Europe was Enphase Energy’s strongest market in Q2 2026, helping offset continued weakness in the US residential solar segment
Enphase expanded its product portfolio with new microinverters while continuing development of its AI-focused IQ SST platform
The company expects sequential revenue growth in Q3, supported by safe harbor shipments and ongoing product rollouts
Europe emerged as the bright spot for US-based microinverter and storage solutions company Enphase Energy in Q2 2026, supporting the company's performance despite continued softness in the US residential solar market.
Enphase reported revenue of $291.9 million for the quarter, up from $282.9 million in the previous quarter, comprising $84.3 million in safe harbor. Revenue from Europe increased about 35% sequentially, stronger than the US market, while revenue in the US declined about 3% from the previous quarter, according to the company.
The company recorded a GAAP gross margin of 60%, an increase from 35.5% in the previous quarter.
Enphase reported that it received approximately $41 million in refunds from US Customs and Border Protection (CBP), with an additional $11 million received after the end of the quarter. This $52 million impacted its Q2 2026 GAAP results. Its net income of $36.1 million rose from a net loss of $7.4 million in the previous quarter, but was lower than the $37 million net income in Q2 2025 (see Enphase Energy Sails Through Q2 2025 With $37M Net Income).
During Q2 2026, it shipped 1.59 million or 725.2 MW DC IQ Microinverters and 113.8 MWh of IQ Batteries. Battery shipments were above the 103.1 MWh shipped in Q1 2026 (see Enphase Energy’s Q1 Revenue Falls On Weak US Solar Demand). It shipped 1.58 million microinverters and battery inverters from Texas and South Carolina facilities.
Enphase forecast its Q3 2026 revenue to range between $290 million and $320 million, including approximately $75 million in safe harbor shipments.
Enphase also shared that its year-to-date (YTD) agreements with third-party owners totaled approximately $1.08 billion, including $202.4 million under the 5% Investment Tax Credit Safe Harbor and $878.6 million under the Physical Work Test (PWT).
Beyond its quarterly performance, the company continued expanding its product portfolio. During the quarter, it began shipping the IQ9S-3P commercial microinverter in the US and launched the IQ9N residential microinverter across the US and key European markets. At Intersolar Europe 2025, Enphase Energy’s Senior Manager of Training for EMEA, Stephan Ostermann, talked about IQ Battery G5 (see Enphase’s Microinverter + Storage & EV Charger At Intersolar).
The company continues to advance the development of its IQ Solid-State Transformer (IQ SST) for AI data centers. According to Enphase, several customer opportunities have progressed to request-for-information and request-for-proposal stages, with the technology targeting a potential multi-gigawatt pipeline.
