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ENPH Enphase Energy

Enphase Energy, a global energy technology company, delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one intelligent platform. The Company revolutionized the solar industry with its microinverter technology and produces a fully integrated solar-plus-storage solution. Enphase has shipped more than 32 million microinverters, and approximately 1.4 million Enphase-based systems have been deployed in more than 130 countries.

Company profile

Ticker
ENPH
Exchange
Website
CEO
Badrinarayanan Kothandaraman
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Enphase Energy Australia • Enphase Energy Canada, Inc. • Enphase Energy S.A.S. • Enphase Energy NL B.V. • Enphase Energy • Enphase Energy International LLC • Enphase Solar Energy • Enphase Energy Mexico • Enphase Energy S.r.l. • Enphase Energy Canada Holdings, Inc. ...
IRS number
204645388

ENPH stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

27 Jul 21
22 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 1.31B 1.31B 1.31B 1.31B 1.31B 1.31B
Cash burn (monthly) 58.92M (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 220.53M n/a n/a n/a n/a n/a
Cash remaining 1.09B n/a n/a n/a n/a n/a
Runway (months of cash) 18.5 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Oct 21 Yang Mandy Common Stock Payment of exercise Dispose F No No 172.92 9,296 1.61M 77,216
30 Sep 21 Kothandaraman Badrinarayanan Common Stock Sell Dispose S No Yes 151.1173 4,728 714.48K 986,304
30 Sep 21 Kothandaraman Badrinarayanan Common Stock Sell Dispose S No Yes 150.3676 25,272 3.8M 991,032
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 166.9375 400 66.78K 133,819
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 166.1222 3,106 515.98K 134,219
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 165.0802 6,159 1.02M 137,325
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 164.3863 1,940 318.91K 143,484
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 162.8463 1,420 231.24K 145,424
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 161.8933 3,700 599.01K 146,844
17 Aug 21 McNeil Jeff Common Stock Sell Dispose S No Yes 160.9263 1,609 258.93K 150,544

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

75.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 606 606
Opened positions 92 133 -30.8%
Closed positions 92 86 +7.0%
Increased positions 247 234 +5.6%
Reduced positions 186 184 +1.1%
13F shares
Current Prev Q Change
Total value 17B 14.79B +14.9%
Total shares 102.18M 100.52M +1.7%
Total puts 8.17M 6.85M +19.2%
Total calls 6.07M 6.22M -2.3%
Total put/call ratio 1.3 1.1 +22.0%
Largest owners
Shares Value Change
Vanguard 14.18M $2.6B +5.7%
BLK Blackrock 13.63M $2.5B +4.4%
SunPower Equity 6.5M $163.74M 0.0%
SPWR Sunpower 5.5M $269.34M 0.0%
STT State Street 4.99M $917.07M +6.8%
IVZ Invesco 4.34M $797.67M -13.5%
Geode Capital Management 2.44M $446.47M +5.6%
JPM JPMorgan Chase & Co. 2.31M $423.59M -42.8%
FMR 2.17M $397.82M -18.7%
Capital International Investors 1.9M $348.98M +102.5%
Largest transactions
Shares Bought/sold Change
JPM JPMorgan Chase & Co. 2.31M -1.72M -42.8%
AMP Ameriprise Financial 1.66M +1.18M +248.8%
Capital International Investors 1.9M +962.05K +102.5%
DB Deutsche Bank AG - Registered Shares 441.5K -816.99K -64.9%
Vanguard 14.18M +769.13K +5.7%
American Century Companies 734.69K +723.28K +6340.7%
IVZ Invesco 4.34M -675.51K -13.5%
BNP Paribas Asset Management Holding 1.63M +573.76K +54.2%
BLK Blackrock 13.63M +568.93K +4.4%
Pictet Asset Management 976.74K +500.96K +105.3%

