the First Quarter of 2025, and Enphase Energy Reports Financial Results for the Second Quarter of 2025.
Enphase 2025 Outlook and Measured Adoption Indicators
Management outlooks are forecasts, not realized results. After Q4 2024, Enphase projected Q1 2025 revenue of $340 million to $380 million, IQ Battery shipments of 150 to 170 MWh, and a net IRA benefit of $36 million to $39 million based on 1.2 million U.S.-manufactured microinverters.
The Q2 2025 outlook projected revenue of $340 million to $380 million, including approximately $40 million of safe-harbor revenue, and IQ Battery shipments of 160 to 180 MWh. Enphase defines safe-harbor revenue as sales to customers planning installation over more than one year.
That outlook also projected 1.0 million U.S.-manufactured microinverter shipments for a $30 million to $33 million net IRA benefit. These are management forecasts tied to estimated shipments and IRA eligibility conditions.
Observed adoption and ecosystem indicators provide additional context:
- More than 2,500 SunPower customers had transitioned to Enphase monitoring by April 1, 2025, after SunPower’s August 2024 bankruptcy filing; this does not necessarily mean a new hardware installation.
- The IQ Meter Collar had been approved by 29 U.S. utilities by Q2 2025; approval is not the same as installed units or customer adoption.
- Enphase reported 210 MWh of batteries enrolled in virtual power plant programs globally in Q2 2025; enrolled capacity is not necessarily simultaneously dispatched capacity.
- By Q4 2025, the IQ Meter Collar was approved by 52 U.S. utilities serving approximately 30 million customer accounts in the United States; those accounts are not necessarily Enphase customers.
Sources: Enphase Energy Reports Financial Results for the Fourth Quarter of 2024, Enphase Energy Reports Financial Results for the First Quarter of 2025, Enphase Energy Reports Financial Results for the Second Quarter of 2025, and Enphase Energy Reports Financial Results for the Fourth Quarter of 2025.
The figures use different populations, periods and definitions: company-reported cumulative deployment, shipments, installer certifications, utility approvals, financial statements and forecasts are not interchangeable. Non-GAAP measures should not be treated as substitutes for GAAP, and cumulative shipment or deployment totals are not market share or active installed capacity.