Enphase（ENPH）— 2026-10-27 3Q26 法說會逐字稿（英文原文＋中譯）

日期：2026-10-27（美國時間盤後） 逐字稿為 earnings call 音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／10-Q 為準。

校正紀錄

本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。Memo 區塊與 Transcript 區塊同步修正。 - 00:33:09／00:34:00 中譯「2100 萬美元」「從 2100 萬美元的數字中減少 2000 萬美元」→ 2.1 億美元、從 2.1 億美元減 2,000 萬美元（英文為 $210 million，中譯量綱錯誤；與 CEO 後段算式「約 1.9 億美元進通路」互相驗證） - 00:54:11「first-generation product」→ fifth-generation（第五代，G5；同段論述電池市占與 G5 推出，中英皆為誤植） - 00:49:02「DBTs」疑為 DVT（design verification test），無從確認，標 [待確認] - 01:19:44「ASST」→ SST（固態變壓器） - 00:53:37 Eric Stine 問題中「you mentioned 50%」語意不清，未改；00:55:55 同 - 01:25:45 Jonathan Kees 問題中「Q4 showed negative free cash flow」實指 3Q（3Q 自由現金流 -1,140 萬美元），CFO 答覆改談 4Q 預期收到 1.08 億美元 2024 PTC 退稅；保留原話 - 財務四項交叉驗算：①GAAP：營收 2.933 億 × 毛利率 43.3% ＝ 毛利約 1.27 億，減 GAAP 營業費用 1.207 億 ＝ 營業利益約 650 萬美元（2.2%）✓，營益率 < 毛利率 ✓；非 GAAP：2.933 億 × 45% ＝ 1.32 億，減 7,840 萬 ＝ 5,360 萬（18.3%）✓；②非 GAAP 淨利 5,400 萬 ÷ EPS 0.41 ＝ 約 1.32 億股；GAAP 2,340 萬 ÷ 0.17 ＝ 約 1.38 億股，與 2Q（6,150 萬／0.46 ≈ 1.34 億股；3,610 萬／0.27 ≈ 1.34 億股）同量級 ✓；③4Q 指引中點 2.4 億 − Safe Harbor 5,120 萬 ＝ 核心約 1.89 億，與口述「約 1.9 億美元進入通路」✓；3Q 營收 2.933 億 − Safe Harbor 8,500 萬 ＝ 核心約 2.08 億，與「核心約 2 億／季」✓；④自由現金流：營運現金流約 9 萬美元 − CapEx 1,150 萬 ＝ -1,141 萬美元 ✓；PTC 2.285 億 ＝ 1.083 億 ＋ 1.202 億 ✓；2026 PTC 變現 7,500 萬 ＋ 3,750 萬 ＝ 1.125 億 ✓

警語：此 Memo 和逐字稿為 AI 生成，可能因為音檔品質導致轉錄逐字稿有誤，或是 AI 曲解原意／幻覺導致 Memo 內容有誤，請以原始音檔為準。

Memo 亮點 • Enphase 報告 2026 年第三季營收為 2.933 億美元，出貨 142 萬台微型逆變器及 129.9 MWh 電池。非 GAAP 毛利率為 45%，非 GAAP 營業利益佔營收比率為 18.3%。GAAP 毛利率為 43.3%，營業利益為 2.2%。 [CEO - 00:02:22] • 2026 年第三季全球營收較前季成長 1%，但銷售通路成長未達原先預期的 10%，導致營收位於指引下緣。 [CEO - 00:04:14] • 2026 年第三季美國住宅太陽能銷售通路較去年同期下降 35%（根據語音日期推斷），與美國住宅太陽能許可證同比下降 35% 相符。然而，美國商用銷售通路較前季成長 50%，主要由 IQ9 商用微型逆變器推動。 [CEO - 00:05:09] • Enphase 預期 2026 年第四季營收介於 2.25 億至 2.55 億美元，全球銷售通路預計較前季下降 10%，出貨量計劃比銷售通路少 2,000 萬美元，以降低通路庫存。 [CEO - 00:07:16] • 2027 年及以後的五大成長驅動因素包括：住宅電池（目標 2027 年出貨成長 50%）、透過 Propel 推動的美國住宅太陽能復甦、商用太陽能與電池、雙向電動車充電，以及 AI 資料中心固態變壓器（IQSST）。 [CEO - 00:08:27] • 2026 年第三季非 GAAP 淨利為 5,400 萬美元（每股盈餘 0.41 美元），GAAP 淨利為 2,340 萬美元（每股盈餘 0.17 美元）。第三季包含 2,650 萬美元的投資減損，分別使非 GAAP 與 GAAP 每股盈餘減少 0.14 與 0.15 美元。 [CFO - 00:27:57] • Enphase 於 2026 年第三季末持有現金、現金等價物及可供出售證券共 9.318 億美元。第三季自由現金流為負 1,140 萬美元，主要因營運資金變動及 Safe Harbor 營收預收與生產稅抵免（PTC）變現時點所致。 [CFO - 00:28:46] • Enphase 預計於 2026 年底前收到 1.083 億美元的 2024 年生產稅抵免（PTC）美國國稅局退稅，且截至 2026 年 9 月 30 日（根據語音日期推斷）已變現 1.125 億美元的 2026 年 PTC。 [CFO - 00:29:36] 總體經濟 • 住宅太陽能市場受到利率上升及第 25D 條款稅收抵免到期後轉型的壓力。宏觀經濟不確定性，尤其是法國，也影響需求。 [CEO - 00:05:09] • 管理層指出，當前市場因利率上升及 FEOC 合規指引不明，導致 2027 年展望能見度降低，市場疲弱。 [CEO - 00:43:22] 地緣政治 • 2026 年第一、二季，戰爭加速歐洲能源獨立的迫切性，需求激增。此加速現象已趨緩，需求回歸正常水準。 [CEO - 01:09:41] 產業循環週期 • 管理層預期 2027 年第一季將呈季節性淡季，分銷商對於新年庫存建置仍持謹慎態度。 [CEO - 00:08:04] • 歐洲夏季季節性導致 2026 年第三季營收較前季下降 11%，銷售通路下降 12%，尤其以法國為主。 [CEO - 00:06:08] 產業供需 • 2026 年前三季全球銷售通路持平。預期 2026 年第四季全球銷售通路將較前季下降約 10%，約合 2,000 萬美元。 [CEO - 00:07:40] • 2026 年第三季美國住宅太陽能銷售通路較去年同期下降 35%，而美國商用銷售通路較前季成長 50%。 [CEO - 00:05:09] 產業狀況 • 美國住宅太陽能市場正經歷顯著下滑，2026 年第三季住宅太陽能許可證較去年同期下降 35%。商用市場仍具韌性，許可證活動年初至今成長 13%。 [CEO - 00:05:09] 獲利 • 2026 年第三季非 GAAP 毛利率為 45%，較第二季的 46.8% 下降，主要因產品組合影響。GAAP 毛利率為 43.3%，較第二季的 60% 下降，第二季受益於 IEEPA 關稅退款帶來的 15.6 個百分點正面影響。 [CFO - 00:26:30] • 2026 年第三季非 GAAP 營業利益為 5,360 萬美元（佔營收 18.3%），較第二季的 5,670 萬美元略降。GAAP 營業利益為 650 萬美元，較第二季的 5,150 萬美元大幅下降。 [CFO - 00:27:45] • 2026 年第三季非 GAAP 淨利為 5,400 萬美元（每股盈餘 0.41 美元），較第二季的 6,150 萬美元（每股盈餘 0.46 美元）下降。GAAP 淨利為 2,340 萬美元（每股盈餘 0.17 美元），較第二季的 3,610 萬美元（每股盈餘 0.27 美元）下降。 [CFO - 00:27:57] • 2026 年第三季包含 2,650 萬美元的投資減損，分別使非 GAAP 及 GAAP 稀釋每股盈餘減少 0.14 及 0.15 美元。 [CFO - 00:28:32] 公司展望、未來成長動能 • Enphase 預期 2026 年第四季營收介於 2.25 億至 2.55 億美元，其中包含 5,120 萬美元 Safe Harbor 營收及 100 至 120 MWh 電池出貨量。全球銷售通路預計較前季下降 10%。 [CEO - 00:07:16] • 管理層聚焦 2027 年及以後的五大成長驅動：住宅電池、透過 Propel 推動的美國住宅太陽能復甦、商用太陽能與電池、雙向電動車充電，以及 AI 資料中心固態變壓器（IQSST）。 [CEO - 00:08:27] • 住宅電池出貨量預計從 2026 年的 450 MWh 增長至 2027 年約 675 MWh（成長 50%）。商用營收預計從 2026 年的 3,000 萬美元增至 2027 年超過 1 億美元。 [CEO - 00:13:13] • 雙向電動車充電預計在 2027 年創造 1,500 萬至 2,000 萬美元營收，2028 年及以後將有更大商機。 [CEO - 00:19:55] • AI 資料中心用 IQSST（固態變壓器）預計 2027 年開始客戶試點，2028 年初期商業出貨，2030 年有望成為年營收十億美元的業務。 [CEO - 00:22:18] • 管理層認為這些機會有潛力隨時間將公司規模翻倍以上。 [CEO - 00:25:19] 市場競爭策略 • 近期宣佈的 FCC 對新外國製逆變器的限制，為 Enphase 作為美國本土製造商並具備國內製造能力帶來顯著競爭優勢。 [CEO - 00:15:48] • 在美國住宅電池市場，Enphase 擁有 15–20% 市場份額，目標達到與太陽能逆變器市場相似的約 50% 份額。該市場被形容為「兩強競爭」。 [CEO - 00:09:38] 公司對市場觀點的看法 • 管理層承認當前財務結果未反映 Enphase 未來的全部潛力，強調對長期復甦及透過多元化成長的信心。 [CEO - 00:23:36] 營收 • 2026 年第三季營收為 2.933 億美元，其中 Safe Harbor 營收為 8,500 萬美元。全球第三季營收較前季成長 1%。美國營收較前季成長 3%，其中 80% 營收來自美國，20% 來自國際市場。 [CEO - 00:02:22] • 2026 年第四季營收預計為 2.25 億至 2.55 億美元，其中包含 5,120 萬美元 Safe Harbor 營收。 [CEO - 00:07:16] 訂單 • 截至 2026 年第三季電話會議，Enphase 已預訂約 70% 的第四季營收指引中點。 [CEO - 00:07:35] 產品組合 • 2026 年約 72% 營收來自住宅太陽能，21% 來自住宅電池，7% 來自商用太陽能、電動車充電及其他業務。 [CEO - 00:09:06] • 歐洲正轉型為以電池為主導的市場，第三季約 50% 區域營收來自儲能系統。 [CEO - 00:06:26] 營收地區 • 2026 年第三季營收組合：80% 來自美國，20% 來自國際。美國營收較前季成長 3%；歐洲營收較前季下降 11%，銷售通路下降 12%。 [CEO - 00:04:36] 下游客戶 • Enphase 在荷蘭積極舉辦屋主活動與線上研討會，推動電池採用，目標涵蓋現有 Enphase 及非 Enphase 太陽能屋主。 [CEO - 00:58:08] 同業 • 美國住宅電池市場被形容為「兩強競爭」，Enphase 持有 15–20% 市場份額，目標達到其太陽能逆變器約 50% 的份額。 [CEO - 00:09:38] 稼動率 • 2026 年第三季，Enphase 從美國製造廠出貨約 140 萬台美國製微型逆變器及電池逆變器。管理層表示產能充足，且可輕鬆擴大生產以支援固態變壓器（SST）量產。 [CEO - 00:03:40] 存貨庫存 • Enphase 於 2026 年第三季末，電池及微型逆變器通路庫存略高於正常水準。計劃第四季出貨量比銷售通路少 2,000 萬美元，以進一步降低通路庫存。 [CEO - 00:02:39] 新產品／新技術 • 次世代 IQ Battery G5 是一款緊湊、可堆疊的交流耦合電池，每堆疊容量可達 30 kWh，將於 2026 年第四季試點，2027 年第一季量產出貨。G5 提供更高能量密度、更快安裝及改善成本結構。 [CEO - 00:09:59] • IQ Battery C80 是一款全整合 480V 交流耦合系統，適用於小型商用儲能，提供 80 kWh 能量及 40 kW 持續功率。預計 2027 年第一季試點，第二季量產出貨。 [CEO - 00:16:28] • IQ 雙向電動車充電解決方案支援交流與直流架構，將於 2026 年第四季試點，2027 年第一季量產出貨。與三家全球頂尖美國汽車原廠合作。 [CEO - 00:18:32] • AI 資料中心用 IQSST（固態變壓器）：已在奧斯汀實驗室展示 13.8 kV 交流轉 800 V 直流；預計 2026 年第四季展示 34.5 kV。計劃進行兆瓦級示範，2027 年客戶試點，2028 年商業出貨。 [CEO - 00:21:07] 產品價格 • 美國電池對經銷商的標價於數月前調降約 8–9%。第五代電池設計旨在提升成本競爭力並開拓新市場。 [CEO - 00:51:03] 出貨量 • 2026 年第三季出貨 142 萬台微型逆變器及 129.9 MWh 電池。2026 年第四季預計電池出貨 100–120 MWh。住宅電池出貨量預計 2026 年為 450 MWh，目標 2027 年成長 50%。 [CEO - 00:02:22] 政府補貼 • Enphase 已為 2026 年第三季出貨的美國製微型逆變器及電池逆變器認列第 45X 條款生產稅抵免（PTC）。截至 2026 年 9 月 30 日，資產負債表上有 2.285 億美元 PTC，其中 1.083 億美元屬於 2024 年出貨，1.202 億美元屬於 2026 年年初至今出貨。 [CEO - 00:03:40] • Enphase 預計於 2026 年底前收到 1.083 億美元的 2024 年 PTC 美國國稅局退稅，且截至目前已變現 1.125 億美元的 2026 年 PTC。 [CFO - 00:29:36] 法規影響 • FCC 對新外國製逆變器的限制為 Enphase 作為美國本土製造商帶來競爭優勢。FEOC 及國內內容規定正在塑造產品供應與市場機會。 [CEO - 00:15:48] 成本毛利 • 2026 年第三季非 GAAP 毛利率為 45%，較第二季的 46.8% 下降，主要因產品組合。GAAP 毛利率為 43.3%，較第二季的 60% 下降（第二季受益於 IEEPA 關稅退款）。互惠關稅對第三季毛利率造成約 1.3 個百分點負面影響。 [CFO - 00:26:30] • 2026 年第四季毛利率指引：GAAP 介於 38–41%，非 GAAP 介於 40–43%，均包含約 2 個百分點的互惠關稅影響。毛利率季減主因為產品組合、電池價格調整及運費成本增加。 [CFO - 00:31:07] • 管理層設定新業務毛利率目標為 40%，承認短期波動，但維持此為長期目標。 [CEO - 00:52:56] 關稅 • 2026 年第二季 GAAP 毛利率受益於 IEEPA 關稅退款帶來的 15.6 個百分點正面影響。互惠關稅對第三季毛利率造成約 1.3 個百分點負面影響。 [CFO - 00:26:45] 銷售／管理／研發費用 • 2026 年第三季非 GAAP 營業費用為 7,840 萬美元（佔營收 26.7%），較第二季的 7,980 萬美元略降。GAAP 營業費用為 1.207 億美元，較第二季的 1.235 億美元下降，包含 3,940 萬美元基礎薪酬及 290 萬美元併購相關費用與攤銷。 [CFO - 00:27:04] • 2026 年第四季指引：GAAP 營業費用為 1.19 億至 1.23 億美元（含約 4,300 萬美元股票報酬及併購攤銷）；非 GAAP 營業費用為 7,600 萬至 8,000 萬美元。 [CFO - 00:31:43] 擴廠規劃 • Enphase 準備按需擴大美國製造，特別是為固態變壓器（SST）量產。現有產能充足，擴產被描述為簡單直接。 [CEO - 01:17:51] 營業利益 • 2026 年第三季非 GAAP 營業利益為 5,360 萬美元（佔營收 18.3%），較第二季的 5,670 萬美元略降。GAAP 營業利益為 650 萬美元，較第二季的 5,150 萬美元大幅下降。 [CFO - 00:27:45] 業外損益 • 2026 年第三季包含 2,650 萬美元的投資減損，分別使非 GAAP 及 GAAP 稀釋每股盈餘減少 0.14 及 0.15 美元。 [CFO - 00:28:32] 現金、現金流 • Enphase 於 2026 年第三季末持有現金、現金等價物及可供出售證券共 9.318 億美元，較第二季末的 9.377 億美元略減。第三季自由現金流為負 1,140 萬美元，主要因營運資金變動及 Safe Harbor 營收預收與 PTC 變現時點所致。 [CFO - 00:28:46] • 2026 年第四季，Enphase 預期收到約 1.08 億美元與 2024 年 PTC 相關的稅務退稅，將有助於產生可觀的自由現金流。 [CFO - 01:27:11] Transcript Presentation Operator - Operator

(00:00:00)Good afternoon, and welcome to Enphase Energy's third quarter 2026 financial results conference call. All participants will be in listen-only mode. If you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to Zach Freedman.

