Enphase Energy Inc (ENPH) 2025 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Enphase Energy's third-quarter 2025 financial results conference call. (Operator Instructions) Please also note today's event is being recorded.

大家下午好，歡迎參加 Enphase Energy 2025 年第三季財務業績電話會議。（操作員指示）另請注意，今天的活動正在被記錄。

At this time, I'd like to turn the floor over to Zach Freedman. Sir, please go ahead.

現在，我想把發言權交給札克‧弗里德曼。先生，請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's third-quarter 2025 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 of its third quarter ended September 30, 2025.

下午好，感謝您參加今天的電話會議，討論 Enphase Energy 2025 年第三季的業績。參加今天電話會議的有我們的總裁兼執行長 Badri Kothandaraman、我們的財務長 Mandy Yang 和我們的首席產品長 Raghu Belur。今天收盤後，Enphase發布新聞稿，公佈了截至2025年9月30日的第三季業績。

During this conference call, Enphase management will make forward-looking statements including, but not limited to, statements related to our expected future financial performance; market trends; capabilities of our technology and products and the benefits to homeowners and installers, our operations including manufacturing, customer service, and supply and demand; anticipated growth in existing and new markets, including the TPO market; the timing of new product introductions and enhancements to existing products; and regulatory, tax, tariff, and supply chain matters. These forward-looking statements involve significant risks and uncertainties, and our actual results and the timing of events could differ materially from these expectations. For a more complete discussion of the risks and uncertainties, please see our most recent Form 10-K and 10-Qs filed with the SEC. We caution you not to place any undue reliance on forward-looking statements and undertake no duty or obligation to update any forward-looking statements as a result of new information, future events, or changes in expectations.

在本次電話會議中，Enphase 管理階層將做出前瞻性陳述，包括但不限於與我們預期的未來財務績效相關的陳述；市場趨勢；我們的技術和產品的能力以及對房主和安裝人員的益處；我們的營運（包括製造、客戶服務和供需）；現有和新市場（包括 TPO 市場）的預期收入、新產品的推出和適當增長；這些前瞻性陳述涉及重大風險和不確定性，我們的實際結果和事件發生的時間可能與這些預期有重大差異。有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的最新 10-K 表和 10-Q 表。我們提醒您不要過度依賴前瞻性陳述，並且不承擔因新資訊、未來事件或預期變更而更新任何前瞻性陳述的責任或義務。

Also, please note that financial measures used on this call are expressed on a non-GAAP basis unless otherwise noted and adjusted to exclude certain charges. We have provided a reconciliation of these non-GAAP financial measures to GAAP financial measures in our earnings release furnished with the SEC on Form 8-K, which can also be found in the Investor Relations section of our website.

另外，請注意，本次電話會議中使用的財務指標均以非 GAAP 為基礎表示，除非另有說明並進行調整以排除某些費用。我們在向美國證券交易委員會提交的 8-K 表格收益報告中提供了這些非 GAAP 財務指標與 GAAP 財務指標的對帳表，您也可以在我們網站的投資者關係部分找到該對帳表。

Now I'd like to introduce Badri Kothandaraman, our President and Chief Executive Officer. Badri?

現在我想介紹我們的總裁兼執行長巴德里·科坦達拉曼 (Badri Kothandaraman)。巴德里？

Good afternoon, and thanks for joining us today to discuss our third-quarter 2025 financial results. We had a good quarter. We reported quarterly revenue of $410.4 million, our highest revenue level in two years. We shipped 1.77 million microinverters and a record 195 megawatt hours of batteries. We generated free cash flow of $5.9 million.

下午好，感謝您今天加入我們討論我們的 2025 年第三季財務業績。我們本季表現良好。我們報告的季度收入為 4.104 億美元，這是兩年來的最高收入水平。我們運送了 177 萬台微型逆變器和創紀錄的 195 兆瓦時的電池。我們產生了 590 萬美元的自由現金流。

Our Q3 revenue also included $70.9 million of safe harbor revenue. As we exited Q3, our microinverter channel inventory returned to normal, while our battery channel inventory was slightly elevated due to scaling of our new fourth-generation battery. For the third quarter, we delivered a 49% gross margin, above the higher end of our guidance range, 19% operating expense, and 30% operating income, all as a percentage of revenue on a non-GAAP basis and including the net IRA benefit. Mandy will go into our financials later in the call. Our customer service SPS was 77% in Q3 compared to 79% in Q2. The average call wait time was two minutes.

