The report of the manufacturer of inverters’ Enphase Energy exceeded expectations

The manufacturer of inverters Enphase Energy, Inc. (ENPH) reported the results of the first quarter of 2022. Enphase achieved record revenue and exceeded Wall Street expectations. In the last quarter, Enphase’s revenue amounted to a record $441.3 million.

Shipments of micro-inverters increased by 16% year-on-year to over 2.83 million devices. The supply of Enphase batteries increased by 187% to 120.4 MWh, whereas in the first quarter of 2021, this figure was 42 MWh. Earnings exceeded expectations and amounted to $0.79 per share. Demand for Enphase solutions remains high, and it may increase against the background of accelerating the abandonment of fossil fuels.

In the second quarter, the company expects a revenue of $490—$520 million, which means an average growth of 60%. Against this background, several Wall Street analysts immediately gave positive comments on ENPH shares. Investment banks Cowen and Oppenheimer raised the target price for ENPH shares to $240 and $307, respectively. Investment firm B. Riley increased the target price to $171. The positive report expected, since at the beginning of the year, Enphase reported an increase in orders in the American market, where demand for home autonomy is growing.

In December 2021, Enphase began delivering new IQ8 inverters, which are built on a 55 gm architecture and are even more efficient and compact than the previous generation. It allows you quickly organize an autonomous or grid-connected solar power system. The IQ8 can connect to a home battery, but even if there is no battery and the central power grid disconnected, the inverter can automatically form a micro-grid, providing the house with energy on a sunny day. Ease of connection and operation at an affordable price ensures the growing popularity of Enphase solutions.