(00:00:00)下午好，歡迎參加 Enphase Energy 第三季度 2026 年財務結果的電話會議。所有參與者將處於僅聆聽模式。如果您需要協助，請按下星號鍵，然後按零來通知會議專家。在今天的簡報後，將有機會提問。要提問，請在觸控電話上按星號，然後按一。要撤回您的問題，請按星號，然後按二。請注意，此事件正在錄音。現在我想將會議交給 Zach Freedman。

Operator - Operator

(00:00:35)Please go ahead.

(00:00:35)請開始。

Zach Freedman - Enphase, Investor Relation

(00:00:37)Good afternoon, and thank you for joining us on today's call to discuss Enphase Energy's third quarter 2026 results. On today's call are Badri Kothandaraman, our President and Chief Executive Officer; Mandy Yang, our Chief Financial Officer; and Raghu Belur, our Chief Products Officer. After the market closed today, Enphase issued a press release announcing the results for the third quarter ended September 30, 2026.

(00:00:37)下午好，感謝您今天參加我們的電話會議，討論 Enphase Energy 第三季度 2026 年的結果。今天的電話會議中有 Badri Kothandaraman，我們的總裁兼首席執行官；Mandy Yang，我們的首席財務官；以及 Raghu Belur，我們的首席產品官。在今天市場收盤後，Enphase 發布了一份新聞稿，宣佈截至 2026 年 9 月 30 日的第三季度結果。

Zach Freedman - Enphase, Investor Relation

(00:01:00)During this call, Enphase management will make forward-looking statements, including but not limited to statements about expected future financial performance, market trends, technology and product capabilities, benefits to homeowners and installers, and operations such as manufacturing, customer service, and supply-demand. This includes anticipated growth in existing and new markets, including the TPO market, timing of new product introductions, enhancements to existing products, and regulatory, tax, tariff, and supply chain matters.

(00:01:00)在此次通話中，Enphase 管理層將發表前瞻性聲明，包括但不限於有關預期未來財務表現、市場趨勢、技術和產品能力、對房主和安裝商的好處，以及製造、客戶服務和供需等運營的聲明。這包括對現有和新市場的預期增長，包括 TPO 市場、新產品推出的時間、現有產品的增強，以及監管、稅收、關稅和供應鏈事宜。

Zach Freedman - Enphase, Investor Relation

(00:01:28)These forward-looking statements involve significant risks and uncertainties, and actual results and timing could differ materially from expectations. For a more complete discussion of risks and uncertainties, please see our most recent Forms 10-K and 10-Q filed with the SEC. We caution you not to place undue reliance on forward-looking statements and undertake no duty to update them due to new information, future events, or changes in expectations. Also, please note that financial measures used on this call are expressed on a non-GAAP basis unless otherwise noted and have been adjusted to exclude certain charges.

(00:01:28)這些前瞻性聲明涉及重大風險和不確定性，實際結果和時間可能與預期有重大差異。有關風險和不確定性的更完整討論，請參見我們最近提交給 SEC 的 10-K 和 10-Q 表格。我們提醒您不要過度依賴前瞻性聲明，並不承擔因新信息、未來事件或預期變更而更新它們的責任。此外，請注意，本次通話中使用的財務指標除非另有說明，否則均以非 GAAP 基準表示，並已調整以排除某些費用。

Zach Freedman - Enphase, Investor Relation

(00:02:00)We have provided a reconciliation of these non-GAAP financial measures to GAAP measures in our earnings release filed with the SEC on Form 8-K, also available in the Investor Relations section of our website. Now, I'd like to introduce Badri Kothandaraman, our President and Chief Executive Officer.

(00:02:00)我們已在提交給 SEC 的 8-K 表格的收益發布中提供了這些非 GAAP 財務指標與 GAAP 指標的對照，該文件也可在我們網站的投資者關係部分找到。現在，我想介紹 Badri Kothandaraman，我們的總裁兼首席執行官。

Badri Kothandaraman - Enphase, CEO

(00:02:14)Badri. Good afternoon, and thank you for joining us today to discuss our third quarter 2026 financial results. We reported quarterly revenue of $293.3 million and shipped 1.42 million microinverters and 129.9 megawatt-hours of batteries. Our Q3 revenue included $85 million of safe harbor revenue. We exited the quarter with channel inventory slightly above normal for batteries and microinverters. On a GAAP basis, we delivered a gross margin of 43.3%, operating expenses of 41.1%, and operating income of 2.2%, all as a percentage of revenue.

(00:02:14)Badri。下午好，感謝您今天參加我們的第三季度 2026 年財務結果討論。我們報告的季度收入為 2.933 億美元，運送了 142 萬個微逆變器和 129.9 兆瓦時的電池。我們的第三季度收入包括 8500 萬美元的安全港收入。我們在本季度結束時的渠道庫存略高於正常水平，針對電池和微逆變器。按 GAAP 基準，我們的毛利率為 43.3%，營業費用為 41.1%，營業收入為 2.2%，均為收入的百分比。

Badri Kothandaraman - Enphase, CEO

(00:02:59)On a non-GAAP basis, we delivered a gross margin of 45%, operating expenses of 26.7%, and operating income of 18.3%, all as a percentage of revenue. Mandy will cover the financials later in the call. Our customer service Net Promoter Score was 79% in the third quarter, compared to 80% in the second quarter, while the average call wait time was approximately 1.9 minutes. Our AI assistant has been rolled out to all homeowners worldwide, and we are now rolling it out to Enphase installers this quarter to help them manage their fleet.

(00:02:59)按非 GAAP 基準，我們的毛利率為 45%，營業費用為 26.7%，營業收入為 18.3%，均為收入的百分比。Mandy 將在通話中稍後介紹財務狀況。我們的客戶服務淨推薦分數在第三季度為 79%，相比第二季度的 80%，而平均通話等待時間約為 1.9 分鐘。我們的 AI 助手已向全球所有房主推出，並且我們現在在本季度向 Enphase 安裝商推出。以幫助他們管理他們的設備。

Badri Kothandaraman - Enphase, CEO

(00:03:38)Let's cover operations. In the third quarter, we shipped approximately 1.4 million US-made microinverters and battery inverters from our US manufacturing facilities and booked the associated Section 45X production tax credits. We also shipped 63.8 megawatt-hours of IQ batteries from our Texas manufacturing facility in the third quarter. We offer IQ batteries that meet domestic content and FEOC regulations, helping lease and PPA customers qualify for ITC bonuses. Let's now cover revenue and regional performance.

(00:03:38)現在讓我們來談談運營。在第三季度，我們從美國製造設施運送了約 140 萬個美國製微逆變器和電池逆變器，並預訂了相關的 45X 生產稅收抵免。我們還在第三季度從德克薩斯州的製造設施運送了 63.8 兆瓦時的 IQ 電池。我們提供符合國內內容和 FEOC 規範的 IQ 電池，幫助租賃和 PPA 客戶獲得 ITC 獎金。現在讓我們來談談收入和地區表現。

Badri Kothandaraman - Enphase, CEO

(00:04:14)Our global Q3 revenue increased approximately 1% compared to Q2. Our global sell-through also increased by 1% compared to Q2. This fell short of our original expectation for sell-through growth of approximately 10%. This contributed to us delivering revenue toward the lower end of our guidance. Our revenue mix was 80% from the U.S. and 20% from international markets. In the U.S., revenue increased approximately 3% sequentially. Safe Harbor revenue was $85 million in Q3 compared to $84.3 million in Q2. Our U.S.

(00:04:14)我們的全球第三季度收入與第二季度相比增長約 1%。我們的全球銷售通過量也與第二季度相比增長了 1%。這未達到我們對銷售通過增長約 10% 的最初預期。這導致我們的收入向指導範圍的下限交付。我們的收入組閤中，80% 來自美國。20% 來自國際市場。在美國，收入按季度增長約 3%。第三季度的安全港收入為 8500 萬美元，而第二季度為 8430 萬美元。我們的美國。

Badri Kothandaraman - Enphase, CEO

(00:04:55)sell-through in Q3 increased by 5% compared to Q2, a more modest increase than expected, primarily due to the impact of interest rates on the residential solar market. On a year-over-year basis, our Q3 2026 sell-through declined 35% compared to Q3 2025, reflecting pressure from higher interest rates and the transition following the expiry of the Section 25D tax credit. Third-party market reports suggest Overall, U.S. Residential solar permits in the U.S. were down approximately 35% year-over-year for Q3 2026.

(00:04:55)第三季度的銷售通過量與第二季度相比增長了 5%，增幅較預期溫和，主要是由於利率對住宅太陽能市場的影響。按年計算，我們的第三季度 2026 年銷售通過量較 2025 年第三季度下降了 35%，反映出高利率的壓力以及 25D 稅收抵免到期後的過渡。第三方市場報告顯示總體而言，美國。美國的住宅太陽能許可證在 2026 年第三季度同比下降約 35%。

Badri Kothandaraman - Enphase, CEO

(00:05:37)Our results align with these reports, indicating that we continue to maintain our market share, reflecting balanced exposure across channels, including third-party ownership (TPO) models. Our U.S. Commercial sell-through in the U.S. grew approximately 50% in Q3 compared to Q2, driven by ramped sales of IQ9 commercial microinverters. Currently, our commercial volumes are primarily channel-based, with larger direct opportunities expected to emerge in 2027. In Europe, revenue decreased approximately 11% sequentially in Q3, while sell-through declined about 12%, partly due to summer seasonality and a modestly weaker demand environment, particularly in France.

(00:05:37)我們的結果與這些報告一致，顯示我們持續保持市場份額，反映出在各渠道之間的平衡曝光，包括第三方擁有（TPO）模式。我們的美國。美國的商業銷售在第三季度相比第二季度增長約 50%，這主要得益於 IQ9 商業微型逆變器的銷售增長。目前，我們的商業銷售主要基於渠道，預計在 2027 年會出現更大的直接機會。在歐洲，第三季度的收入環比下降約 11%，而銷售量下降約 12%，部分原因是夏季季節性和需求環境略微疲弱，特別是在法國。

Badri Kothandaraman - Enphase, CEO

(00:06:26)Europe is evolving into a battery-led market, with approximately 50% of our regional revenue in Q3 coming from storage systems. In the Netherlands, battery activations increased 23% in Q3 compared to Q2, a counter-seasonal rise building on 102% growth in Q2 versus Q1. Homeowner events have become an effective selling tool for us. In France, however, battery activations declined 12% compared to Q2, while microinverter activations fell 24%, reflecting summer seasonality and ongoing macroeconomic uncertainty that may persist in the short term.

(00:06:26)歐洲正在演變為一個以電池為主導的市場，第三季度我們的區域收入中約 50% 來自儲能系統。在荷蘭，第三季度的電池啟用量相比第二季度增長 23%，這是一個逆季節性增長，建立在第二季度相比第一季度 102% 的增長基礎上。房主活動已成為我們有效的銷售工具。然而，在法國，電池啟用量相比第二季度下降 12%，而微型逆變器啟用量下降 24%，反映出夏季季節性和持續的宏觀經濟不確定性，這可能在短期內持續存在。

Badri Kothandaraman - Enphase, CEO

(00:07:08)In Germany, overall activations were down 5% compared to Q2. Let's now review the outlook for the fourth quarter. We expect fourth-quarter revenue to range between $225 million and $255 million, including... approximately $51.2 million of safe harbor revenue. For batteries, we anticipate shipments of 100 to 120 megawatt-hours. Currently, we are about 70% booked to the midpoint of our revenue guidance. Our global sell-through has remained relatively flat over the first three quarters of 2026. We are not observing any meaningful recovery in U.S.

(00:07:08)在德國，整體啟用量相比第二季度下降 5%。現在讓我們回顧一下第四季度的展望。我們預計第四季度的收入將在 2.25 億到 2.55 億美元之間，包括...約 5120 萬美元的安全港收入。對於電池，我們預計出貨量為 100 到 120 兆瓦時。目前，我們的預測收入指導中約 70% 已經預訂。我們的全球銷售在 2026 年前三季度保持相對平穩。我們沒有觀察到美國的任何有意義的復甦。

Badri Kothandaraman - Enphase, CEO

(00:07:52)demand. We expect global sell-through to decline approximately 10% sequentially in Q4, equating to about $20 million. With Q1 2027 expected to be seasonally slow, we anticipate distributors will remain cautious about building inventory heading into the new year. Accordingly, we plan to ship approximately $20 million below sell-through in Q4 to further reduce channel inventory. While the near-term market environment remains challenging, I am very excited about the growth drivers we have established and would like to focus the remainder of my remarks on how we see Enphase growing in 2027 and beyond.

(00:07:52)需求。我們預計全球銷售在第四季度將環比下降約 10%，相當於約 2000 萬美元。隨著 2027 年第一季度預計將是季節性緩慢，我們預計分銷商在新年到來之前將保持謹慎，避免增加庫存。因此，我們計劃在第四季度出貨量約 2000 萬美元低於銷售量以進一步減少渠道庫存。雖然短期市場環境仍然具有挑戰性，但我對我們已建立的增長驅動因素感到非常興奮，並希望將我接下來的發言重點放在我們如何看待 Enphase 在 2027 年及以後的增長上。

Badri Kothandaraman - Enphase, CEO

(00:08:41)I will walk through five key growth drivers. First, residential batteries. Second, recovering our U.S. residential solar business, driven by Propel. Third, our commercial solar and battery business. Fourth, bidirectional EV charging. And fifth, AI data centers with our IQ solid-state transformer. Let me begin with where we stand today. In 2026, we expect approximately 72% of our revenue to come from residential solar, 21% from residential batteries, and 7% from commercial solar, EV charging, and other segments.

(00:08:41)我將介紹五個主要的增長驅動因素。首先，住宅電池。其次，恢復我們的美國。住宅太陽能業務，這是由 Propel 推動的。第三，我們的商業太陽能和電池業務。第四，雙向電動車充電。第五，我們的 IQ 固態變壓器的 AI 數據中心。讓我從我們目前的狀況開始。在 2026 年，我們預計約 72% 的收入將來自住宅太陽能，21% 來自住宅電池，7% 來自商業太陽能、電動車充電和其他細分市場。

Badri Kothandaraman - Enphase, CEO

(00:09:21)Now, let me walk through each of our growth drivers. Our first growth driver is residential batteries. Global adoption continues to accelerate, driven by demand for energy resilience, self-consumption, and virtual power plants (VPPs). In the U.S., third-party reports estimate Enphase's residential battery market share at approximately 15% to 20%, with about 50% share of the U.S. solar inverter market. We see a significant opportunity to achieve a similar market share in residential batteries over time.

(00:09:21)現在，讓我逐一介紹我們的增長驅動因素。我們的第一個增長驅動因素是住宅電池。全球採用持續加速，這是由於對能源韌性、自我消耗和虛擬電廠（VPP）的需求。在美國，第三方報告估計 Enphase 的住宅電池市場份額約為 15% 到 20%，在美國的太陽能逆變器市場中約佔 50%。太陽能逆變器市場。我們看到有顯著的機會在住宅電池市場中隨著時間的推移實現類似的市場份額。

Badri Kothandaraman - Enphase, CEO

(00:09:59)A key catalyst will be our next-generation IQ Battery G5, our fifth-generation product. Installers have been requesting a compact, stackable, AC-coupled battery that scales up to 30 kilowatt-hours in a single stack, with higher energy density, faster installation, and an improved car structure. Beyond new solar installations, we also have a substantial retrofit opportunity across approximately 3 million N-phase solar households in the U.S., many of whom could benefit from backup power, energy independence, and VPP income.

(00:09:59)一個關鍵的催化劑將是我們的下一代 IQ 電池 G5，我們的第五代產品。安裝商一直在要求一種緊湊、可堆疊的、交流耦合的電池，單堆可擴展至 30 千瓦時，具有更高的能量密度，更快的安裝和改進的車輛結構。除了新的太陽能安裝外，我們還在美國約 300 萬個 N-phase 太陽能家庭中擁有可觀的改裝機會，許多家庭可以從備用電源、能源獨立和 VPP 收入中受益。

Badri Kothandaraman - Enphase, CEO

(00:10:41)We expect IQ Battery G5 pilots in Q4 and volume shipments in Q1 2027. We are also seeing VPPs transition from small pilots to large-scale commercial opportunities. Major utilities and hyperscalers are engaging with us on programs that compensate homeowners for making their batteries available to support the grid. This is particularly compelling in communities near data centers, where distributed batteries can help manage growing electricity demand while providing financial benefits to homeowners. We expect utility programs to contribute to growth in 2027, with larger utility- and data center-driven VPP opportunities developing in 2028 and beyond.