我們的第三季收入還包括 7,090 萬美元的安全港收入。隨著我們退出第三季度，我們的微型逆變器渠道庫存恢復正常，而由於我們新的第四代電池的擴展，我們的電池渠道庫存略有上升。第三季度，我們的毛利率為 49%，高於預期範圍的上限，營業費用為 19%，營業收入為 30%，以上均為非 GAAP 基礎的收入百分比，其中包括淨 IRA 收益。曼迪稍後將在電話會議中討論我們的財務狀況。我們的客戶服務 SPS 在第三季為 77%，而第二季為 79%。平均呼叫等待時間為兩分鐘。

To further enhance the customer experience, we are preparing to launch our AI-powered assistant in the Enphase app, which will help customers find answers quickly, troubleshoot issues, and manage their systems more intuitively. Our data engineering team continues to strengthen the intelligence behind our support systems, leveraging analytics and machine learning to identify common issues, predict service needs, and reduce response times across our regions.

為了進一步提升客戶體驗，我們準備在 Enphase 應用程式中推出我們的人工智慧助手，這將幫助客戶快速找到答案、解決問題並更直觀地管理他們的系統。我們的資料工程團隊不斷加強支援系統背後的智能，利用分析和機器學習來識別常見問題、預測服務需求並減少我們各個地區的回應時間。

Let's cover operations in Q3. We shipped approximately 1.53 million microinverters from our US facilities, booking 45x production tax credits. Our domestically made microinverters help residential lease PPA providers and commercial asset owners to qualify for the 10% domestic content ITCR.

讓我們介紹一下第三季的營運情況。我們從美國工廠發貨了約 153 萬台微型逆變器，獲得了 45 倍的生產稅收抵免。我們國產的微型逆變器可協助住宅租賃 PPA 提供者和商業資產所有者獲得 10% 國內內容 ITCR 的資格。

We grew our US battery production in Q3, shipping 67.5 megawatt hours compared to 46.9 megawatt hours in Q2. We are now building our fourth-generation battery, the IQ Battery 10C, in the US using domestically made microinverters, domestically made thermal and battery management systems, as well as packaging, while only sourcing cell packs from China. These batteries have greater than 45% domestic content and help our lease PPA customers qualify for ITC bonuses. We remain on track to source non-China cell packs by the end of this year, scaling into battery builds in the first half of 2026. Therefore, we expect limited exposure to the recent China-related tariffs as the supply chain transitions away from China.

我們在第三季增加了美國電池產量，出貨量為 67.5 兆瓦時，而第二季為 46.9 兆瓦時。我們目前正在美國生產我們的第四代電池 IQ Battery 10C，使用國產微型逆變器、國產熱能和電池管理系統以及包裝，同時僅從中國採購電池組。這些電池的國產化率超過 45%，並幫助我們的租賃 PPA 客戶獲得 ITC 獎金。我們仍有望在今年底前採購非中國電池組，並在 2026 年上半年擴大電池生產規模。因此，隨著供應鏈從中國轉移，我們預期近期與中國相關的關稅影響有限。

In summary, our US-made microinverters and batteries can help customers qualify for domestic content ITC bonuses as well as meet FERC compliance, even as the criteria become increasingly stringent each year, a big differentiator for Enphase.

總而言之，我們的美國製造微型逆變器和電池可以幫助客戶獲得國內內容 ITC 獎金並滿足 FERC 合規性，即使標準每年都變得越來越嚴格，這也是 Enphase 的一大優勢。

Let's now cover the regions. Our US and international revenue mix for Q3 was 85% and 15% respectively. In the US, our revenue increased 29% in Q3 compared to Q2, primarily due to increased demand as well as higher safe harbor revenue of $70.9 million compared to $40.4 million in Q2. The overall sell-through of our products was up 9% in Q3 as compared to Q2. In Europe, our revenue decreased by 38% in Q3 compared to Q2, while overall sell-through decreased by 27%. Euro negatively impacted our Q3 revenue by approximately $25 million compared to Q2, a larger sequential decline than expected. The overall business environment across the region is still challenging, but we are maintaining our discipline on the channel as well as targeting specific growth areas that could drive higher 2026 revenue.

