Enphase Energy, Inc. (NASDAQ: ENPH), a maker of inverters, reported its second quarter 2022 results. The firm has set a new sales record, and its key product, solar microinverters, is still in high demand.
ENPH was a pioneer in the large-scale manufacture of microinverters, which are devices that connect directly to solar panels and provide green energy to the grid. Microinverters have decreased installation and control costs for power plants of all sizes, and Enphase’s innovations remain relevant.
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Enphase Energy, Inc. (ENPH) achieved a new quarterly sales record of $530.2 million last quarter. The $77 million in GAAP profits, or $0.54 per dilutive share, There was $192 million in free cash flow, and the gross margin was more than 41%. $1.25 billion was in cash and cash equivalents.
The need for microinverters is gradually rising, which is a good indication. Furthermore, the next-generation Enphase IQ8 devices, which are better suited for off-grid applications, make up 37% of shipping volume. Additionally, compared to the first quarter of 2022, ENPH battery shipments climbed by 10%.
In Europe, particularly in Germany and the Netherlands, where consumers are prepared for rising energy prices, demand has increased significantly. Sales of Enphase are up 69 percent QoQ in Europe, and demand is probably going to increase more. Enphase Energy, Inc. (ENPH) is boosting the number of solar installation partners in anticipation of strong growth in the second half of 2022.
Enphase also keeps branching out into new markets. Over several quarters, the business acquired five companies, including ClipperCreek, a manufacturer of EV chargers.
Due to the present state of the energy carrier business, Enphase’s growth may be greatly accelerated. Enphase Energy, Inc. (ENPH) continues to be one of the primary beneficiaries of the rise of the solar energy market.
The shares of the firm saw a 5-day price movement of 16.42% and gained 65.62% in the three months before. Year to date (YTD), the price of ENPH shares has increased by 39.26%, and over the last 12 months, the market has increased by 47.39%.