(00:10:41)我們預計在第四季度進行 IQ 電池 G5 的試點，並在 2027 年第一季度進行大規模出貨。我們還看到 VPP 從小型試點轉向大型商業機會。主要公用事業公司和超大規模數據中心正在與我們合作，通過計劃補償房主，使他們的電池可用於支持電網。這在靠近數據中心的社區中特別引人注目，分佈式電池可以幫助管理不斷增長的電力需求，同時為房主提供財務利益。我們預計公用事業計劃將在 2027 年促進增長，隨著更大的公用事業和數據中心驅動的 VPP 機會在 2028 年及以後發展。

Badri Kothandaraman - Enphase, CEO

(00:11:33)In Europe, our largest near-term opportunity is the Netherlands, where approximately half a million existing Enphase solar-only customers represent nearly a $2 billion battery retrofit market. With net metering ending at the close of 2026, the economics of adding storage have become increasingly attractive. We are reaching these customers directly through homeowner events, emails, and webinars. Beyond our install base, approximately 2.5 million Dutch homes with non-Enphase solar systems also represent a substantial opportunity.

(00:11:33)在歐洲，我們近期最大的機會是荷蘭，約有五十萬名現有的 Enphase 只安裝太陽能的客戶，代表著近 20 億美元的電池改裝市場。隨著淨計量在 2026 年底結束，增加儲能的經濟效益變得越來越具吸引力。我們通過業主活動、電子郵件和網絡研討會直接接觸這些客戶。除了我們的安裝基礎外，約有 250 萬個荷蘭家庭擁有非 Enphase 的太陽能系統，這也代表著一個可觀的機會。

Badri Kothandaraman - Enphase, CEO

(00:12:14)Our universal AC-coupled battery architecture allows us to serve this large market, which we are targeting through social media campaigns. We expect the strong growth in battery activation seen throughout 2026 to accelerate further in 2027. We are also excited about Australia, where the median residential battery installation is about 30 to 40 kilowatt-hours. Until now, we have not been well-positioned to compete in this high-capacity market with our third-generation battery. Our Gen 5, or fifth-generation battery, the G5, changes that.

(00:12:14)我們的通用交流耦合電池架構使我們能夠服務這個龐大的市場，我們正通過社交媒體活動來針對這個市場。我們預計在 2026 年看到的電池啟用強勁增長將在 2027 年進一步加速。我們對澳大利亞也感到興奮，那裡的住宅電池安裝中位數約為 30 到 40 千瓦時。到目前為止，我們在這個高容量市場中並未處於有利競爭地位，因為我們的第三代電池。我們的第五代電池 G5 改變了這一點。

Badri Kothandaraman - Enphase, CEO

(00:12:56)With up to 30 kilowatt-hours per stack and an improved cost structure, the G5 offers a tremendous opportunity to penetrate Australia's 12-gigawatt-hour-per-year market. Putting it all together, we expect residential battery shipments of approximately... 450 megawatt-hours in 2026, and we believe we can grow this business by approximately 50% in 2027. With a highly competitive product, millions of existing solar customers, expanding VPP opportunities, and access to new international markets, we see a substantial multi-year growth opportunity ahead in residential batteries.

(00:12:56)每個堆疊可達 30 千瓦時，並且成本結構有所改善，G5 提供了進入澳大利亞每年 12 千兆瓦時市場的巨大機會。綜合來看，我們預計 2026 年住宅電池出貨量約為...450 兆瓦時，我們相信在 2027 年可以將這項業務增長約 50%。憑藉高度競爭的產品、數百萬名現有的太陽能客戶、擴展的虛擬電廠機會以及進入新國際市場的機會，我們看到住宅電池未來幾年有可觀的增長機會。

Badri Kothandaraman - Enphase, CEO

(00:13:38)Our second growth driver is the recovery of the U.S. residential solar markets. Propel is central to how we see that happening for Enphase. The expiry of the 25D tax credits removed a meaningful portion of the cash and loan market, which has historically been the core of our long-tail installer business. In today's high-interest-rate environment, a third-party ownership offering with the 48D tax credit is a practical path for many homeowners. Propel, a prepaid lease offering from SolSource Solutions, combines Enphase equipment, loan financing by TriBeam Financial, and national distribution through Greentech Renewables, and is purpose-built for long-tail installers.

(00:13:38)我們的第二個增長驅動因素是美國的復甦。住宅太陽能市場。Propel 是我們看待 Enphase 如何實現這一點的核心。25D 稅收抵免的到期移除了現金和貸款市場的一個重要部分，這歷來是我們長尾安裝商業務的核心。在當前高利率環境下，擁有 48D 稅收抵免的第三方擁有權提供對許多業主來說是一條實際的道路。Propel 是 SolSource Solutions 提供的預付租賃，結合了 Enphase 設備、TriBeam Financial 的貸款融資，以及通過 Greentech Renewables 的全國分銷，專為長尾安裝商設計。

Badri Kothandaraman - Enphase, CEO

(00:14:23)Propel is now available in 13 states, with installer participation growing to approximately 350, up from 290 in Q2. Weekly originations of Propel have increased to over 300, compared to approximately 200 in Q2, with battery attachment at roughly 71%. SolSource recently announced $300 million in capital raised to support its growth, an important milestone in today's environment. SolSource is actively working to secure additional capital to support the next phase of expansion into new markets. We expect growth in Propel originations to translate into higher Enphase equipment sales as these systems are installed in the first half of 2027.

(00:14:23)Propel 現在在 13 個州可用，安裝商參與人數增長至約 350 人，較第二季度的 290 人有所增加。Propel 的每週發起量已增至 300 多個，而第二季度約為 200 個。電池附加率約為 71%。SolSource 最近宣佈籌集了 3 億美元的資金以支持其增長，這在當前環境中是一個重要的里程碑。SolSource 正在積極尋求額外資金以支持進入新市場的下一階段擴張。我們預計 Propel 的發起增長將轉化為 Enphase 設備銷售的增長，因為這些系統將在 2027 年上半年安裝。

Badri Kothandaraman - Enphase, CEO

(00:15:13)With growing installer participation, strong battery attachment, and opportunities to expand into additional states, Propel can become a meaningful driver of our U.S. residential solar and battery business in 2027. Our third growth driver is our commercial business. U.S. commercial solar has been one of the most resilient market segments in 2026, with permit activity up approximately 13% year-to-date. We expect strong fundamentals to continue into 2027, supported by rising electricity rates and investment tax credits.

(00:15:13)隨著安裝商參與度的增長、強勁的電池附加率以及擴展到其他州的機會，Propel 可以成為我們美國的有意義的增長驅動因素。住宅太陽能和電池業務在 2027 年。我們的第三個增長驅動因素是我們的商業業務。美國的商業太陽能在 2026 年是最具韌性的市場細分之一，許可活動同比增長約 13%。我們預計強勁的基本面將持續到 2027 年，受到電價上漲和投資稅收抵免的支持。

Badri Kothandaraman - Enphase, CEO

(00:15:48)The recently announced FCC restrictions on new foreign-produced inverters create a significant competitive advantage for Enphase as a U.S.-based manufacturer with domestic manufacturing capabilities. Our three-phase microinverter portfolio spans 208 volts to 480 volts applications, including the IQ9S-3P, our highest power 548-watt GaN-based microinverter. Beyond expanding our distribution channel business, we are pursuing several large national accounts that could meaningfully accelerate growth in 2027.

(00:15:48)最近宣佈的 FCC 對新外國生產逆變器的限制為 Enphase 作為美國製造商創造了顯著的競爭優勢，具備國內製造能力。我們的三相微型逆變器產品組合涵蓋 208 伏到 480 伏的應用，包括 IQ9S-3P，我們最高功率的 548 瓦基於氮化鎵的微型逆變器。除了擴大我們的分銷渠道業務外，我們還在追求幾個大型國家賬戶，這可能會在 2027 年顯著加速增長。

Badri Kothandaraman - Enphase, CEO

(00:16:28)We are also excited about our entry into the U.S. small commercial storage market with the IQ Battery C80, a fully integrated 480-volt AC-coupled system delivering 80 kilowatt-hours of energy and 40 kilowatts of continuous power. A key application here is demand charge reduction, where the battery discharges during peak demand periods to lower electricity bills. It also supports time-of-use solar self-consumption and grid services. Customers can scale up to 2 MWh of capacity by combining 25 battery units, each with 80 kWh of storage.

(00:16:28)我們也對進入美國小型商業儲能市場感到興奮，推出 IQ Battery C80，這是一個完全整合的 480 伏交流耦合系統，提供 80 千瓦時的能量和 40 千瓦的持續功率。這裡的一個關鍵應用是需求費用減少，電池在高峰需求期間放電以降低電費。它還支持時間使用的太陽能自消耗和電網服務。客戶可以通過結合 25 個電池單元（每個單元具有 80 千瓦時的儲存）來擴展至 2 兆瓦時的容量。

Badri Kothandaraman - Enphase, CEO

(00:17:10)The battery will be manufactured in the U.S. and designed to meet FEOC regulations and qualify for domestic content incentives. We opened pre-orders in August and have seen encouraging initial demand. We expect to sell approximately 100 MWh of commercial batteries in 2027. We expect to conduct pilots in Q1 2027 and begin volume shipments in Q2 2027. Putting it all together, we anticipate our commercial revenue in 2026 will be approximately $30 million. We believe it could grow to over $100 million in 2027.

(00:17:10)電池將在美國製造。並設計以符合 FEOC 規範並符合國內內容激勵的資格。我們在八月開放了預訂，並看到了令人鼓舞的初步需求。我們預計在 2027 年將銷售約 100 兆瓦時的商業電池。我們預計在 2027 年第一季度進行試點，並在 2027 年第二季度開始大規模出貨。綜合來看，我們預計 2026 年的商業收入將約為 3000 萬美元。我們相信它在 2027 年可能增長到超過 1 億美元。

Badri Kothandaraman - Enphase, CEO

(00:17:50)Over time, we expect to target a 40% market share of the U.S. small commercial market. This market, spanning solar and batteries, could represent approximately $250 million in annual revenue for Enphase. Our fourth growth driver is bidirectional EV charging, which brings Enphase directly into the automotive market. Electric vehicles carry batteries that are 5 to 10 times the size of a typical home battery. With bidirectional charging, the vehicle becomes part of the home energy system, providing backup power, time-of-use optimization, and VPP participation.

(00:17:50)隨著時間的推移，我們預期在美國的市場佔有率目標為 40%。小型商業市場。這個市場涵蓋太陽能和電池，對於 Enphase 來說，可能代表每年約 2.5 億美元的收入。我們的第四個增長驅動因素是雙向電動車充電，這使 Enphase 直接進入汽車市場。電動車的電池大小是典型家庭電池的 5 到 10 倍。通過雙向充電，車輛成為家庭能源系統的一部分，提供備用電源、用電時間優化和虛擬電廠參與。

Badri Kothandaraman - Enphase, CEO

(00:18:32)Our IQ bidirectional EV charging solution is built on our GaN power platform and supports both AC and DC bidirectional charging architectures. Our DC solution integrates the bidirectional inverter directly into the charger, while our AC solution integrates our standard unidirectional AC charger with an additional V2X kit to enable bidirectional functionality. The DC solution supports both 400-volt and 800-volt vehicle architectures, delivering up to 11.5 kilowatts of bidirectional power. We expect pilots this quarter and volume shipments in Q1 2027.

(00:18:32)我們的 IQ 雙向電動車充電解決方案基於我們的氮化鎵電力平台，支持交流和直流雙向充電架構。我們的直流解決方案將雙向逆變器直接集成到充電器中，而我們的交流解決方案則集成我們的標準單向交流充電器，並增加一個 V2X 套件以啟用雙向功能。直流解決方案支持 400 伏和 800 伏的車輛架構，提供高達 11.5 千瓦的雙向電力。我們預期本季度進行試點，並在 2027 年第一季度進行大規模出貨。

Badri Kothandaraman - Enphase, CEO

(00:19:19)We are collaborating with three top global auto OEMs in the U.S. to bring these solutions directly to their battery EV and plug-in hybrid EV customers. We believe our bidirectional charging solutions offer some of the simplest, lowest-cost installations in the market, backed by our best-in-class quality and customer service. We see this expansion into the automotive market as a compelling cross-selling opportunity, as every EV customer could also become a potential customer for Enphase solar and battery systems.

(00:19:19)我們正在與三家美國頂級汽車原始設備製造商合作，將這些解決方案直接帶給他們的電池電動車和插電式混合動力電動車客戶。我們相信，我們的雙向充電解決方案提供市場上最簡單、最低成本的安裝，並得到我們一流的質量和客戶服務的支持。我們將這一擴展進入汽車市場視為一個引人注目的交叉銷售機會，因為每位電動車客戶也可能成為 Enphase 太陽能和電池系統的潛在客戶。

Badri Kothandaraman - Enphase, CEO

(00:19:55)For bidirectional EV charging, we anticipate a $15 to $20 million revenue opportunity in 2027. We have a substantially larger growth opportunity in 2028 and beyond, with the potential to generate over $100 million in annual revenue as volumes ramp. Combined with our cross-selling opportunities, we see multiple avenues for additional growth from this business. Our fifth and final growth driver is IQSST, which brings Enphase's power conversion expertise into the rapidly expanding AI data center market.

(00:19:55)對於雙向電動車充電，我們預計在 2027 年有 1500 萬到 2000 萬美元的收入機會。我們在 2028 年及以後有更大規模的增長機會，潛在年收入超過 1 億美元，隨著出貨量的增加。結合我們的交叉銷售機會，我們看到這一業務有多個增長途徑。我們的第五個也是最後一個增長驅動因素是 IQSST，這將 Enphase 的電力轉換專業知識帶入快速擴張的 AI 數據中心市場。

Badri Kothandaraman - Enphase, CEO

(00:20:32)IQSST is designed to convert 13.8 kV or 34.5 kV medium voltage AC directly into regulated 800 VDC through our modular single-stage architecture. We are targeting approximately 98.5% efficiency, five-nines reliability, and sub-millisecond response time. By eliminating multiple power conversion stages, we believe IQSST can fundamentally improve the efficiency, reliability, cost, and simplicity of AI data center power infrastructure. We recently achieved a major technical milestone by successfully demonstrating 13.8 kV AC to 800 VDC conversion in our Austin laboratory.

(00:20:32)IQSST 旨在通過我們的模塊化單級架構，將 13.8 kV 或 34.5 kV 的中壓交流直接轉換為穩定的 800 VDC。我們的目標是達到約 98.5% 的效率，五個九的可靠性，以及亞毫秒的響應時間。通過消除多個電力轉換階段，我們相信 IQSST 可以根本改善 AI 數據中心電力基礎設施的效率、可靠性、成本和簡單性。我們最近達成了一個重要的技術里程碑，在我們的奧斯丁實驗室成功演示了 13.8 kV 交流到 800 VDC 的轉換。

Badri Kothandaraman - Enphase, CEO

(00:21:19)We expect to demonstrate 34.5 kV capability very soon, in the fourth quarter. We are also preparing megawatt-scale full system demonstrations this quarter, both at our Austin facility and at the national lab, with customer participation at both locations. These are important steps toward validating our technology at scale and under operating conditions required by AI data centers. Our customer engagement is accelerating. Since our last update in July, our pipeline has expanded significantly to more than 50 potential customers.

(00:21:19)我們預計在第四季度很快展示 34.5 kV 的能力。我們還在本季度準備兆瓦級的完整系統演示，無論是在我們的奧斯丁設施還是在國家實驗室，並且客戶將參與這兩個地點的活動。這些都是在規模和 AI 數據中心所需的操作條件下驗證我們技術的重要步驟。我們的客戶參與正在加速。自從我們在七月的最後一次更新以來，我們的潛在客戶管道顯著擴大，超過 50 個潛在客戶。

Badri Kothandaraman - Enphase, CEO

(00:21:55)Notably, we are developing specific IQSST solutions for the AI data center needs of two global technology leaders: a hyperscaler and a global AI computing leader. These collaborations are helping shape our product roadmap and system architecture. We remain on track for customer pilots in 2027, followed by initial commercial shipments in 2028. By 2030, we believe IQSST has the potential to become a billion-dollar annual revenue business for Enphase in the data center market alone. Three things stand out from our customer discussions.