現在讓我們來介紹一下各個地區。我們第三季的美國和國際營收佔比分別為 85% 和 15%。在美國，我們的第三季營收較第二季成長了 29%，這主要歸因於需求增加以及安全港收入從第二季的 4,040 萬美元增加到 7,090 萬美元。與第二季相比，我們第三季產品的整體銷售量成長了 9%。在歐洲，我們第三季的營收與第二季相比下降了 38%，而整體銷售額下降了 27%。與第二季相比，歐元對我們第三季的營收產生了約 2,500 萬美元的負面影響，較上季下降幅度大於預期。整個地區的整體商業環境仍然充滿挑戰，但我們在通路上保持紀律，並瞄準可能推動 2026 年收入成長的特定成長領域。

I will now provide some color on key markets in Europe. In the Netherlands, solar demand remained soft in Q3. We are making steady progress towards the sizable battery retrofit opportunity we see in 2026 and beyond. Rising solar export penalties and the planned sunset of net metering at the end of 2026 are creating a compelling use case for storage with an Enphase installed base of about 475,000 residential solar systems in the Netherlands. We estimate a $2 billion total opportunity for batteries.

現在我將介紹一些歐洲主要市場的情況。在荷蘭，第三季太陽能需求依然疲軟。我們正穩步推進 2026 年及以後大規模電池改造機會。太陽能出口罰款的不斷增加以及計劃於 2026 年底取消淨計量，為儲能創造了一個引人注目的用例，Enphase 在荷蘭安裝了約 475,000 個住宅太陽能係統。我們估計電池市場總價值為 20 億美元。

We recently announced a collaboration with Essent, one of the Netherlands' largest residential energy providers, or REPs, enabling customers to add IQ Batteries and participate in Essent's Smart Steering VPP program. This program is designed to boost self-consumption and lower utility bills. Through the Smart Steering, participating customers may receive fixed monthly compensation of up to EUR122, depending on the battery size. Essent intelligently controls charging and discharging to optimize value for the home and the grid, supporting a more reliable energy system.

我們最近宣布與荷蘭最大的住宅能源供應商之一（REP）Essent 合作，使客戶能夠添加 IQ 電池並參與 Essent 的智慧轉向 VPP 計劃。該計劃旨在促進自用並降低水電費。透過智慧轉向，參與的客戶每月可獲得最高 122 歐元的固定補償，具體取決於電池大小。Essent 智慧控制充電和放電，以優化家庭和電網的價值，支援更可靠的能源系統。

Building on this momentum, we are advancing additional partnerships and expect battery sales in the Netherlands to be a growth driver in 2026 and beyond. In France, the residential demand remained muted in Q3. Many households waited for the October 1 VAT cut of 5.5% for sub-9 kilowatts, but its limited scope and dependence on low-carbon panels reduced the impact. Meanwhile, 2025 policy changes have extended payback periods, creating a tougher market for installers. We are focusing on self-consumption, where low export incentives strengthen the value proposition for solar plus battery solutions.

在此勢頭的基礎上，我們正​​在推進更多合作夥伴關係，並預計荷蘭的電池銷售將成為 2026 年及以後的成長動力。在法國，第三季住宅需求依然低迷。許多家庭等待著10月1日起9千瓦以下電力增值稅下調5.5%，但其範圍有限以及對低碳板的依賴降低了其影響。同時，2025 年的政策變化延長了投資回收期，為安裝商帶來了更嚴峻的市場狀況。我們專注於自用，低出口激勵措施加強了太陽能加電池解決方案的價值主張。

In Germany, the residential market remained weak in Q3. Lower export value and stop-start incentives have kept many households on the sidelines, softening demand for both solar and batteries. Even so, our performance was relatively stable, supported by our partnership with leading installers and the strong uptake of the FlexPhase battery, which provides both self-consumption as well as three-phase backup.

