The new entry of the sunlight power supply has not yet begun to power, Enphase's micro reverse sales have fallen to pieces.

 

July 23, Enphase released financial data show that the first half of this year, total revenue of 566 million U.S. dollars, net profit loss of 5 million U.S. dollars. Which micro reverse total shipments of about 2.78 million units, down 72% year-on-year.

 

At the same time, Enphase from the third quarter of last year to date, revenue and net profit has been four consecutive quarters of year-on-year decline. This shows that Enphase's main micro-reverse business began to fall.
 

 

In the European region last year, the whole year to inventory environment, Enphase can still realize shipments of 16.91 million units of micro-reversal, now the micro-reversal industry inventory has been restored to normal levels, this year's overall shipment growth of sustainability are very considerable, but the degree of fierce competition in the market continues unabated.

 

Like its peers, Enphase survived a struggling first quarter and took a breather in the second quarter, with its gross margin reaching 45.2%, compared to 43.9% in the first quarter, indicating that in today's intensifying price wars, Enphase is still keeping its products at high prices and sacrificing a great deal in terms of shipment volume.

 

Tide believes that from the point of view of its half-yearly report, Enphase's full-year micro reversible shipments this year are likely to be less than 10 million units.

 

Starting in the second quarter of this year, China's head micro inverse enterprise after another shipment of good news. Enphase Technology shipped about 270,000 units of micro inverse, is expected to ship the year-on-year growth of 30%; Womai shares are expected to ship 350,000 units of micro inverse.

 

Financial results show that Enphase's second-quarter revenue in Europe was only the same as in the first quarter. That is to say, in the peer shipment growth, more and more obvious strain Enphase in this year, undoubtedly exposed the huge short board of the European market, market share began to regress.

 

In addition to Germany, France, the Netherlands, Enphase in the United Kingdom, Italy, Spain, Belgium, Luxembourg, Switzerland, Austria, Sweden and other markets penetration rate is still low, Enphase in the second quarter earnings conference call made it clear that the company's penetration rate in Europe is low, and need to work hard to seize market share.

In the face of China's micro-reverse enterprises in Europe for a long time to cultivate the channel resources and price and other related advantages, Enphase in the second half of the European market is less likely to turn the tide.

 

This year, balcony photovoltaic fire in Europe, Enphase is planning to launch IQ balcony solutions in Germany in the third quarter.

 

But the face of Wo Mai, ReneSola and other Chinese companies have caused widespread concern in the European market of various types of balcony micro-storage of new products, Enphase's chances of winning and how much?

 

Users are now more and more inclined to the whole scene of the integrated experience, for the European market, Enphase gave the strategy is to ship a full set of product portfolio, including micro-reversal, batteries, electric vehicle chargers, energy management software, balcony solar kit and Solargraf, and to provide high quality round-the-clock customer service, to ensure that all the products can be supplied in the local supply.

 

Looking ahead to the third quarter, Enphase said it expects total revenue to be in the range of $370 million to $410 million, with IQ battery shipments in the 160-180 MWh range, and gross margins to be in the 45%-48% range.

 

However, it should be noted that Enphase's total revenue for the third quarter of last year was $551 million, so it is not even confident that it will break through last year's results in the event of a market turnaround.

 

Currently, Enphase's global microreverse capacity is about 7.25 million units per quarter. According to its current shipments, Enphase may face the risk of overcapacity.

 

Driven by NEM 3.0, Enphase batteries have increased in popularity in California and shipments have increased accordingly. Against the backdrop of the natural market share advantage of a domestic brand in the U.S., which benefits greatly from the IRA's local manufacturing subsidies, total U.S. sales of all Enphase products in the second quarter increased by only 8%, a solid result.

 

Due to the high revenue from IRA subsidies, Enphase is further increasing its U.S. manufacturing footprint. Its U.S. plant now ships mostly third-generation IQ batteries, the IQ Battery 5P, and plans to begin manufacturing power conversion, battery management and enclosures domestically in the U.S. starting in the fourth quarter, with battery packs imported from China, and expects to begin production of fourth-generation IQ batteries in 2025. The company is now manufacturing micro-reversible housings in the United States.

 

Translated with DeepL.com (free version)