(00:21:55)值得注意的是，我們正在為兩家全球科技領導者的 AI 數據中心需求開發特定的 IQSST 解決方案：一家超大規模雲服務商和一家全球 AI 計算領導者。這些合作正在幫助塑造我們的產品路線圖和系統架構。我們仍然在按計劃進行2027 年的客戶試點，隨後在 2028 年進行初步商業出貨。到 2030 年，我們相信 IQSST 有潛力成為 Enphase 在數據中心市場的十億美元年收入業務。從我們的客戶討論中，有三個要點突出。

Badri Kothandaraman - Enphase, CEO

(00:22:39)First, reliability is paramount. Our distributed architecture, built on more than two decades of microinverter experience, offers inherent redundancy and fault isolation, providing a powerful foundation for the reliability requirements of AI data centers. Second, our successful 13.8 kV demonstration and upcoming 34.5 kV validation give us increasing confidence in our ability to meet customer development timelines. Third, our U.S. manufacturing capabilities and supply chain readiness are important competitive advantages as customers prepare for large-scale deployment.

(00:22:39)首先，可靠性至關重要。我們的分佈式架構，基於超過二十年的微逆變器經驗，提供固有的冗餘和故障隔離，為 AI 數據中心的可靠性需求提供強大的基礎。第二，我們成功的 13.8 kV 演示和即將進行的 34.5 kV 驗證使我們對滿足客戶開發時間表的能力越來越有信心。第三，我們的美國製造能力和供應鏈準備是重要的競爭優勢因為客戶準備進行大規模部署。

Badri Kothandaraman - Enphase, CEO

(00:23:21)We recognize the substantial engineering qualification and execution work ahead, but we also recognize the magnitude of this opportunity, and we are executing with urgency to make this vision a reality. Let me conclude. We do not believe today's financial results reflect the full potential of where Enphase is headed in 2027 and beyond. We are working with determination to build a stronger, more diversified company with five powerful growth drivers. Residential batteries, driving residential solar with prepaid leases, commercial solar and batteries, bidirectional EV charging, and solid-state transformers for AI data centers.

(00:23:21)我們認識到前方有大量的工程資格和執行工作，但我們也認識到這一機會的重大性，我們正在緊急執行以實現這一願景。讓我總結一下。我們不認為今天的財務結果反映了 Enphase 在 2027 年及以後的全部潛力。我們正在努力建立一個更強大、更具多樣化的公司，擁有五個強大的增長驅動因素。住宅電池，推動住宅太陽能的預付租賃，商業太陽能和電池，雙向電動車充電，以及用於 AI 數據中心的固態變壓器。

Badri Kothandaraman - Enphase, CEO

(00:24:05)What makes these opportunities especially compelling is that they are all built on the same foundation: our world-class power electronics technology. Our unique single-stage power conversion architecture, custom-designed ASICs, state-of-the-art magnetics, proprietary predictive control software, and industry-leading GaN technology collectively enable us to deliver smaller, more efficient, reliable, and lower-cost power conversion solutions across multiple markets. We remain confident in the long-term recovery of the residential solar market.

(00:24:05)使這些機會特別引人注目的是，它們都是建立在同一基礎之上：我們世界級的電力電子技術。我們獨特的單階段電力轉換架構、定製設計的 ASIC、最先進的磁性材料、專有的預測控制軟體以及行業領先的氮化鎵技術，綜合使我們能夠在多個市場提供更小、更高效、更可靠且成本更低的電力轉換解決方案。我們對住宅太陽能市場的長期復甦仍然充滿信心。

Badri Kothandaraman - Enphase, CEO

(00:24:46)While prepaid leases can help drive near-term adoption via Propel, rising utility rates and expanding virtual power plants will also contribute. Finally, homeowners' growing desire for energy independence will support market growth over time. However, we are not waiting for that recovery. We are building new businesses, entering new markets, and positioning Enphase for a significantly larger future. We believe these opportunities have the potential to more than double the size of our company over time.

(00:24:46)雖然預付租賃可以通過 Propel 推動近期的採用，但上升的公用事業費率和擴展的虛擬電廠也將有所貢獻。最後，房主對能源獨立日益增長的渴望將隨著時間的推移支持市場增長。然而，我們並不等待這一復甦。我們正在建立新業務，進入新市場，並為 Enphase 的未來大幅增長做好準備。我們相信這些機會有潛力在未來使我們公司的規模翻倍以上。

Badri Kothandaraman - Enphase, CEO

(00:25:26)With that, I will turn the call over to Mandy for her review of our financial results. Mandy.

(00:25:26)現在，我將把電話轉交給 Mandy，讓她來回顧我們的財務結果。Mandy。

Mandy Yang - Enphase, CFO

(00:25:34)Thanks, Badri, and good afternoon, everyone. I will provide more details on our third quarter 2026 financial results, as well as our business outlook for the fourth quarter of 2026. We have provided reconciliations of these non-GAAP to GAAP financial measures in our earnings release posted today, which is also available in the IR section of our website. Total revenue for Q3 was $293.3 million. We shipped approximately 655.2 megawatts DC of microinverters and 129.9 megawatt-hours of IQ batteries. Q3 revenue included $85 million of Safe Harbor revenue.

(00:25:34)謝謝你，Badri，大家下午好。我將提供更多有關我們 2026 年第三季度財務結果的詳細信息，以及我們對 2026 年第四季度的業務展望。我們在今天發布的財報中提供了這些非 GAAP 與 GAAP 財務指標的調整，該報告也可在我們網站的 IR 部分找到。第三季度的總收入為 2.933 億美元。我們運送了約 655.2 兆瓦直流微型逆變器和 129.9 兆瓦時的 IQ 電池。第三季度的收入包括 8500 萬美元的安全港收入。

Mandy Yang - Enphase, CFO

(00:26:17)As a reminder, we define Safe Harbor revenue as sales made to customers who plan to install the inventory over more than one year. Non-GAAP gross margin was 45% in Q3. This compares to 46.8% in Q2. The decrease was primarily due to product mix. GAAP gross margin was 43.3% in Q3, compared to 60% in Q2. Q2's GAAP gross margin was positively impacted by 15.6 percentage points from the IEEPA tariff refunds received. Reciprocal tariffs negatively impacted our gross margin by 1.3%. percentage points in Q3. Non-GAAP operating expenses were $78.4 million for Q3, compared to $79.8 million for Q2.

(00:26:17)提醒一下，我們將安全港收入定義為銷售給計劃在一年以上安裝庫存的客戶的銷售。第三季度的非 GAAP 毛利率為 45%。這與第二季度的 46.8% 相比。下降主要是由於產品組合的變化。第三季度的 GAAP 毛利率為 43.3%，而第二季度為 60%。第二季度的 GAAP 毛利率受到 IEEPA 關稅退款的正面影響，增加了 15.6 個百分點。互惠關稅對我們的毛利率造成了 1.3% 的負面影響。百分點在第三季度。第三季度的非 GAAP 營業費用為 7840 萬美元，而第二季度為 7980 萬美元。

Mandy Yang - Enphase, CFO

(00:27:14)GAAP operating expenses were $120.7 million for Q3, compared to $123.5 million for Q2. GAAP operating expenses for Q3 included $39.4 million of base compensation expenses and $2.9 million of acquisition-related expenses and amortization. On a non-GAAP basis, income from operations for Q3 was $53.6 million, compared to $56.7 million for Q2. On a GAAP basis, income from operations was $6.5 million for Q3, compared to $51.5 million for Q2. On a non-GAAP basis, net income for Q3 was $54 million, compared to $61.5 million for Q2.

(00:27:14)第三季度的 GAAP 營業費用為 1.207 億美元，而第二季度為 1.235 億美元。第三季度的 GAAP 營業費用包括 3940 萬美元的基本薪酬費用和 290 萬美元的收購相關費用及攤銷。在非 GAAP 基礎上，第三季度的營業收入為 5360 萬美元，而第二季度為 5670 萬美元。在 GAAP 基礎上，第三季度的營業收入為 650 萬美元，與第二季度的 5150 萬美元相比。在非 GAAP 基礎上，第三季度的淨收入為 5400 萬美元，而第二季度為 6150 萬美元。

Mandy Yang - Enphase, CFO

(00:28:06)This resulted in non-GAAP diluted earnings per share of $0.41 for Q3, compared to $0.46 for Q2. GAAP net income for Q3 was $23.4 million, compared to $36.1 million for Q2. This resulted in GAAP diluted earnings per share of $0.17 for Q3, compared to $0.27 for Q2. We incurred $26.5 million of impairment in investments, which reduced third quarter non-GAAP and GAAP diluted earnings per share by $0.14 and $0.15, respectively, net of tax. We exited Q3 with a total cash, cash equivalents, and marketable securities balance of $931.8 million, compared to $937.7 million at the end of Q2.

(00:28:06)這導致第三季度的非 GAAP 稀釋每股收益為 0.41 美元，而第二季度為 0.46 美元。第三季度的 GAAP 淨收入為 2340 萬美元，而第二季度為 3610 萬美元。這導致第三季度的 GAAP 稀釋每股收益為 0.17 美元，而第二季度為 0.27 美元。我們在投資中產生了 2650 萬美元的減值，這分別使第三季度的非 GAAP 和 GAAP 稀釋每股收益減少了 0.14 美元和 0.15 美元，稅後計算。我們在第三季度結束時的現金、現金等價物和可交易證券的總餘額為 9.318 億美元，而第二季度末為 9.377 億美元。

Mandy Yang - Enphase, CFO

(00:29:00)In Q3, cash provided by operations was approximately $90,000, while capital expenditures were $11.5 million, resulting in negative free cash flow of $11.4 million. The negative free cash flow primarily reflected negative working capital changes, including the timing of Safe Harbor revenue prepayment and PTC monetization. As of September 30, 2026, we had approximately $228.5 million of PTCs on our balance sheet. This consisted of $108.3 million related to U.S.-made microinverters shipped in 2024. and $120.2 million related to shipments during the first nine months of 2026.

(00:29:00)在第三季度，來自營運的現金約為 90,000 美元，而資本支出為 1150 萬美元，導致負自由現金流為 1140 萬美元。負自由現金流主要反映了負的營運資本變化，包括安全港收入預付款和 PTC 變現的時機。截至 2026 年 9 月 30 日，我們的資產負債表上約有 2.285 億美元的 PTC。這包括與 2024 年運送的美國製微型逆變器相關的 1.083 億美元。以及與 2026 年前九個月的運送相關的 1.202 億美元。

Mandy Yang - Enphase, CFO

(00:29:51)We expect to receive the refund from the IRS for the $108.3 million of 2024 PTCs by the end of the year. As a reminder, in April, we announced a tax credit transfer agreement to sell $150 million of 2026 PTCs to a leading financial institution, with four quarterly payments from April 2026 through January 2027. As of September 30th, we had monetized $75 million under the agreement. Subsequent to the quarter end, we monetized an additional $37.5 million, bringing year-to-date 2026 PTC monetization to $112.5 million.

(00:29:51)我們預計在年底之前會收到 IRS 對 1.083 億美元的 2024 年 PTC 的退款。提醒一下，在四月，我們宣佈了一項稅收抵免轉讓協議，將 1.5 億美元的 2026 年 PTC 出售給一家領先的金融機構，並從 2026 年四月到 2027 年一月進行四次季度付款。截至 9 月 30 日，我們已根據該協議變現了 7500 萬美元。在季度結束後，我們又變現了 3750 萬美元，使 2026 年迄今為止的 PTC 變現總額達到 1.125 億美元。

Mandy Yang - Enphase, CFO

(00:30:42)Now, let's discuss our outlook for the fourth quarter of 2026. We expect Q4 revenue to be in the range of $225 to $255 million, including shipments of 100 to 120 megawatt-hours of IQ batteries. We anticipate recognizing approximately $51.2 million of Safe Harbor revenue in Q4. We expect GAAP gross margin to be within a range of 38 to 41 percent. and non-GAAP gross margin to be within a range of 40% to 43%. Both ranges include approximately 2 percentage points of reciprocal tariff impact. The lower sequential margin outlook is primarily due to product mix, battery price adjustments, and increased freight costs associated with our new product production.

(00:30:42)現在，讓我們討論 2026 年第四季度的展望。我們預計第四季度的收入將在 2.25 億到 2.55 億美元之間，包括運送 100 到 120 兆瓦時的 IQ 電池。我們預計在第四季度認列約 5120 萬美元的安全港收入。我們預計 GAAP 毛利率將在 38% 到 41% 之間。而非 GAAP 毛利率將在 40% 到 43% 之間。這兩個範圍都包括約 2 個百分點的互惠關稅影響。連續的利潤預測下降主要是由於產品組合、電池價格調整以及與我們新產品生產相關的運輸成本增加。

Mandy Yang - Enphase, CFO

(00:31:36)Non-GAAP gross margin includes stock-based compensation expenses and acquisition-related amortization. We set our GAAP operating expenses within a range of $119 to $123 million, including approximately $43 million estimated for stock-based compensation expenses and acquisition-related amortization. We set our non-GAAP operating expenses within a range of $76 to $80 million. We remain focused on cost discipline. We are aligning our spending with the revenue environment and prioritizing resources for our highest-impact opportunities.

(00:31:36)非公認會計原則的毛利率包括基於股票的補償費用和收購相關的攤銷。我們將公認會計原則的營運費用設定在 1.19 億到 1.23 億美元之間，包括約 4300 萬美元的基於股票的補償費用和收購相關的攤銷。我們將非公認會計原則的營運費用設定在 7600 萬到 8000 萬美元之間。我們仍然專注於成本紀律。我們正在將支出與收入環境對齊，並優先考慮資源用於影響最大的機會。

Mandy Yang - Enphase, CFO

(00:32:19)Throughout this process, we will protect the customer experience and continue investing in innovation, including IQ SST and other strategic growth priorities. With that, I will open the line for questions.

(00:32:19)在這個過程中，我們將保護客戶體驗，並繼續投資於創新，包括 IQ SST 和其他戰略增長優先事項。那麼，我將開放提問。

Operator - Operator

(00:32:36)Thank you.

(00:32:36)謝謝。

Q&A Operator - Operator

(00:32:37)We will now begin the question-and-answer session. To ask a question, please press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw it, please press star, then two. In the interest of time, please limit yourself to one question and one follow-up. The first question will come from Brian Lee with Goldman Sachs. Please go ahead.

(00:32:37)現在我們將開始問答環節。要提問，請在您的觸控電話上按星號，然後按 1。如果您使用的是免提電話，請在按鍵之前拿起話筒。如果您的問題在任何時候已經被解答，並且您想要撤回，請按星號，然後按 2。為了節省時間，請限制自己提一個問題和一個後續問題。第一個問題來自高盛的 Brian Lee。請開始。

Brian Lee - Goldman Sachs, Equity Research Analyst

(00:33:09)Hey, everyone. Good afternoon. Thanks for taking the questions. Badri, I know there are some moving pieces here, but could you clarify? I believe you said the 4Q guidance includes a $20 million undershipment. So without that, I assume the math implies revenue would be flat at the midpoint at Safe Harbor from 3Q to 4Q. Is that correct? And then with the $20 million undershipment, how does that impact the Q1 opportunity if $210 million is the normalized midpoint for 4Q? Is that down another 10% to 20% on normal seasonality into 1Q?

(00:33:09)大家好。下午好。感謝您接受提問。Badri，我知道這裡有一些變數，但您能否澄清一下？我相信您提到第四季度的指引包括 2000 萬美元的未發貨。所以如果不算這個，我假設數學意味著從第三季度到第四季度的 Safe Harbor 中點收入將保持平穩。這是正確的嗎？那麼，考慮到 2000 萬美元的未發貨，這將如何影響第一季度的機會，如果 2.1 億美元是第四季度的正常中點？這是否會在正常季節性下再下降 10% 到 20% 進入第一季度？

Brian Lee - Goldman Sachs, Equity Research Analyst

(00:33:47)Or how should we think about the revenue range of outcomes for 1Q given the undershipment and the interplay with some of the new product and new end-market opportunities heading into 2027?

(00:33:47)或者考慮到未發貨以及一些新產品和新終端市場機會進入 2027 年，我們應該如何看待第一季度的收入範圍？

Badri Kothandaraman - Enphase, CEO

(00:34:00)Yep. Brian, thank you. Let me give you the full picture. Basically, our global sell-through in the first three quarters of this year has been flat at roughly $230 million per quarter. That's the global sell-through. For Q4, we anticipate a 10% reduction in that sell-through. So you can do the math. That's about $210 million of expected global sell-through in Q4. Now, we all know that... In Q1, there is seasonality. Therefore, distributors will not stock a lot of inventory in Q1 because of seasonality. We want to get ahead of that by undershipping $20 million from that $210 million number.