在德國，第三季住宅市場依然疲軟。出口額下降和停停走走的激勵措施使許多家庭處於觀望狀態，從而削弱了對太陽能和電池的需求。即便如此，我們的表現仍然相對穩定，這得益於我們與領先安裝商的合作以及 FlexPhase 電池的強勁應用，該電池既提供自用功能，也提供三相備用功能。

In the UK, residential solar and storage adoption is stable, driven by time-of-use tariffs, low export rates, and a growing focus on resilience and self-consumption. We are deepening ties with REPs and supporting them with our robust API platform. In Q3, we also added backup capability for our batteries in the UK, which was long overdue, and further expanded our resilience offering. In Australia, residential storage demand is accelerating following the July 2025 battery rebate program, with installers bundling PV and batteries, and the average battery size is increasing at low export rates for self-consumption.

在英國，住宅太陽能和儲能的採用率保持穩定，這得益於分時電價、低出口率以及對彈性和自用能力的日益關注。我們正在深化與 REP 的聯繫，並透過我們強大的 API 平台為他們提供支援。在第三季度，我們還為英國的電池增加了早就該增加的備用功能，並進一步擴展了我們的彈性產品。在澳大利亞，隨著 2025 年 7 月電池回扣計劃的實施，住宅儲能需求正在加速增長，安裝人員將光伏和電池捆綁在一起，並且由於自用出口率較低，電池的平均尺寸正在增加。

Distribution operators are rolling out dynamic export limits and interoperability standards favoring systems with fast controls and three-phase backup. Against this backdrop, we launched the FlexPhase battery in Q3, delivering three-phase backup as well as flexible power to meet evolving DSO requirements. We also launched IQ8 high-powered microinverters for higher-powered modules, as well as our newest IQ EV Charger, strengthening our position in this strategic market.

配電業者正在推出動態出口限制和互通性標準，以支援具有快速控制和三相備份的系統。在此背景下，我們在第三季推出了 FlexPhase 電池，提供三相備用電源以及靈活的電源，以滿足不斷變化的 DSO 需求。我們還推出了適用於更高功率模組的 IQ8 高功率微型逆變器，以及我們最新的 IQ EV 充電器，鞏固了我們在這個戰略市場中的地位。

Let's discuss our outlook for Q4. We are seeing a further ramp in the US demand in Q4, primarily due to homeowners moving to capture the expiring 25D tax credit before the end of this year. In the first three weeks of October, our US sell-through was up over 20% compared to the Q3 average. We anticipate this elevated activity will continue for much of Q4. We also anticipate that our overall sell-through for the company will be between $350 million to $400 million in Q4. However, our revenue guidance is in the range of $310 million to $350 million, and for IQ Batteries, we expect to ship between 140 and 160 megawatt hours.

讓我們討論一下對第四季的展望。我們看到美國第四季的需求進一步增加，主要是因為房主在今年年底前搬家以獲得即將到期的 25D 稅收抵免。十月的前三週，我們的美國銷售量與第三季平均值相比成長了 20% 以上。我們預計這種活躍度將在第四季度的大部分時間內持續下去。我們也預計，第四季公司的整體銷售額將在 3.5 億美元至 4 億美元之間。然而，我們的收入預期在 3.1 億美元至 3.5 億美元之間，對於 IQ Batteries，我們預計出貨量在 140 至 160 兆瓦時之間。

There are two reasons contributing to this lower revenue guidance. First, we had $70.9 million of safe harbor revenue pulled in from Q4 to Q3 as customers wanted the product before the US Treasury guidance in Q3. And second, we are reducing shipments of product to the channel in order to destock the channels as we head into 2026. This positions us to enter 2026 with a healthy channel, setting us up for a clean Q1 and beyond. Currently, we are approximately 75% booked to the midpoint of our Q4 revenue guidance.

導致收入預期下降的原因有二。首先，由於客戶希望在第三季美國財政部發布指導意見之前推出該產品，因此從第四季度到第三季度，我們獲得了 7,090 萬美元的安全港收入。其次，我們將減少向通路出貨的產品，以便在 2026 年到來之前減少通路庫存。這使得我們能夠以健康的管道進入 2026 年，為第一季及以後的順利發展做好準備。目前，我們的預訂量已達到第四季營收預期中位數的約 75%。

safe harbor opportunities are not yet included in our Q4 guidance, but similar to Q3, they present upside opportunities. We are working closely with several TPO partners on safe harbor planning and are well positioned to support both methods of safe harbor, the 5% method as well as the physical work type method based on each partner's preference.

