Enphase matters. Itâ€™s making money, itâ€™s got good-looking gear, and there might just be an ace up its sleeve. On Dec. 12, the company hosted institutional investors and financial analysts at its annual â€śAnalyst Dayâ€ť presentation.
Much of the presentation was of course financial information. The company noted that full-year revenue was projected at $619 million in 2019, with operating income at $122 million. These values were up 96% and 495% year on year. The company hopes to expand to eight new European countries in 2020, doubling its revenue from the continent within the year.
Based upon a combination of estimates from third parties, Enphase sees the global residential â€śserviceable available marketâ€ť (SAM) expanding from $2.5 billion this year, to $4 billion in 2022. When adding in residential storage, small commercial solar, and off-grid solar+storage, the company projects its SAM to grow from $3.3 billion to $12.5 billion by 2022. A recent analysis by Wood Mackenzie Renewables & Power suggested that its products have been installed on 19% of residential rooftops this year.
There was much talk regarding the companyâ€™s Ensemble line, as well as the soon-to-launch IQ8 grid-forming micro-inverter. The full-on Ensemble 2.0 suite includes IQ8 inverters, an Enpower Switch â€“ which sits between the home and the power grid â€“ and the energy storage solution, which is wired directly to the switch. All items are wirelessly connected.
Lastly, the company showed off its â€śEnsemble in a Boxâ€ť which allows two solar modules to be connected to a case that includes energy storage, inverters, and plugs to power things. The company said the hardware was focused on the Indian market, where energy poverty is a true societal challenge.