(00:34:00)是的。Brian，謝謝。讓我給您完整的情況。基本上，我們今年前三個季度的全球銷售額大約保持在每季度 2.3 億美元的平穩水平。這是全球銷售額。對於第四季度，我們預計該銷售額將減少 10%。所以您可以計算一下。這大約是第四季度預期的全球銷售額為 2.1 億美元。現在，我們都知道...在第一季度，有季節性因素。因此，分銷商在第一季度不會囤積大量庫存，因為季節性因素。我們希望通過從 2.1 億美元的數字中減少 2,000 萬美元來提前應對這一點。

Badri Kothandaraman - Enphase, CEO

(00:35:28)So basically, $190 million into the channel. That's what we are talking about. Looking at 2027, excluding Safe Harbor, our core revenue has been approximately $200 million per quarter over the last two to three quarters. So you take $200 million multiplied by four for 2027. Then you add the $200 million of growth drivers we provided, which includes the battery number increasing from 450 megawatt-hours to 675 megawatt-hours. We also discussed commercial revenue growing from $30 million to $100 million.

(00:35:28)所以基本上是 1.9 億美元進入渠道。這就是我們所談論的。展望 2027 年，排除 Safe Harbor，我們的核心收入在過去兩到三個季度大約為每季度 2 億美元。所以您將 2 億美元乘以四，得到 2027 年。然後您再加上我們提供的 2 億美元的增長驅動因素，其中包括電池數量從 450 兆瓦時增加到 675 兆瓦時。我們還討論了商業收入從 3000 萬美元增長到 1 億美元。

Badri Kothandaraman - Enphase, CEO

(00:36:28)We did not quantify Propel, but that could provide some upside. We also mentioned the bidirectional EV charger, adding a modest $15 to $20 million due to our top three OEM partnerships. While we are not providing guidance for 2027, that is the framework we are considering. Essentially, $200 million core plus these growth opportunities. Regarding your specific question about Q1, it will, of course, be seasonally down. We have all seen that. However, the positive aspect of the growth vectors I outlined is that we have five distinct growth drivers.

(00:36:28)我們沒有量化 Propel，但這可能會帶來一些上行潛力。我們還提到雙向電動車充電器，由於我們的前三大 OEM 合作夥伴，增加了 1500 萬到 2000 萬美元的收入。雖然我們沒有提供 2027 年的指引，但這是我們正在考慮的框架。本質上是 2 億美元的核心加上這些增長機會。關於您具體的第一季度問題，當然會季節性下降。我們都看到了這一點。然而，我所概述的增長向量的積極方面是，我們有五個明確的增長驅動因素。

Badri Kothandaraman - Enphase, CEO

(00:37:18)Many of these will actually begin in late Q4 and early Q1. For example, our fifth-generation battery will undergo pilots in Q4 and be introduced very early in Q1. Our commercial battery will conduct a significant number of pilots in Q1. Our bidirectional charger will have pilots in Q4 and enter volume production in Q1. Propel remains an ongoing business. So, we have several growth drivers lined up for Q1. While I won't provide specific guidance, you can think of Q1 as having some seasonal offset in the core business, plus Enphase-specific growth vectors that do not rely on market recovery but serve as additional revenue drivers.

(00:37:18)其中許多實際上將在第四季度末和第一季度初開始。例如，我們的第五代電池將在第四季度進行試點，並在第一季度非常早的時候推出。我們的商業電池將在第一季度進行大量試點。我們的雙向充電器將在第四季度進行試點，並在第一季度進入大規模生產。Propel 仍然是一個持續的業務。所以，我們有幾個增長驅動因素排隊等候第一季度。雖然我不會提供具體的指導，但你可以將第一季度視為核心業務有一些季節性抵消，加上 Enphase 特有的增長向量，這些增長向量不依賴於市場復甦，而是作為額外的收入驅動因素。

Brian Lee - Goldman Sachs, Equity Research Analyst

(00:38:27)That is very helpful. Thank you. Focusing on one growth aspect, the 50% growth in battery storage megawatt hours in 2027 appears to be the largest year-over-year potential revenue increase. What is the cadence of that growth? How much visibility do you have into it? It is quite substantial growth. Is much of that expected in the second half of 2027? And can you share any pipeline leads that provide visibility into that growth next year? Thank you.

(00:38:27)這非常有幫助。謝謝你。專注於一個增長方面，2027 年電池儲能兆瓦時的 50% 增長似乎是最大的年增長潛力。這種增長的節奏是什麼？你對此有多少可見性？這是相當可觀的增長。這其中大部分預計會在 2027 年下半年嗎？你能分享任何提供明年增長可見性的管道線索嗎？謝謝你。

Badri Kothandaraman - Enphase, CEO

(00:39:06)We expect this product to be transformational. To provide background, Europe... Australia and other international regions will transition from the third-generation battery to the fifth-generation battery. Meanwhile, the U.S. will move from the fourth-generation battery to the fifth-generation battery. The single biggest driver for our fifth-generation battery is the "one box on the wall" concept. One box on the wall. For example, with our third-generation battery, a 15-kilowatt-hour system required three boxes on the wall.

(00:39:06)我們預期這個產品將具有變革性。為了提供背景，歐洲...澳大利亞和其他國際地區將從第三代電池過渡到第五代電池。同時，美國將從第四代電池過渡到第五代電池。我們第五代電池的最大驅動因素是「牆上的一個盒子」概念。牆上的一個盒子。例如，使用我們的第三代電池，15 千瓦時的系統需要三個盒子在牆上。

Badri Kothandaraman - Enphase, CEO

(00:39:48)Another key advantage is that the improved energy density allows us to reduce the cost structure. By reducing costs, we can offer competitive pricing while maintaining gross margin. Therefore, we are extremely excited about the Australian market. For instance, in Australia, the median battery size is approximately 30 to 40 kilowatt-hours. We can address this with one or two battery stacks. This results in an excellent form factor. Similarly, in Germany, we can meet demand with just one stack. In the Netherlands, we expect to accelerate adoption by 2027, as batteries become the norm due to rising electricity bills.

(00:39:48)另一個關鍵優勢是，改進的能量密度使我們能夠降低成本結構。通過降低成本，我們可以在保持毛利率的同時提供具有競爭力的價格。因此，我們對澳大利亞市場感到非常興奮。例如，在澳大利亞，中位數電池大小約為 30 到 40 千瓦時。我們可以用一到兩個電池堆來解決這個問題。這導致了優秀的形狀因素。同樣，在德國，我們可以僅用一個堆來滿足需求。在荷蘭，我們預計到 2027 年將加速採用，因為由於電費上漲，電池將成為常態。

Badri Kothandaraman - Enphase, CEO

(00:40:55)There are approximately half a million homes where we can drive battery adoption. We are currently promoting the third-generation battery there, and adoption will improve further with the fifth-generation battery. Similarly, in France, we have around 400,000 to half a million homes where the same concept applies. We plan to start ramping production in Q1, with pilots in Q4 and volume shipments in Q1. As you know, there will be a transition period. Typically, it takes a couple of quarters for batteries to transition from the old generation to the new generation, sometimes even three quarters.

(00:40:55)大約有五十萬個家庭可以推動電池的採用。我們目前在那裡推廣第三代電池，隨著第五代電池的推出，採用率將進一步提高。同樣，在法國，我們有約 40 萬到 50 萬個家庭，適用相同的概念。我們計劃在第一季度開始增加產量，第四季度進行試點，第一季度進行大規模出貨。如你所知，將會有一個過渡期。通常，電池從舊一代過渡到新一代需要幾個季度，有時甚至需要三個季度。

Badri Kothandaraman - Enphase, CEO

(00:41:53)Therefore, you can expect stronger growth in the second half compared to the first half.

(00:41:53)因此，你可以預期下半年的增長會比上半年更強。

Brian Lee - Goldman Sachs, Equity Research Analyst

(00:42:04)All right. Thank you. I'll pass it on.

(00:42:04)好的。謝謝你。我會轉達的。

Speaker01

(00:42:06)Thank you.

(00:42:06)謝謝你。

Operator - Operator

(00:42:11)Again. If you'd like to ask a question, please press star, then 1. If you have additional questions, you may rejoin the queue. The next question will come from Philip Shen with Roth Capital Partners. Please go ahead.

(00:42:11)再一次。如果您想提問，請按星號，然後按 1。如果您有其他問題，可以重新加入隊列。下一個問題來自於 ROTH Capital Partners 的 Philip Shen。請開始。

Philip Shen - ROTH Capital Partners, Managing Director

(00:42:24)Hey, guys. Thanks for taking my questions. We published yesterday that the 2027 outlook for residential solar could actually be down year-over-year. I wanted to see if you could comment on the overall market sentiment as well. It seems like the first half of next year, with seasonality, Q1 is going to be lower, certainly compared to Q4. I wonder if it could even be weaker. And then Q2 could be weak as well, given the delay in the Treasury Department issuing FEOC guidance. Can you comment on what you see for the market overall?

(00:42:24)嘿，大家好。感謝您回答我的問題。我們昨天發布的消息顯示，2027 年住宅太陽能的前景實際上可能會同比下降。我想知道您是否能對整體市場情緒發表評論。看起來明年上半年，由於季節性因素，第一季度的表現將會較第四季度低。我想知道這是否會更弱。而且第二季度也可能會疲弱，因為財政部延遲發布 FEOC 指導。您能對市場的整體情況發表評論嗎？

Philip Shen - ROTH Capital Partners, Managing Director

(00:43:08)And do you see potentially some downside risk to your $200 million per quarter baseline? Thanks.

(00:43:08)您是否認為您的每季度 2 億美元的基準可能會有下行風險？謝謝。

Badri Kothandaraman - Enphase, CEO

(00:43:16)In general, I'm commenting on today's market. You're correct. Today's market is weak due to higher interest rates and unclear FEOC compliance guidance. This lack of clarity has reduced visibility. So you're correct about that. It's difficult for us to predict how 2027 will shape up, which is why I focus on our growth drivers that are independent of the market. For us, I will return to those same growth drivers. For example, the battery will help us gain additional market share in all regions, starting with the U.S. and Europe, including new market share in Australia and increased share in the U.S.

(00:43:16)總的來說，我是在評論今天的市場。您是對的。今天的市場因為利率上升和 FEOC 合規指導不明而疲弱。這種不明確性降低了可見性。所以您說得對。我們很難預測 2027 年會是什麼樣子，這就是為什麼我專注於那些與市場無關的增長驅動因素。對我們來說，我會回到那些相同的增長驅動因素。例如，電池將幫助我們在所有地區獲得額外的市場份額，首先是美國和歐洲，包括在澳大利亞的新市場份額和在美國的增長份額。

Badri Kothandaraman - Enphase, CEO

(00:44:25)That's what we are targeting. The next growth driver is Propel. Propel is going from strength to strength. Last time, we talked about 200 originations. Now, Propel operates in 13 states. They are achieving over 300 originations per week. And, of course, Propel has raised its first round of funding. Each time they expand to additional states, they will require new rounds of funding. That's always... Something they have to execute on. But if they execute successfully, Propel is clearly demonstrating growth.

(00:44:25)這就是我們的目標。下一個增長驅動因素是 Propel。Propel 正在從強勁走向更強勁。上次我們談到了 200 個起源。現在，Propel 在 13 個州運營。他們每週實現超過 300 個起源。當然，Propel 已經籌集了第一輪資金。每次他們擴展到其他州時，都需要新的資金輪次。這總是……他們必須執行的事情。但如果他們成功執行，Propel 顯然在展示增長。

Badri Kothandaraman - Enphase, CEO

(00:45:16)From originations to showing up in PTO usually takes three to four months for us. We expect to start seeing the results of all these efforts in 2027. The next area is commercial. Commercial is independent of the residential weakness we discussed. This year, we introduced two strong products in commercial. They are the three-phase 480 volts and three-phase 208 volts. IQ9, 427 watts, and 548 watts, all using gallium nitride technology. Why do we expect to do well in commercial? The same principles apply. We manufacture in the U.S.

(00:45:16)從起源到出現在 PTO 通常需要三到四個月的時間。我們預計在 2027 年開始看到所有這些努力的結果。下一個領域是商業。商業獨立於我們討論的住宅疲弱。今年，我們在商業領域推出了兩款強勁的產品。它們是三相 480 伏和三相 208 伏。IQ9，427 瓦和 548 瓦，均使用氮化鎵技術。為什麼我們預期在商業領域表現良好？相同的原則適用。我們在美國製造。

Badri Kothandaraman - Enphase, CEO

(00:46:13)We comply with FEOC regulations. We have domestic content. Per-panel monitoring is a significant advantage. It is highly valued by commercial asset owners. This is often a key differentiator. That's the differentiator. And, of course, our high quality. What we are developing is a comprehensive commercial energy management system, which means what? It includes commercial solar and commercial storage. Commercial storage is, I would say, a niche market in the U.S. There aren't as many clear players as in residential solar or utility-scale solar.

(00:46:13)我們遵守 FEOC 法規。我們有國產內容。每面板監控是一個重要的優勢。這對商業資產擁有者來說是非常有價值的。這通常是一個關鍵的區別因素。這就是區別因素。當然，我們的高品質。我們正在開發的是一個綜合商業能源管理系統，這意味著什麼？它包括商業太陽能和商業儲能。商業儲能，我會說，是美國的一個利基市場。在住宅太陽能或公用事業規模的太陽能中，沒有那麼多明確的參與者。

Badri Kothandaraman - Enphase, CEO

(00:47:03)This presents a good opportunity for us. Here, once again, we offer an 80 kilowatt-hour battery extendable up to two megawatt-hours, addressing real demand charge challenges. Demand charge is the single biggest application. In addition to the usual VPP, self-consumption, and time-of-use management. For example, one opportunity is with a utility company in Texas that wants to deploy these commercial batteries in a distributed, front-of-meter manner. We are entering this business, and growth will be measured by commercial adoption; it's a design-in product and will take time, but that's a completely different vector—commercial solar plus commercial batteries.

(00:47:03)這為我們提供了一個良好的機會。在這裡，我們再次提供一個 80 千瓦時的電池，可擴展至兩兆瓦時，解決實際的需求收費挑戰。需求收費是最大的應用。除了通常的虛擬電廠，自用和時段管理。例如，一個機會是與德克薩斯州的一家公用事業公司合作，他們希望以分散的方式在前端部署這些商業電池。我們正在進入這個業務，增長將通過商業採用來衡量；這是一個設計產品，將需要時間，但這是一個完全不同的向量——商業太陽能加上商業電池。

Badri Kothandaraman - Enphase, CEO

(00:47:59)The fourth area is the bidirectional EV charger. Regarding the bidirectional EV charger, I'm excited to highlight that three major automotive OEMs have recognized that our Enphase product, both AC and DC versions, is among the easiest to use and install, with low installation costs, and it simply works. Over the past year, we have conducted many pilots with these OEMs. We are very excited about this progress. This product is launching imminently, with pilots ongoing this quarter. Lastly, I discussed SST at length.

(00:47:59)第四個領域是雙向電動車充電器。關於雙向電動車充電器，我很高興地強調，三家主要汽車 OEM 已經認識到我們的 Enphase 產品，無論是交流還是直流版本，都是最易於使用和安裝的，安裝成本低，並且運行良好。在過去的一年中，我們與這些 OEM 進行了許多試點。我們對這一進展感到非常興奮。這款產品即將推出，本季度正在進行試點。最後，我詳細討論了 SST。

Badri Kothandaraman - Enphase, CEO

(00:49:02)For SST, we have several key milestones to achieve. We demonstrated the 13.8 kV SST. Although it is not yet at full megawatt scale, it served as a proof of concept. Soon, we will demonstrate proof of concept at 34.5 kV. Towards the end of the year, we plan to demonstrate SST at megawatt scale. Once that is done, we will proceed to compliance. After successfully completing compliance, we will conduct DBTs [待確認，疑為 DVT] or pilots with end customers. That outlines the path forward. I realize this is a lengthy answer, but many of our initiatives focus on diversification and reducing reliance on the residential market.

(00:49:02)對於 SST，我們有幾個關鍵里程碑需要達成。我們展示了 13.8 千伏的 SST。雖然它尚未達到全兆瓦的規模，但它作為概念驗證。不久，我們將在 34.5 千伏下展示概念驗證。到年底，我們計劃在兆瓦規模下展示 SST。一旦完成，我們將進入合規階段。在成功完成合規後，我們將與最終客戶進行 DBT 或試點。這概述了前進的路徑。我意識到這是一個冗長的回答，但我們的許多舉措專注於多元化和減少對住宅市場的依賴。

Philip Shen - ROTH Capital Partners, Managing Director

(00:50:13)Got it. Thank you, Badri. The next question relates more to pricing and margins. We recently announced some price reductions on batteries, specifically on the ADLP, the authorized distributor list price. Mandy mentioned that battery price adjustments contributed to the lower sequential margin outlook. Could you share how much the battery price was lowered? And going forward, is that a lever you might pull again, perhaps through 2027? Also, what is the appropriate margin level we should expect as we normalize through 2027?