我們的第四季指引中尚未包含安全港機會，但與第三季類似，它們代表著上行機會。我們正在與多個 TPO 合作夥伴就安全港規劃進行密切合作，並能夠根據每個合作夥伴的偏好支援兩種安全港方法、5% 方法以及實體工作類型方法。

Let's look ahead to 2026. While we don't typically guide beyond the next quarter, we are sharing our preliminary views to frame expectations. For Q1 '26, we anticipate a larger-than-normal seasonal decline following the expiration of the 25D tax credit and estimate company revenue of $250 million. We view Q1 as a cycle trough with conditions improving through the rest of the year.

讓我們展望2026年。雖然我們通常不會對下一季之後的情況做出預測，但我們會分享我們的初步觀點來制定預期。對於 2026 年第一季度，我們預計 25D 稅收抵免到期後將出現比正常情況更大的季節性下滑，並估計公司收入為 2.5 億美元。我們認為第一季是周期的低谷，今年剩餘時間內情況將會改善。

Why are we constructive on the balance of the year? There are three external drivers that could support recovery. First, the US power prices are rising about 5% this winter with additional increases expected in 2026. Second, interest rates are declining, easing affordability. Third, new and attractive financing solutions are entering the market to help offset the loss of 25D. Taken together, these drivers could enable a second-half 2026 rebound and set the stage for growth.

為什麼我們對今年的平衡持建設性態度？有三個外部驅動因素可以支持恢復。首先，今年冬季美國電價上漲約 5%，預計 2026 年還會進一步上漲。其次，利率正在下降，減輕了人們的負擔。第三，新的、有吸引力的融資解決方案正在進入市場，以幫助抵消 25D 的損失。綜合起來，這些驅動因素可能推動 2026 年下半年經濟反彈，並為成長奠定基礎。

In addition, we see several Enphase-specific revenue drivers that are expected to fuel growth through 2026. Our fourth-generation battery, the IQ Battery 10C, is positioned to capture share through lower installation costs for backup. We are now entering the 480-volt commercial solar market with our IQ9N GaN microinverter, which we expect to ship this December and ramp in 2026. We are also leveraging strategic partnerships to capture the battery retrofit opportunity in the Netherlands. Our newest IQ EV Chargers and upcoming IQ Bidirectional EV Chargers are poised to expand our market, and our fifth-generation battery system paired with IQ9 residential microinverters will drive a step-change reduction in system cost in both the US and Europe. While there is uncertainty around 2026, we remain confident in our ability to execute and deliver growth across these vectors.

此外，我們還看到了幾個特定於 Enphase 的收入驅動因素，預計這些因素將推動到 2026 年的成長。我們的第四代電池 IQ Battery 10C 旨在透過降低備用安裝成本來佔領市場份額。我們目前正憑藉 IQ9N GaN 微型逆變器進軍 480 伏特商用太陽能市場，預計該款產品將於今年 12 月出貨，並於 2026 年實現量產。我們也利用策略夥伴關係來抓住荷蘭的電池改造機會。我們最新的 IQ 電動車充電器和即將推出的 IQ 雙向電動車充電器預計將擴大我們的市場，而我們的第五代電池系統與 IQ9 家用微型逆變器相結合，將推動美國和歐洲系統成本的逐步降低。儘管 2026 年存在不確定性，但我們仍然對自己在這些方面執行和實現成長的能力充滿信心。

Now let's talk about financing. The industry is moving towards the TPO model in 2026. Enphase supports all the major TPOs today. We are further strengthening these relationships through safe harbor and tax equity support, providing domestic content as well as FERC-compliant products, offering O&M services, Solargraf integration, and helping to implement innovative financing solutions.