Financial report summary

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Competition
ABBSolaredgeGenerac
Risks
  • Risks Related to our Business, Operations and Our Industry
  • If demand for solar energy solutions does not grow or grows at a slower rate than we anticipate, including as a result of the ongoing COVID-19 pandemic, our business will suffer.
  • The rapidly changing solar industry makes it difficult to evaluate our current business and future prospects.
  • We depend on sole-source and limited-source suppliers for key components and products. If we are unable to source these components and products on a timely basis, we will not be able to deliver our products to our customers.
  • Our business has been affected by, is currently being adversely affected and could be materially and adversely affected in the future by the current impacts and evolving effects of the ongoing COVID-19 pandemic. The COVID-19 pandemic may continue to, and other actual or threatened epidemics, pandemics, outbreaks, or public health crises may in the future, adversely affect our and our customers’ results of operations and financial condition, our supply chain and our business.
  • We depend upon a sole-source and small number of outside contract manufacturers, and our business and operations could be disrupted if we encounter problems with these contract manufacturers.
  • If we or our contract manufacturers are unable to obtain raw materials in a timely manner or if the price of raw materials increases significantly, production time and product costs could increase, which may adversely affect our business.
  • Manufacturing problems could result in delays in product shipments, which would adversely affect our revenue, competitive position and reputation.
  • We rely primarily on distributors, installers and providers of solar financing to assist in selling our products to customers, and the failure of these customers to perform at the expected level, or at all, would have an adverse effect on our business, financial condition and results of our operations.
  • The solar industry is highly competitive, and we expect to face increased competition as new and existing competitors introduce products or develop alternative technologies, which could negatively impact our business, financial condition and results of operations.
  • The loss of, or events affecting, one of our major customers could reduce our sales and have an adverse effect on our business, financial condition and results of operations.
  • Our microinverter systems, including our storage solution, integrated AC Module, eighth-generation IQ microinverters and Ensemble technology, may not achieve broader market acceptance, which would prevent us from increasing our revenue and market share.
  • Our success in marketing and selling “AC module” versions of our microinverter system depends in part upon our ability to continue to work closely with leading solar module manufacturers.
  • Our recent and planned expansion into existing and new markets could subject us to additional business, financial and competitive risks.
  • We may fail to capture customers in the new product and geographic markets that we are pursuing.
  • If we fail to retain our key personnel or if we fail to attract additional qualified personnel, we may not be able to achieve our anticipated level of growth and our business could suffer.
  • Any failure by management to properly manage growth could have a material adverse effect on our business, operating results, and financial condition.
  • If we are unsuccessful in continuing to expand our direct-to-consumer sales channel by driving purchases through our website, our business and results of operation could be harmed.
  • We could be subject to breaches of our information technology systems, which could cause significant reputational, legal and financial damages.
  • The software we use in providing system configuration recommendations or potential energy savings estimates to customers relies in part on third party information that may not be accurate or up-to-date; this may therefore generate inaccurate recommendations or estimates, resulting in a loss of reputation and customer confidence.
  • We are subject to stringent privacy laws, information security policies and contractual obligations governing the use, processing and transfer of personal information and any unauthorized access to, or disclosure or theft of personal information we gather, store or use could harm our reputation and subject us to claims or litigation.
  • If we fail to protect, or incur significant costs in defending, our intellectual property and other proprietary rights, our business and results of operations could be materially harmed.
  • We may be subject to disruptions or failures in information technology systems and network infrastructures that could have a material adverse effect on our business and financial condition.
  • Third parties may assert that we are infringing upon their intellectual property rights, which could divert management’s attention, cause us to incur significant costs and prevent us from selling or using the technology to which such rights relate.
  • Our failure to obtain the right to use necessary third-party intellectual property rights on reasonable terms, or our failure to maintain, and comply with the terms and conditions applicable to these rights, could harm our business and prospects.
  • We may not be able to protect and enforce our trademarks and trade names, or build name recognition in our markets of interest thereby harming our competitive position.
  • Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time.
  • Changes in current laws or regulations or the imposition of new laws or regulations, or new interpretations thereof, in the solar energy sector or international trade, by federal or state agencies in the United States or foreign jurisdictions could impair our ability to compete, and could materially harm our business, financial condition and results of operations.
  • Changes in the U.S. trade environment, including the recent imposition of import tariffs, could adversely affect the amount or timing of our revenues, results of operations or cash flows.
  • Our significant international operations subject us to additional risks that could adversely affect our business, results of operations and financial condition.
  • We could be adversely affected by any violations of the FCPA, the U.K. Bribery Act, and other foreign anti-bribery laws.
  • From time to time we are involved in a number of legal proceedings and, while we cannot predict the outcomes of such proceedings and other contingencies with certainty, some of these outcomes could adversely affect our business and financial condition.
  • Our gross profit may fluctuate over time, which could impair our ability to achieve or maintain profitability.