(00:50:13)明白了。謝謝你，Badri。下一個問題與價格和利潤率更相關。我們最近宣佈了一些電池的降價，特別是在 ADLP，即授權分銷商清單價格上。Mandy 提到電池價格調整對較低的連續利潤預期有所貢獻。你能分享一下電池價格降低了多少嗎？而且未來，這是否是你可能再次採取的措施，也許到 2027 年？此外，隨著我們在 2027 年正常化，應該預期的適當利潤水平是多少？

Philip Shen - ROTH Capital Partners, Managing Director

(00:50:59)Thanks.

(00:50:59)謝謝。

Badri Kothandaraman - Enphase, CEO

(00:51:00)Right. This change was implemented a couple of months ago, where we reduced the list price of our batteries in the U.S. by approximately, eight to nine percent to distributors. Regarding future price reductions, the reason we developed our fifth-generation product is because we understand the battery business is challenging, and consumers expect better pricing over time. Hence, we embarked on the fifth-generation product. The fifth-generation product uses 100 ampere cells and has nearly double the energy density compared to the fourth generation.

(00:51:00)對。這一變更是在幾個月前實施的，我們降低了在美國的電池清單價格。大約，降低了八到九個百分點給分銷商。關於未來的降價，我們開發第五代產品的原因是因為我們理解電池業務的挑戰，消費者期望隨著時間的推移能有更好的價格。因此，我們著手開發第五代產品。第五代產品使用 100 安培的電池，與第四代相比，能量密度幾乎翻倍。

Badri Kothandaraman - Enphase, CEO

(00:51:53)I won't say exactly double, but it's close to twice the energy density of the previous generation. You should look at the form factor of our fifth-generation product. It is very compact, enabling a single box on the wall, meaning most installations can fit into one stack. The main goal is to make our costs significantly more competitive so we can enter market segments where we previously couldn't participate, such as in Australia. For example, in certain regions of Europe. We are eager to pursue these opportunities.

(00:51:53)我不會說完全翻倍，但它接近於前一代的兩倍能量密度。你應該看看我們第五代產品的外形因素。它非常緊湊，能夠在牆上放置一個箱子，這意味著大多數安裝可以放入一個堆疊中。主要目標是使我們的成本顯著更具競爭力，以便我們能夠進入之前無法參與的市場領域，例如澳大利亞。例如，在歐洲的某些地區。我們渴望追求這些機會。

Badri Kothandaraman - Enphase, CEO

(00:52:50)You asked what this means for gross margin. My perspective is that there may be short-term fluctuations in gross margin, but the company's model and target remain consistently at 40%. That's how I approach it. For any new business we enter... we ensure there is a clear path to achieving 40% gross margin. It might take one to two quarters, or sometimes a bit longer, but our target remains 40%.

(00:52:50)你問這對毛利率意味著什麼。我的看法是，毛利率可能會有短期波動，但公司的模式和目標始終保持在 40%。這就是我的看法。對於我們進入的任何新業務……我們確保有明確的路徑來實現 40% 的毛利率。這可能需要一到兩個季度，或者有時會稍長一些，但我們的目標仍然是 40%。

Operator - Operator

(00:53:32)The next question comes from Eric Stine with Craig-Hallum. Please go ahead.

(00:53:32)下一個問題來自 Craig-Hallum 的 Eric Stine。請繼續。

Eric Stine - Craig-Hallum, Senior Research Analyst

(00:53:37)Hi, Badri. I wanted to confirm that you are anticipating significant storage growth. However, reflecting on last quarter, it seemed you were more optimistic about storage in the outlook going forward. So first, could you confirm that? And if so, is France the main factor behind this? Because for the other end markets you mentioned, I don't believe your optimism has changed compared to last quarter.

(00:53:37)嗨，Badri。我想確認你是否預期儲能會有顯著增長。然而，回顧上個季度，你似乎對未來的儲能前景更為樂觀。所以首先，你能確認這一點嗎？如果是這樣，法國是這背後的主要因素嗎？因為對於你提到的其他終端市場，我不相信你的樂觀情緒與上個季度相比有變化。

Badri Kothandaraman - Enphase, CEO

(00:54:11)Yes, generally, in the short term, we are seeing weakness in the U.S., primarily due to interest rates. That is my comment regarding the U.S. weakness, which is why our guidance is appropriately set between 100 and 120 this time. But as I mentioned... We plan to introduce our fifth-generation product, which will make us competitive everywhere. We aim to gain market share in the U.S. Currently, in the U.S., we hold 15% to 20% market share, depending on third-party reports. If you review those reports, our market share is between 15% and 20%.

(00:54:11)是的，總的來說，在短期內，我們在美國看到疲弱，主要是由於利率。這是我對美國的評論。疲弱，這就是為什麼我們這次的指導適當設置在 100 到 120 之間。但正如我提到的……我們計劃推出我們的第五代產品，這將使我們在各地具有競爭力。我們的目標是在美國獲得市場份額。目前，在美國，我們的市場份額根據第三方報告在 15% 到 20% 之間。如果你查看那些報告，我們的市場份額在 15% 到 20% 之間。

Badri Kothandaraman - Enphase, CEO

(00:55:09)It's essentially a two-horse race in the U.S., and we want to increase our market share there, similar to what we've achieved on the solar inverter side in the U.S. We also see tremendous opportunity in the Netherlands starting in 2027. Our optimism for that market remains unchanged. Regarding France, we see a significant opportunity to market to our existing homeowner base of 400,000. I've also mentioned Australia. So while there are some short-term challenges in the U.S., with our fifth-generation battery, we expect to resume growth.

(00:55:09)在美國基本上是一場雙馬競賽，我們希望在那裡增加我們的市場份額，類似於我們在美國太陽能逆變器方面所取得的成就。我們還看到在 2027 年開始的荷蘭有巨大的機會。我們對該市場的樂觀情緒保持不變。關於法國，我們看到有顯著的機會可以向我們現有的 40 萬戶家庭推廣。我也提到過澳大利亞。所以雖然在美國有一些短期挑戰，但憑藉我們的第五代電池，我們預期將恢復增長。

Eric Stine - Craig-Hallum, Senior Research Analyst

(00:55:55)Yes. Okay. Thank you for that. To clarify on EV charging and the collaboration with OEMs, I believe you mentioned 50%. I'm curious, are those three partnerships all in the U.S.? I recall you previously mentioned one in Europe as well.

(00:55:55)是的。好的。謝謝你。為了澄清關於電動車充電和與 OEM 的合作，我相信你提到過 50%。我很好奇，這三個合作夥伴都是在美國嗎？我記得你之前也提到過一個在歐洲。

Badri Kothandaraman - Enphase, CEO

(00:56:11)Currently, all three are in the U.S. at this time. There is also one ongoing partnership in Europe.

(00:56:11)目前，這三個合作夥伴都在美國。此時。在歐洲還有一個正在進行的合作夥伴關係。

Operator - Operator

(00:56:21)The next question comes from Colin Rusch with Oppenheimer. Please proceed.

(00:56:21)下一個問題來自 Oppenheimer 的 Colin Rusch。請繼續。

Colin Rusch - Oppenheimer, Managing Director

(00:56:26)Thank you very much. I want to follow up on the battery pricing question. Could you discuss how much price elasticity you've observed? Specifically, regarding the ability to move product to your distributors and through the channel amid price declines?

(00:56:26)非常感謝。我想跟進有關電池定價的問題。你能談談你觀察到的價格彈性有多少嗎？特別是，關於在價格下降的情況下，將產品推向你的分銷商和通過渠道的能力？

Badri Kothandaraman - Enphase, CEO

(00:56:39)Since we implemented the price action only a couple of months ago, it's too early to comment on elasticity. Let me leave it at that.

(00:56:39)由於我們只在幾個月前實施了價格行動，因此現在評論彈性還為時尚早。我就這樣說吧。

Colin Rusch - Oppenheimer, Managing Director

(00:56:54)Okay. In Europe, particularly in the Netherlands, there has been a significant opportunity to sell into that market. However, it seems this opportunity is not materializing as everyone had hoped. Could you explain where the friction lies? Is it a pricing issue? Is it related to customer education? Or is it a financing challenge? I want to understand where the main friction point is.

(00:56:54)好的。在歐洲，特別是在荷蘭，出現了一個重要的機會進入那個市場。然而，似乎這個機會並沒有如大家所希望的那樣實現。你能解釋一下問題出在哪裡嗎？是價格問題嗎？還是與客戶教育有關？或者是融資挑戰？我想了解主要的摩擦點在哪裡。

Badri Kothandaraman - Enphase, CEO

(00:57:19)Customers typically won't react until they see their electricity bills. They are expected to see significant increases in their electricity bills starting in 2027. As a note, our battery activations have grown approximately 102% from Q1 to Q2 and 23% from Q2 to Q3. We recently held a roundtable with many installers from the Netherlands, and everyone is very optimistic heading into 2027. All participants expect volumes to increase. What actions are we taking? We are approaching this from multiple angles.

(00:57:19)客戶通常不會在看到他們的電費帳單之前做出反應。他們預計在 2027 年開始會看到電費的顯著增加。須注意的是，我們的電池啟用量從第一季度到第二季度增長了約 102%，從第二季度到第三季度增長了 23%。我們最近與來自荷蘭的許多安裝商舉行了一次圓桌會議，大家對 2027 年非常樂觀。所有參與者都預期銷量會增加。我們正在採取什麼行動？我們從多個角度來處理這個問題。

Badri Kothandaraman - Enphase, CEO

(00:58:08)We conduct six homeowner events each week. At these events, we invite homeowners, with about 150 attendees per event. We provide a one-hour presentation. During the presentation, we discuss the value of batteries post-2027, especially after the changes to net energy metering (NEM). We observe a strong conversion rate from these events. Our inside sales team is also present at these events. They handle order taking. Sometimes, we collaborate with installers for these events. Other times, we conduct them independently.

(00:58:08)我們每週舉辦六場業主活動。在這些活動中，我們邀請業主，每場活動約有 150 名參加者。我們提供一小時的演示。在演示中，我們討論2027 年後電池的價值，特別是在淨能源計量（NEM）變更之後。我們觀察到這些活動的轉換率很高。我們的內部銷售團隊也會參加這些活動。他們負責接單。有時，我們會與安裝商合作舉辦這些活動。其他時候，我們獨立進行。

Badri Kothandaraman - Enphase, CEO

(00:58:58)With six homeowner events per week over 13 weeks, that totals 78 events. Each event attracts between 100 and 150 people. Naturally, there is a conversion yield from these attendees. This represents one avenue for growth. We then funnel the leads generated to our installers. This process increases installer loyalty significantly, as they receive free leads and tend to use Enphase products both for their business and the leads we provide. Another important channel is webinars. Webinars have been a substantial source of leads for us.

(00:58:58)每週六場業主活動，持續 13 週，總共 78 場活動。每場活動吸引 100 到 150 人。自然，這些參加者會有轉換率。這代表了一個增長的途徑。然後我們將生成的潛在客戶引導給我們的安裝商。這個過程顯著提高了安裝商的忠誠度，因為他們獲得了免費的潛在客戶，並且傾向於在他們的業務和我們提供的潛在客戶中使用 Enphase 產品。另一個重要的渠道是網絡研討會。網絡研討會一直是我們的主要潛在客戶來源。我們每週經常舉辦現場網絡研討會。

Badri Kothandaraman - Enphase, CEO

(00:59:55)We conduct live webinars frequently every week. Additionally, going into 2027, we plan to leverage the fact that our battery is AC-coupled. This gives us a significant opportunity to target the 2.5 million non-Enphase solar homes. There are 8 million homes in the Netherlands. Of these, 3 million have solar installations. Among those, about half a million are Enphase solar homes. That leaves approximately 2.5 million homes with non-Enphase solar systems. We are actively targeting this segment and expect demand from this group to increase soon.

(00:59:55)此外，進入 2027 年，我們計劃利用我們的電池是交流耦合的事實。這為我們提供了一個重要的機會，針對 250 萬個非 Enphase 太陽能家庭。荷蘭有 800 萬個家庭。其中 300 萬個家庭安裝了太陽能系統。在這些家庭中，大約有 50 萬個是 Enphase 太陽能家庭。這樣就剩下約 250 萬個家庭擁有非 Enphase 太陽能系統。我們正在積極針對這一細分市場，並預期來自這一群體的需求將很快增加。我們在荷蘭的增長向量包括持續的業主活動。

Badri Kothandaraman - Enphase, CEO

(01:00:53)Our growth vectors in the Netherlands include continuing homeowner events. We aim to establish direct relationships, as homeowners are already familiar with Enphase. Knowing that a large company backs Enphase and recognizing it as a premium player, customers desire that premium support experience. So, we plan to do that. We plan to conduct webinars. We intend to target non-Enphase homes because our technology is AC-coupled. And now, Gen 5 is arriving. Gen 5 will reduce the number of boxes on the wall to one.

(01:00:53)我們的目標是建立直接關係，因為業主已經熟悉 Enphase。知道有一家大型公司支持 Enphase，並將其視為高端品牌，客戶渴望這種高端支持體驗。所以，我們計劃這樣做。我們計劃舉辦網絡研討會。我們打算針對非 Enphase 的家庭，因為我們的技術是交流耦合的。現在，第五代產品即將到來。第五代產品將把牆上的盒子數量減少到一個。

Badri Kothandaraman - Enphase, CEO

(01:01:38)This will improve the cost structure and simplify installation. Installers will no longer need multiple points on the wall. The system will be stackable. It will be easy to install. Yes, we are very excited about the Netherlands market.

(01:01:38)這將改善成本結構並簡化安裝。安裝人員將不再需要在牆上設置多個接點。系統將是可堆疊的。安裝將變得簡單。是的，我們對荷蘭市場非常興奮。

Operator - Operator

(01:01:58)The next question comes from Mark Strouse with JPMorgan. Please go ahead.

(01:01:58)下一個問題來自摩根大通的 Mark Strouse。請繼續。

Mark Strouse - JPMorgan, Managing Director

(01:02:03)Great. Good afternoon. Thank you very much for taking our questions. Badri, over the past few years, you have been very disciplined with your focus on operating margins. While not seeking 2027 guidance, could you share near-term targets? If the residential business weakens further, how should we think about pro forma OPEX as a percentage of sales given the growth initiatives you are ramping simultaneously?

(01:02:03)很好。下午好。非常感謝您回答我們的問題。Badri，在過去幾年中，您對於經營利潤率的專注非常嚴謹。雖然不尋求 2027 年的指導，但您能分享近期目標嗎？如果住宅業務進一步疲弱，我們應該如何看待在增長計劃同時推進下的銷售百分比的預估營運支出？

Badri Kothandaraman - Enphase, CEO

(01:02:32)Right. Enphase has always maintained discipline. The same applies to gross margin. And also to OPEX. So, you know... We will review our annual operating plan as we approach 2027. We are not afraid to make all necessary changes to ensure profitability. Regardless, you can count on Enphase to invest appropriately in innovation, such as SST. This includes commercial batteries, the fifth-generation battery, progressing to the sixth generation, and beyond. We are also leveraging AI to enhance productivity. In summary, we will remain disciplined and continue to be profitable.

(01:02:32)對。Enphase 一直保持著紀律。這同樣適用於毛利率。也適用於營運支出。所以，你知道……隨著我們接近 2027 年，我們將審查我們的年度經營計劃。我們不怕做出所有必要的改變以確保盈利。無論如何，您可以指望 Enphase 在創新方面進行適當的投資，例如 SST。這包括商業電池，第五代電池，進展到第六代及以後。我們也在利用人工智慧來提高生產力。總之，我們將保持紀律並繼續盈利。

Mark Strouse - JPMorgan, Managing Director

(01:03:42)Okay. Okay. Understood. Thank you. And then, Just to follow up, I believe you mentioned a potential for about a billion dollars in revenue from SST by 2030. Could you provide more detail on how you arrived at that figure? Is that a top-down estimate assuming a certain market share? Or is it a risk-adjusted, bottom-up analysis? Any insight would be helpful. Thank you.

