Enphase Energy (ENPH)

Enphase Energy is the dominant residential-solar microinverter franchise, maker of IQ microinverters and IQ batteries for home solar, led by chief executive Badri Kothandaraman. The company scaled to a revenue peak of approximately $2.3 billion in 2022 before a rate-shock and channel-glut downcycle crushed revenue to a trough of $263.3 million in Q1 2024 (reported 23 April 2024, down 63.7% year on year). A cyclical recovery followed, driven by NEM 3.0 battery attach, culminating in a blowout $410.4 million quarter in Q3 2025 (reported 28 October 2025, the highest print in two years), though this was inflated by safe-harbor shipments and a pull-forward ahead of the expiry of the 25D residential tax credit. The cliff then arrived: the One Big Beautiful Bill Act eliminated the 25D residential investment tax credit at the end of 2025, and revenue fell to $343.3 million in Q4 2025 (reported 3 February 2026) and then $282.9 million in Q1 2026 (reported 28 April 2026), with US sell-through down 48% quarter on quarter and 18% year on year, and a GAAP loss of $0.06 per share (non-GAAP EPS of $0.47, a 12% beat). The same Q1 2026 call introduced the IQSST solid-state transformer aimed at AI data centres, targeting a US total addressable market of more than 11 gigawatts by 2031 with volume expected in 2028. The stock trades around $47 (as at 23 June 2026) versus a 52-week low of $25.78, and the shares remain deeply neglected amid a structural reset in the core business.