  • We are under continuous pressure to reduce the prices of our products, which has adversely affected, and may continue to adversely affect, our gross margins.
  • A drop in the retail price of electricity derived from the utility grid or from alternative energy sources, or a change in utility pricing structures, may harm our business, financial condition and results of operations.
  • If we do not forecast demand for our products accurately, we may experience product shortages, delays in product shipment, excess product inventory, difficulties in planning expenses or disputes with suppliers, any of which will adversely affect our business and financial condition.
  • Our focus on a limited number of specific markets increases risks associated with the modification, elimination or expiration of governmental subsidies and economic incentives for on-grid solar electricity applications.
  • Risks Related to our Acquisition Activity
  • The failure to successfully develop new generation products that are compatible with those of SunPower could have a material adverse effect on our business, financial condition and results of operations.
  • We may fail to realize some or all of the anticipated benefits of the SunPower transaction which may result in conflicts between us and SunPower.
  • As part of growing our business, we have made and expect to continue to make acquisitions. If we fail to successfully select, execute or integrate our acquisitions, then our business and operating results could be harmed and our stock price could decline.
  • We invest in companies for both strategic and financial reasons but may not realize a return on our investments
  • Conversion of our Convertible Notes may dilute the ownership interest of existing stockholders or may otherwise depress the price of our common stock, adversely affect our financial condition and operating results.
  • Servicing our debts requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our debts.
  • We may not have the ability to raise the funds necessary to settle conversions of the Convertible Notes or repurchase the Convertible Note upon a fundamental change, and our future debt may contain limitations on our ability to pay cash upon conversion or repurchase of the Convertible Notes.
  • The convertible note hedge and warrant transactions and/or their early termination may affect the value of our common stock.
  • The market price of our common stock may be volatile or may decline regardless of our operating performance.
  • Our financial results may vary significantly from quarter to quarter due to a number of factors, which may lead to volatility in our stock price.
  • If research analysts do not publish research about our business or if they issue unfavorable commentary or downgrade our common stock, our stock price and trading volume could decline.
  • We may not be able to raise additional capital to execute on our current or future business opportunities on favorable terms, if at all, or without dilution to our stockholders.
  • Our affiliated stockholders, executive officers and directors own a significant percentage of our stock, and they may take actions that our other stockholders may not view as beneficial.
  • Sales of a substantial number of shares of our common stock in the public market by our existing stockholders could cause our stock price to fall.
  • Manipulative techniques employed by short sellers may drive down the market price of our common stock.
  • We currently do not intend to pay dividends on our common stock and, consequently, your only opportunity to achieve a return on your investment is if the price of our common stock appreciates.
  • Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.
  • Natural disasters, public health events, significant disruptions of information technology systems, data security breaches, or other catastrophic events could adversely affect our operations.
  • The threat of global economic, capital markets and credit disruptions, including sovereign debt issues, pose risks to our business.
  • If we fail to maintain an effective system of internal controls or are unable to remediate any deficiencies in our internal controls, we might not be able to report our financial results accurately or prevent fraud; in that case, our stockholders could lose confidence in our financial reporting, which would harm our business and could negatively impact the price of our stock.
  • Our business is subject to potential tax liabilities.
Management Discussion
  • We are a global energy technology company. We deliver smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. We revolutionized the solar industry with our microinverter technology and we produce a fully integrated solar-plus-storage solution. To date, we have shipped more than 36 million microinverters, and over 1.5 million Enphase residential and commercial systems have been deployed in more than 130 countries.
  • We sell our solutions primarily to distributors who resell them to solar installers. We also sell directly to large installers, OEMs, strategic partners and homeowners. Our revenue in the first quarter of 2020 was positively impacted by the scheduled phase-down of the investment tax credit for solar projects under Section 48(a) (the “ITC”) of the Internal Revenue Code of 1986, as amended (the “Code”). 
  • The Renewable Energy and Job Creation Act of 2008 provided a 30% federal tax credit for residential and commercial solar installations through December 31, 2019, which was reduced to a tax credit of 26% for any solar energy system that began construction during 2020 through December 31, 2022, and 22% thereafter to December 31, 2023 before being reduced to 10% for commercial installations and 0% for residential installations beginning on January 1, 2024. As a result, several of our customers explored opportunities to purchase products in 2019 to take advantage of safe harbor guidance from the IRS published in June 2018, allowing them to preserve the historical 30% investment tax credit for solar equipment purchased in 2019 for solar projects that are completed after December 31, 2019. Safe harbor prepayments from customers in the fourth quarter of 2019 resulted in $44.5 million of revenue recognized in the first quarter of 2020 when we delivered the product. There was no safe harbor revenue recognized in the three and six months ended June 30, 2021 in comparison.
Content analysis
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Positive
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Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
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Removed: aware, broad, canceling, circumstance, create, curtailed, disrupting, distribute, driven, governmental, implemented, met, movement, notable, operate, outbreak, people, postponing, preparing, prohibiting, remain, revise, shelter, slowdown, specific, travel, worldwide