(01:03:42)好的。好的。明白了。謝謝。然後，只是跟進一下，我相信您提到過到 2030 年 SST 的潛在收入約為十億美元。您能提供更多細節，說明您是如何得出這個數字的嗎？這是一個假設某個市場份額的自上而下的估算嗎？還是這是一個風險調整的自下而上的分析？任何見解都將是有幫助的。謝謝。

Badri Kothandaraman - Enphase, CEO

(01:04:06)I'll have Raghu elaborate on SST progress, customer conversations, and address your questions.

(01:04:06)我會讓 Raghu 詳細說明 SST 的進展、客戶對話，並回答您的問題。

Raghu Belur - Enphase, Chief Products Officer

(01:04:15)We are making significant progress on SSTs. You saw our announcement this morning about the 13.8 kV product operating and generating 800 volts DC. To remind everyone, the core of our SST is that power module. It is essentially a large microinverter utilizing technology we've developed over the last 20 years. This includes nine product generations and five ASIC generations. Fundamentally, it is a large microinverter. That is our expertise. It represents our core competency and expertise. We are currently on the third revision of that product.

(01:04:15)我們在 SST 上取得了顯著進展。您今天早上看到我們的公告，關於 13.8 kV 產品運行並產生 800 伏直流電。提醒大家，我們的 SST 的核心是那個電源模組。它本質上是一個大型微型逆變器，利用我們在過去 20 年中開發的技術。這包括九代產品和五代 ASIC。從根本上講，它是一個大型微型逆變器。這是我們的專業。它代表了我們的核心競爭力和專業知識。我們目前正在對該產品進行第三次修訂。

Raghu Belur - Enphase, Chief Products Officer

(01:04:59)So, we already have three cycles of learning under our belt. And what we have done, Regarding the technology itself, it features very high-frequency, single-stage power conversion, a custom ASIC, predictive control, and GaN technology, including BDS GaN or bidirectional GaN. We have demonstrated it operating at 13.8 kV. To increase from 13.8 kV to 34.5 kV, we simply stack additional power modules or microinverters. Another key element of the device, which we have invested significant time and intellectual property in, is the high-frequency transformer.

(01:04:59)所以，我們已經有三個學習週期的經驗了。而我們所做的，關於技術本身，它具有非常高頻率的單級電力轉換、自訂的 ASIC、預測控制和氮化鎵技術，包括雙向氮化鎵（BDS GaN）。我們已經展示了它在 13.8 kV 下運行。要從 13.8 kV 提升到 34.5 kV，我們只需堆疊額外的電源模組或微型逆變器。設備的另一個關鍵元素是高頻變壓器，我們在這方面投入了大量時間和智慧財產。

Raghu Belur - Enphase, Chief Products Officer

(01:05:43)This high-frequency transformer must be partial discharge (PD) free to operate reliably at 34.5 kV. Considerable work has been dedicated to achieving this. We have demonstrated 13.8 kV operation and will soon demonstrate 34.5 kV, including at the megawatt scale. These demonstrations will take place both at our Austin lab and at another national lab. All of this is being discussed with hyperscalers, as well as other major players in the ecosystem. They are very familiar with our work. They appreciate our approach.

(01:05:43)這個高頻變壓器必須無部分放電（PD），才能在 34.5 kV 下可靠運行。我們為實現這一目標投入了大量工作。我們已經展示了 13.8 kV 的運行，並將很快展示 34.5 kV，包括在兆瓦級別的運行。這些演示將在我們的奧斯丁實驗室和另一個國家實驗室進行。所有這些都在與超大規模數據中心進行討論，以及生態系統中的其他主要參與者。他們對我們的工作非常熟悉。他們欣賞我們的做法。

Raghu Belur - Enphase, Chief Products Officer

(01:06:30)They recognize the benefits of modularity in terms of the reliability we provide. We have undersubscribed all our power modules by 6%. Our system has a very fast response time, which could potentially eliminate the need for the low-voltage battery currently in the system. Eighty-five percent of the supply chain for our power module is shared with the microinverters we currently produce. From a FEOC compliance standpoint, which is critical because SST will be classified as an inverter-based resource and designated as critical infrastructure, we are FEOC compliant and meet all FEOC regulations.

(01:06:30)他們認識到模組化在我們提供的可靠性方面的好處。我們的所有電源模組的訂閱量都低於預期的 6%。我們的系統具有非常快的響應時間，這可能消除了目前系統中低壓電池的需求。我們的電源模組供應鏈中有 85% 與我們目前生產的微型逆變器共享。從 FEOC 合規的角度來看，這一點至關重要，因為 SST 將被歸類為基於逆變器的資源並被指定為關鍵基礎設施，我們符合 FEOC 標準，並滿足所有 FEOC 法規。

Raghu Belur - Enphase, Chief Products Officer

(01:07:10)And regarding U.S. manufacturing, it leverages the same production line used for our microinverters today. Thus, we already have an established manufacturing line to build these power modules, which are integrated into our IQ SST. We are engaged in over 50 productive conversations with customers, including hyperscalers and major ecosystem players. They are actively guiding us on the specific features they want to see in the product. Additionally, OCP is releasing specifications regarding the SST requirements.

(01:07:10)關於美國的製造，它利用了我們今天用於微型逆變器的相同生產線。因此，我們已經建立了生產這些電源模組的製造線，這些模組集成在我們的 IQ SST 中。我們與客戶進行了超過 50 次富有成效的對話，包括超大規模數據中心和主要生態系統參與者。他們正在積極指導我們希望在產品中看到的具體特徵。此外，OCP 正在發布有關 SST 要求的規範。

Raghu Belur - Enphase, Chief Products Officer

(01:07:47)Regarding the total addressable market, there is significant variability in market size estimates. We have previously estimated 11 gigawatts by 2030. We consider that to be a very conservative figure. For example, one hyperscaler customer alone is discussing demand in the tens of gigawatts. Market size estimates can range from 11 to 30 gigawatts or even exceed 30 gigawatts. We have reviewed these figures carefully. Based on a reasonable assumed market share and pricing, we arrived at a billion-dollar market opportunity by 2030.

(01:07:47)關於可總體市場，市場規模估計存在顯著變異性。我們之前估計到 2030 年將達到 11 吉瓦。我們認為這是一個非常保守的數字。例如，僅一個超大規模數據中心客戶就討論了數十吉瓦的需求。市場規模估計可以從 11 吉瓦到 30 吉瓦，甚至超過 30 吉瓦。我們仔細審查了這些數字。基於合理的市場份額和定價假設，我們預計到 2030 年將達到十億美元的市場機會。

Operator - Operator

(01:08:32)The next question will come from Dylan Nassano with Wolfe Research. Please go ahead.

(01:08:32)下一個問題將來自 Wolfe Research 的 Dylan Nassano。請開始。

Dylan Nassano - Wolfe Research, Analyst

(01:08:41)Hi, good afternoon. Thank you for taking my question. I want to focus a bit more on Europe to better understand the situation on the ground there. I know you specifically mentioned France as being somewhat softer, but I’m trying to understand why core residential solar in Europe isn’t performing stronger, especially since energy prices remain relatively elevated. Any insights you can provide would be helpful. Thank you.

(01:08:41)嗨，下午好。感謝您回答我的問題。我想更專注於歐洲，以更好地瞭解那裡的情況。我知道您特別提到法國的情況稍微疲軟，但我想了解為什麼歐洲的核心住宅太陽能表現不佳，特別是因為能源價格仍然相對高企。您能提供的任何見解都將是有幫助的。謝謝。

Badri Kothandaraman - Enphase, CEO

(01:09:12)In Europe, summer seasonality is usually quite pronounced. That is consistent with what we observed. That is what we are reporting. Our sell-through declined by approximately 12%, a little over 10%. This decline aligns with typical seasonal patterns. During Q1 and Q2, the war accelerated the urgency for energy independence in Europe. We observed a spike in demand during that period. However, that acceleration appears to have subsided. Demand has now returned to normal levels. And for us, the biggest opportunities lie in Europe.

(01:09:12)在歐洲，夏季的季節性通常相當明顯。這與我們觀察到的情況一致。這是我們所報告的情況。我們的銷售通過率下降了約 12%，略高於 10%。這一下降與典型的季節性模式一致。在第一季度和第二季度，戰爭加速了歐洲對能源獨立的迫切需求。我們在那段時間觀察到了需求的激增。然而，這一加速似乎已經減弱。需求現在已經回到正常水平。對我們來說，最大的機會在於歐洲。

Badri Kothandaraman - Enphase, CEO

(01:10:11)Or with batteries. Currently, we sell our third-generation battery. Today, our focus countries are the Netherlands, France, Germany, and the UK. These are our primary focus countries. We believe all of these markets can be transformed dramatically with our fifth-generation battery. In our view, once we introduce the battery, solar adoption will naturally follow. We also offer a robust home energy management system in Europe, capable of integrating with third-party EV chargers, including ours, as well as third-party heat pumps.

(01:10:11)或者是電池。目前，我們正在銷售我們的第三代電池。今天，我們的重點國家是荷蘭、法國、德國和英國。這些是我們的主要重點國家。我們相信，所有這些市場都可以通過我們的第五代電池實現顯著轉變。在我們看來，一旦我們推出電池，太陽能的採用將自然而然地跟隨。我們還在歐洲提供一個強大的家庭能源管理系統，能夠與第三方電動車充電器（包括我們的充電器）以及第三方熱泵集成。

Badri Kothandaraman - Enphase, CEO

(01:10:59)So, for us, combining IQ9 microinverters, the fifth-generation battery, and a comprehensive home energy management system, soon to include bidirectional charging, creates a complete, best-in-class ecosystem. We'll continue to follow this approach.

(01:10:59)因此，對我們來說，結合 IQ9 微型逆變器、第五代電池和全面的家庭能源管理系統，很快將包括雙向充電，創造一個完整的、一流的生態系統。我們將繼續遵循這一方法。

Dylan Nassano - Wolfe Research, Analyst

(01:11:22)Got it. Thank you. I have a quick follow-up regarding the bidirectional EV charger. We've noticed recent announcements from automotive companies introducing next-generation, more affordable bidirectional EVs. Could you share your thoughts on how your product compares or is positioned relative to a bidirectional EV?

(01:11:22)明白了。謝謝你。我有一個關於雙向電動車充電器的快速跟進問題。我們注意到最近汽車公司宣佈推出下一代、更具價格競爭力的雙向電動車。你能分享一下你們的產品與雙向電動車相比或相對於雙向電動車的定位嗎？

Badri Kothandaraman - Enphase, CEO

(01:11:49)Yes, that's exactly what we're discussing. There are two types of bidirectional EV chargers: DC-based and AC-based. We will offer solutions for both types. These will begin shipping in volume in Q1 2027. We are engaged with the top three OEMs in the US, with one engagement focused on DC and the other two covering both AC and DC. This represents a significant opportunity for us. Our product already works well with most EVs. Even unofficially, it is compatible. However, we do not claim compatibility unless the EV OEM certifies it.

(01:11:49)是的，這正是我們正在討論的內容。雙向電動車充電器有兩種類型：基於直流的和基於交流的。我們將為這兩種類型提供解決方案。這些將在 2027 年第一季度開始大量發貨。我們正在與美國前三大原始設備製造商合作，其中一個合作專注於直流，另外兩個則涵蓋交流和直流。這對我們來說是一個重要的機會。我們的產品已經能夠很好地與大多數電動車兼容。即使是非官方的，它也是兼容的。然而，除非電動車原始設備製造商認證，否則我們不會聲稱兼容性。

Badri Kothandaraman - Enphase, CEO

(01:13:07)This is why progress in America may seem a bit slow. For example, one of the top three OEMs is introducing a car with bidirectional capability. We began testing it about nine months ago. This allows us to certify that our bidirectional chargers are compatible, with certification provided by the OEM, not us. We are well underway with these three OEMs. Installation will be simple and sleek. We have the meter collar, which is already qualified by over 60 utilities, if I recall correctly. Five utilities. Actually, I may be mistaken on that number.

(01:13:07)這就是為什麼美國的進展可能看起來有點緩慢。例如，三大原始設備製造商之一正在推出一款具有雙向功能的汽車。我們大約在九個月前開始測試它。這使我們能夠認證我們的雙向充電器是兼容的，認證由原始設備製造商提供，而不是我們。我們與這三家原始設備製造商的合作進展順利。安裝將是簡單而流暢的。我們有計量器外圈，如果我沒記錯的話，已經獲得了超過 60 家公用事業公司的認證。五家公用事業公司。實際上，我可能在這個數字上有誤。

Badri Kothandaraman - Enphase, CEO

(01:14:12)The meter collar is qualified by these utilities. All that is needed is the meter collar and the DC bidirectional charger. Just two components. In fact, the meter collar is hidden behind the meter and not visible. You have our inverter, which can function as a generator, meaning that in the event of a blackout, the relay in the meter collar opens and the car powers the home. Additionally, it can support vehicle-to-grid functionality, subject to utility approval, allowing the car to feed power back to the grid during times of need.

(01:14:12)計量器外圈已獲得這些公用事業公司的認證。所需的只是計量器外圈和直流雙向充電器。只有兩個組件。實際上，計量器外圈隱藏在計量器後面，並不可見。你有我們的逆變器，它可以作為發電機運行，這意味著在停電的情況下，計量器外圈中的繼電器會打開，汽車為家庭供電。此外，它可以支持車輛對電網的功能，需經公用事業公司批准，允許汽車在需要時向電網回饋電力。在需要的時候。

Badri Kothandaraman - Enphase, CEO

(01:15:07)The DC bidirectional charger in the US delivers 11.5 kilowatts of power. That's more than sufficient. More than enough. We anticipate interesting combinations. For example, we expect customers to purchase this DC bidirectional charger and then add solar. So it As I mentioned in my prepared remarks, we see a very strong cross-sell opportunity. But first and foremost, we will release and collaborate with the OEMs, with their approval, to launch the bidirectional chargers for each of their models, and you will see press releases announcing these.

(01:15:07)美國的直流雙向充電器提供 11.5 千瓦的功率。這已經足夠了。足夠多。我們預期會有有趣的組合。例如，我們預計客戶會購買這個直流雙向充電器，然後再添加太陽能。所以它正如我在準備的發言中提到的，我們看到了一個非常強勁的交叉銷售機會。但首先，我們將在獲得原始設備製造商的批准後，發布並與他們合作，為每個型號推出雙向充電器，您將看到公告這些的新聞稿。

Operator - Operator

(01:16:00)The next question comes from Corinne Blanchard with Deutsche Bank. Please go ahead.

(01:16:00)下一個問題來自德意志銀行的 Corinne Blanchard。請開始。

Corinne Blanchard - Deutsche Bank, Director

(01:16:07)Hi, good afternoon. Thank you for taking my question. Shifting gears a bit, can you share your perspective on the midterm election? Some investors have become more optimistic due to discussions about potential tax credits. I'm curious about your thoughts on how this could positively impact 2027.

(01:16:07)嗨，下午好。感謝您回答我的問題。稍微轉換一下話題，您能分享一下對中期選舉的看法嗎？一些投資者因為有關潛在稅收抵免的討論而變得更加樂觀。我對您認為這將如何對 2027 年產生積極影響感到好奇。

Raghu Belur - Enphase, Chief Products Officer

(01:16:35)This is Raghu. Without delving into political details, yes, there are ongoing discussions. In fact, some of these discussions are bipartisan regarding the extension of certain investment tax credits. Certainly, this includes some production tax credits as well. Broadly, there is a view that election results may benefit renewables, particularly these two tax credits, which appear to have bipartisan support. We will wait to see the outcomes, but it seems likely there will be strong support for extensions.

(01:16:35)這是 Raghu。不深入政治細節，是的，目前有持續的討論。事實上，這些討論中有一些是兩黨的，涉及某些投資稅收抵免的延長。當然，這也包括一些生產稅收抵免。總體而言，有一種觀點認為選舉結果可能會使可再生能源受益，特別是這兩項稅收抵免，似乎得到了兩黨的支持。我們將等待結果，但似乎很可能會有強烈的支持來延長這些抵免。

Raghu Belur - Enphase, Chief Products Officer

(01:17:25)And this makes sense.

(01:17:25)這是有道理的。

Corinne Blanchard - Deutsche Bank, Director

(01:17:29)Thank you. Continuing on that topic, would this affect your strategy regarding expanding manufacturing footprint in the U.S.? Or would you prefer to maintain your current position given the U.S. demand context? Would you wait a few more quarters to observe how the market evolves?

(01:17:29)謝謝。繼續這個話題，這會影響您在美國擴大製造足跡的策略嗎？還是您更願意根據美國需求的情況保持目前的立場？您會再等幾個季度來觀察市場的發展嗎？

Badri Kothandaraman - Enphase, CEO

(01:17:51)We currently have all the capacity we need. For example, when the SST starts ramping, we can easily scale production. Scaling is straightforward for us. Our capacity here is quite strong. We will not hesitate to scale U.S. manufacturing. manufacturer. There are no obstacles to this at present.

