US microinverter manufacturer Enphase Energy reported growth in revenue, profit, and manufacturing output in the third quarter of 2025, alongside increased investment in its domestic US manufacturing operations.
The company’s revenue for the quarter reached $410.4 million, its highest level in nearly two years, up from $363 million in Q2 and $380 million in Q3 2024.
Net income was $66.6 million, nearly double the $37 million reported in the second quarter. Enphase’s gross margin for Q3 was 47.8%. The company’s basic earnings per share also jumped to $0.51 in Q3, up from $0.28 in the previous quarter.
Between July and September, the company shipped approximately 1.77 million microinverters, corresponding to 784.6 MWdc of capacity, alongside a “record” 195 MWh of batteries. Of these shipments, over 1.5 million microinverters and 67.5 MWh of batteries were manufactured in the United States at Enphase’s production facilities in Texas and South Carolina. The company had previously announced a plan to ship 1.1 million US-made microinverters in Q3 2025.
During the third quarter, the company produced its IQ8HC Microinverters, IQ8P-3P Commercial Microinverters, IQ Battery 5Ps, and IQ Battery 10Cs at these US factories. These products qualify for the Section 45X Advanced Manufacturing Production Tax Credit under the Inflation Reduction Act (IRA). Enphase stated that these products also meet domestic content requirements.
The “reciprocal” global tariffs imposed by former President Trump on goods imported into the United States reduced Enphase’s Q3 gross margin by 4.9 percentage points. This impact was greater than in the second quarter but remained in line with the company’s forecasts for the quarter. Enphase’s battery business, which relies on Chinese battery cells, was the most affected by the tariffs, while its microinverter supply chain has been diversified.