(01:17:51)我們目前擁有所需的所有產能。例如，當 SST 開始增產時，我們可以輕鬆擴大生產。對我們來說，擴大生產是直接的。我們這裡的產能相當強大。我們不會猶豫擴大美國的製造。製造商。目前沒有任何障礙。

Operator - Operator

(01:18:22)The next question comes from Julien Dumoulin-Smith. with Jefferies. Please go ahead.

(01:18:22)下一個問題來自 Jefferies 的 Julien Dumoulin-Smith。請開始。嗨，大家好。

Carter - Jefferies

(01:18:29)Hi, everyone. This is Carter. I'm standing in for Julien. Thanks for taking our questions. Following up on SST, you mentioned a leading hyperscaler and a global AI computing leader in the release. Could you provide any insight on those relationships, feedback received, and whether they are working exclusively with you on SST? Any additional color on those partners mentioned in the release would be appreciated.

(01:18:29)這是 Carter。我在替 Julien 發言。感謝您回答我們的問題。關於 SST 的後續問題，您提到了一家領先的超級雲端服務商和一家全球 AI 計算領導者。您能否提供有關這些關係的任何見解、收到的反饋，以及他們是否僅與您在 SST 上合作？對於新聞稿中提到的這些合作夥伴的任何額外信息將不勝感激。我們目前不會透露更多細節。

Raghu Belur - Enphase, Chief Products Officer

(01:18:53)We won't disclose further details at this time. That's all we are sharing currently. Generally, they are working closely with us. We have demonstrated the power modules to them. They have visited our Austin lab to observe our progress. We keep all parties updated on development progress. The 13.8 kV announcement this morning was quite exciting. And, When considering the transition from 13.8 to 34.5 kV, we use the same power module. We are not changing the power module. The use of GaN is particularly interesting to them due to its reliability.

(01:18:53)這是我們目前分享的所有信息。總的來說，他們與我們密切合作。我們已經向他們展示了電源模塊。他們已經訪問了我們在奧斯丁的實驗室，以觀察我們的進展。我們會讓所有各方瞭解開發進度。今天早上 13.8 kV 的公告非常令人興奮。而且，在考慮從 13.8 kV 過渡到 34.5 kV 時，我們使用相同的電源模塊。我們不會更改電源模塊。對他們來說，使用 GaN 特別有趣，因為它的可靠性。更重要的是，這關乎整個系統的可靠性。

Raghu Belur - Enphase, Chief Products Officer

(01:19:44)More importantly, it is about the reliability of the entire system. So, it's the reliability at the component level within the power module, but the way our SST is constructed gives us intrinsic advantages; the modularity of the power module provides significant benefits as well. When you consider the common discussion around GaN versus silicon carbide, for us, GaN was a natural and organic fit. We are strong proponents of wide bandgap technologies in general. Specifically, because of the reliability that GaN offers, particularly regarding AC surge robustness, its withstand capability, and the BDS support, which further enhances its durability.

(01:19:44)因此，這是電源模組內部元件層級的可靠性，但我們的 SST 構造方式給予我們內在的優勢；電源模組的模組化也提供了顯著的好處。當你考慮到關於氮化鎵（GaN）與碳化矽的普遍討論時，對我們來說，氮化鎵是一個自然且有機的選擇。我們是寬帶隙技術的強烈支持者。具體來說，因為氮化鎵所提供的可靠性，特別是在交流浪湧的穩健性、耐受能力以及 BDS 支援方面，進一步增強了其耐用性。

Raghu Belur - Enphase, Chief Products Officer

(01:20:35)GaN is a commodity product produced at very large, high volumes. From a manufacturing perspective, GaN is easy to produce since it is GaN layered on top of silicon, essentially a thin layer over mostly silicon. GaN also allows us to run the controller at increasingly higher frequencies. Running at higher frequency provides the response time we require. This also benefits us by enabling much smaller magnetics. Therefore, GaN is an excellent choice for us. To summarize, working closely with hyperscalers has been extremely informative because of our close collaboration.

(01:20:35)氮化鎵是一種以非常大、高產量生產的商品產品。從製造的角度來看，氮化鎵易於生產，因為它是氮化鎵層疊在矽上，基本上是覆蓋在大部分矽上的薄層。氮化鎵還使我們能夠以越來越高的頻率運行控制器。以更高的頻率運行提供了我們所需的響應時間。這也使我們受益，因為它使得磁性元件可以更小。因此，氮化鎵對我們來說是一個極好的選擇。總結來說，與超大規模客戶密切合作非常有益，因為我們的緊密合作。

Raghu Belur - Enphase, Chief Products Officer

(01:21:26)They have significantly influenced our product development, guiding how they want the product to evolve in terms of technology and performance. The advantage of our GaN-based power module is the flexibility it provides, allowing us to meet specific requirements such as size, dimensions, support for low-voltage batteries, and matching the battery's C-rate. Working with demanding customers like these has been very beneficial, as they push us to improve.

(01:21:26)他們對我們的產品開發有著顯著的影響，指導我們如何在技術和性能上推動產品的演變。我們基於氮化鎵的電源模組的優勢在於它所提供的靈活性，使我們能夠滿足特定要求，例如尺寸、規格、對低壓電池的支援，以及匹配電池的 C 率。與這樣的高要求客戶合作非常有益，因為他們推動我們改進。

Carter - Jefferies

(01:22:14)Great. Thank you for all the detailed insights. Regarding timing, if you are conducting megawatt-scale demos by the end of this year, then you enter a compliance period. When might we expect pilot announcements into 2027? I'm curious about the expected duration of the compliance period.

(01:22:14)很好。感謝您提供所有詳細的見解。關於時間，如果您在今年年底進行兆瓦級的演示，那麼您將進入合規期。我們何時可以期待 2027 年的試點公告？我對合規期的預期持續時間感到好奇。

Raghu Belur - Enphase, Chief Products Officer

(01:22:34)Yes, the compliance period will begin with demonstrations this year, as you mentioned. We anticipate that in the second half, we will complete compliance by the first half of the year and proceed to pilots in the second half. We should be realistic, as some UL standards are still under investigation. We need to work closely with UL to navigate this process. For example, standards like UL 2877 or UL 347A. So, there is still work to be done. Nonetheless, we expect the first half of the year to focus on achieving compliance.

(01:22:34)是的，合規期將從今年的演示開始，正如您所提到的。我們預計在下半年，我們將在上半年完成合規，並在下半年進行試點。我們應該保持現實，因為一些 UL 標準仍在調查中。我們需要與 UL 密切合作以導航這個過程。例如，像 UL 2877 或 UL 347A 這樣的標準。因此，仍然有工作要做。儘管如此，我們預期上半年將專注於實現合規。

Raghu Belur - Enphase, Chief Products Officer

(01:23:17)Depending on progress and early testing with the hyperscaler, we will enter pilots in the second half. Then, near the end of the year and early 2028, we will move into commercial production. This timeline will be gated by those two factors. From a manufacturing standpoint, I expect we will be ready to meet this timeline. Discussions with large customers indicate alignment with their timelines as well. So, we are in a good position from that perspective.

(01:23:17)根據進展和與超大規模客戶的早期測試，我們將在下半年進入試點。然後，在年底和 2028 年初，我們將進入商業生產。這個時間表將受到這兩個因素的限制。從製造的角度來看，我預期我們將準備好滿足這個時間表。與大型客戶的討論表明，與他們的時間表一致。因此，從這個角度來看，我們處於良好的位置。

Operator - Operator

(01:24:02)The next question comes from Sunaina Ocalan with Bernstein. Please go ahead.

(01:24:02)下一個問題來自 Bernstein 的 Sunaina Ocalan。請繼續。

Sunaina Ocalan - Bernstein, Analyst

(01:24:08)Thank you for taking my question. I appreciate the detailed response earlier. May I follow up on that? Can you comment on the commitments from the hyperscaler and the other company? Are these essentially technical evaluations, or do they involve some form of risk-sharing funded development with you? Also, are they using the same architecture, or do they require different designs from your side?

(01:24:08)感謝您回答我的問題。我感謝您之前的詳細回應。我可以跟進一下嗎？您能否評論一下超大規模客戶和其他公司的承諾？這些基本上是技術評估，還是涉及某種形式的風險共擔資助開發？此外，他們是否使用相同的架構，還是需要您這邊不同的設計？

Raghu Belur - Enphase, Chief Products Officer

(01:24:47)This is our own development, but we do engage with them regarding testing, test plans, and their specific requirements. However, all development is conducted by us. The intellectual property is ours. Everything is driven by Enphase. At this stage, while there are discussions on the business aspects, given the 13.8 announcement this morning and the upcoming 34.5, we are currently keeping the focus more on technology. However, business discussions are definitely ongoing as well.

(01:24:47)這是我們自己的開發，但我們確實與他們就測試、測試計劃和他們的具體要求進行接觸。然而，所有的開發都是由我們進行的。知識產權是我們的。一切都是由 Enphase 推動的。在這個階段，雖然有關於業務方面的討論，但考慮到今天早上 13.8 的公告以及即將到來的 34.5，我們目前更專注於技術。然而，業務討論肯定也在進行中。

Speaker01

(01:25:35)Thanks, everyone.

(01:25:35)謝謝大家。

Operator - Operator

(01:25:39)The next question comes from Jonathan Kees with Daiwa Capital Markets. Please go ahead.

(01:25:39)下一個問題來自於大和證券的 Jonathan Kees。請開始。

Jonathan Kees - Daiwa Capital Markets, Senior Research Analyst

(01:25:45)Great. Thank you for taking my questions. I have a couple of questions, starting with the financials. Q4 showed negative free cash flow, indicating cash burn. Sorry, I meant Q4. You reported lower revenues. Could you explain the factors affecting working capital in Q4? I assume this also impacted the cash burn figures in Q3. I also want to ask about France. You mentioned some weakness there, but also strong potential. This includes your embedded base of approximately 400,000 residential customers. Have the recent riots had any impact?

(01:25:45)很好。感謝您回答我的問題。我有幾個問題，首先是關於財務的。第四季度顯示出負的自由現金流，這表明現金消耗。抱歉，我是指第四季度。您報告的收入較低。您能解釋一下影響第四季度營運資金的因素嗎？我假設這也影響了第三季度的現金消耗數字。我還想問一下法國的情況。您提到那裡有一些疲弱，但也有強大的潛力。這包括您約 400,000 個住宅客戶的嵌入式基礎。最近的騷亂有影響嗎？

Jonathan Kees - Daiwa Capital Markets, Senior Research Analyst

(01:26:43)I would think they might slow or deter installers. And possibly affect outreach and insight sessions to promote G5 and other products. Specifically for these customers?

(01:26:43)我認為這可能會減緩或阻礙安裝人員。可能還會影響推廣 G5 和其他產品的外展和見解會議。對於這些客戶來說特別如此嗎？

Badri Kothandaraman - Enphase, CEO

(01:27:05)Mandy will address the questions on free cash flow and working capital. Please go ahead.

(01:27:05)Mandy 將回答有關自由現金流和營運資金的問題。請開始。

Mandy Yang - Enphase, CFO

(01:27:10)Sure. In Q4, we expect to receive a $108 million tax refund related to our 2024 PTC, as mentioned in my remarks. This will contribute to sizable free cash flow in Q4.

(01:27:10)當然。在第四季度，我們預計將收到與 2024 年 PTC 相關的 1.08 億美元的稅款退還，正如我在發言中提到的。這將為第四季度帶來可觀的自由現金流。

Badri Kothandaraman - Enphase, CEO

(01:27:33)Regarding France, the weakness is due to the feed-in tariff phasing out to zero. However, this presents an opportunity, as the market shifts to solar plus battery system sales. France is evolving from pure solar to combined solar and battery sales. We have extensive plans for France. We previously dominated the French solar market. That market is now gradually transitioning to solar plus battery systems. We are pursuing two key initiatives. At the end of this year, we will introduce the IQ9S product. It is a 548-watt microinverter.

(01:27:33)關於法國，疲弱是由於上網電價逐步減少至零。然而，這也帶來了機會，因為市場正在轉向太陽能加電池系統的銷售。法國正在從純太陽能轉向結合太陽能和電池的銷售。我們對法國有廣泛的計劃。我們之前在法國太陽能市場上佔據主導地位。那個市場現在正在逐步過渡到太陽能加電池系統。我們正在推進兩個關鍵倡議。在今年年底，我們將推出 IQ9S 產品。這是一款 548 瓦的微型逆變器。

Badri Kothandaraman - Enphase, CEO

(01:28:29)This is the highest power product available in residential solar. The IQ9S will launch in France first at a very attractive price point. The second initiative is the Gen 5 system. We are focused on creating a best-in-class solar plus battery system. This system will offer a strong return on investment. Our brand is very well known in France. We have strong brand recognition there. We also plan to increase social media efforts to promote the IQ9 and Gen5-based energy management systems.

(01:28:29)這是住宅太陽能中功率最高的產品。IQ9S 將首先在法國推出，價格非常具吸引力。第二個倡議是第五代系統。我們專注於創造一個最佳的太陽能加電池系統。這個系統將提供強勁的投資回報。我們的品牌在法國非常知名。我們在那裡有強大的品牌認知度。我們還計劃增加社交媒體的努力，以推廣基於 IQ9 和 Gen5 的能源管理系統。

Jonathan Kees - Daiwa Capital Markets, Senior Research Analyst

(01:29:14)So, you have seen no disruptions from the recent riots in France?

(01:29:14)那麼，您沒有看到最近法國騷亂的幹擾嗎？

Badri Kothandaraman - Enphase, CEO

(01:29:19)Yes, those are short-term and negligible in impact.

(01:29:19)是的，那些是短期的，影響微不足道。

Jonathan Kees - Daiwa Capital Markets, Senior Research Analyst

(01:29:26)Great. All right. Thank you.

(01:29:26)很好。好的。謝謝您。

Operator - Operator

(01:29:30)Again, if you have a question, please press star then one. The next question comes from Maheep Mandloi with Mizuho. Please go ahead.

(01:29:30)再次提醒，如果您有問題，請按星號然後按一。下一個問題來自於瑞穗的 Maheep Mandloi。請開始。

Maheep Mandloi - Mizuho, Analyst

(01:29:41)Thank you for speaking with us. And perhaps some clarification on Brian's question. Could you discuss the seasonality you expect in the short term for 2027, particularly regarding the $200 million opportunity? How should we think about that? Does it ramp up in Q1, or is it more concentrated in the second half of next year?

(01:29:41)感謝您與我們交談。或許可以對布萊恩的問題做一些澄清。您能否討論一下您對 2027 年短期內預期的季節性，特別是關於 2 億美元的機會？我們應該如何看待這一點？它會在第一季度上升，還是更集中在明年的下半年？

Badri Kothandaraman - Enphase, CEO

(01:30:03)Thank you. Yes, I have answered that question. Essentially, you can think of it as $200 million per quarter of core business, plus $200 million total from growth drivers, which I have outlined. Many of those growth drivers will take effect by Q1. For example, the fifth-generation battery will pilot in Q4 and take effect in Q1. Similarly, the bidirectional commercial battery product will pilot in Q1 and take effect in Q2. So, we expect several of these growth drivers to impact us in Q1, which will offset the typical seasonality we experience.

(01:30:03)謝謝。是的，我已經回答了這個問題。本質上，您可以將其視為每季度 2 億美元的核心業務，加上來自增長驅動因素的總共 2 億美元，這些我已經概述過。其中許多增長驅動因素將在第一季度生效。例如，第五代電池將在第四季度試點，並在第一季度生效。同樣，雙向商業電池產品將在第一季度試點，並在第二季度生效。因此，我們預期這些增長驅動因素中的幾個將在第一季度影響我們，這將抵消我們通常經歷的季節性。

Maheep Mandloi - Mizuho, Analyst

(01:30:57)Yes, I understand.

(01:30:57)是的，我明白了。

Operator - Operator

(01:31:02)Thank you. This concludes our question-and-answer session. I will now turn the conference back over to Badri Kothandaraman for any closing remarks.

(01:31:02)謝謝。這結束了我們的問答環節。現在我將會議交回給巴德里·科坦達拉曼，進行任何結語。

Badri Kothandaraman - Enphase, CEO

(01:31:16)Hi. Thank you for joining us today and for your continued support of Enphase. We look forward to speaking with you again next quarter. Goodbye.

(01:31:16)嗨。感謝您今天的參加，以及對 Enphase 的持續支持。我們期待在下個季度再次與您交談。再見。

Operator - Operator

(01:31:26)The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

(01:31:26)會議現在已經結束。感謝您參加今天的演示。您現在可以斷開連接。