現在我們來談談融資問題。2026年，產業將向TPO模式邁進。Enphase 目前支援所有主要的 TPO。我們透過安全港和稅收公平支持進一步加強這些關係，提供國內內容以及符合 FERC 要求的產品，提供 O&M 服務、Solargraf 集成，並幫助實施創新融資解決方案。

Looking ahead, we see a strong trend developing in the market towards prepaid lease offerings, which can provide homeowners with the option of ownership after five years. In this model, the TPO captures the 48E tax credit and, in turn, offers the homeowner an attractive lease repayment or a lower monthly payment when paired with a loan. This structure makes the economics similar to today’s solar loan economics with the 30% 25D tax credit. Furthermore, financing providers like the Enphase value proposition, which includes not only Enphase equipment but support for operations and maintenance, as well as Solargraf integration to offer an overall attractive package to consumers. We believe the TPO market is poised to grow in 2026 and see multiple ways for Enphase to support the growth.

展望未來，我們看到市場向預付租賃服務發展趨勢強勁，這可以為房主提供五年後擁有房屋的選擇。在這種模式下，TPO 獲得 48E 稅收抵免，進而為房主提供有吸引力的租賃償還額或與貸款相結合的較低月供。這種結構使得經濟學與當今具有 30% 25D 稅收抵免的太陽能貸款經濟學類似。此外，融資提供者喜歡 Enphase 的價值主張，它不僅包括 Enphase 設備，還包括營運和維護支持，以及 Solargraf 集成，為消費者提供整體有吸引力的套餐。我們相信 TPO 市場將在 2026 年實現成長，並且 Enphase 將透過多種方式支持這一成長。

Let’s talk about products starting with IQ Batteries. In August, we began shipping our IQ Battery 10C supplied by our manufacturing facilities in the US, delivering domestic content, which is significant value in the growing TPO market. As a reminder, we introduced our fourth-generation battery towards the end of June. The fourth-generation battery stands out for its smaller footprint, enhanced features, easy installation, and reliability. It delivers 30% more energy density, occupies 62% less wall space, and reduces installation cost of backup compared to our prior products. In addition, our fourth-generation battery system also includes the IQ Meter Collar, which simplifies backup, and IQ Combiner 6C, which seamlessly integrates solar, batteries, EV chargers, and load control. The IQ Meter Collar is now approved by 39 U.S. utilities, and that list is growing every week.

讓我們從 IQ Batteries 開始討論產品。8 月份，我們開始運送由美國製造工廠供應的 IQ Battery 10C，交付的是國內產品，這對於不斷增長的 TPO 市場具有重要價值。提醒一下，我們在六月底推出了第四代電池。第四代電池因其佔地面積更小、功能增強、安裝簡便和可靠性而脫穎而出。與我們之前的產品相比，它的能量密度提高了 30%，佔用的牆壁空間減少了 62%，並且降低了備用安裝成本。此外，我們的第四代電池系統還包括簡化備份的 IQ Meter Collar 和無縫整合太陽能、電池、電動車充電器和負載控制的 IQ Combiner 6C。IQ Meter Collar 目前已獲得 39 家美國公用事業公司的批准，而且名單每週都在增加。

We are making strong progress in building partnerships with REPs as well as VPP operators around the world that are looking for flexible distributed energy capacity. Homeowners can receive attractive compensation for installing Enphase batteries as part of these programs. In addition to the Essent program I mentioned earlier, we signed multiple new contracts with utilities, including one recently with San Diego Community Power. Wth advanced APIs, our batteries seamlessly integrate into VPPs in regulated markets like the US and participate in wholesale energy markets in deregulated regions such as Europe and Australia. We are actively engaged currently in over 53 VPP programs worldwide, and this is growing at a strong pace.

我們在與世界各地尋求靈活分散式能源容量的 REP 和 VPP 營運商建立合作夥伴關係方面取得了重大進展。作為這些計劃的一部分，房主安裝 Enphase 電池可以獲得豐厚的補償。除了我之前提到的 Essent 計劃之外，我們還與公用事業公司簽署了多份新合同，其中包括最近與聖地亞哥社區電力公司簽署的合同。借助先進的 API，我們的電池可以無縫整合到美國等受監管市場的 VPP，並參與歐洲和澳洲等放鬆管制地區的批發能源市場。我們目前積極參與全球 53 多個 VPP 項目，這個數字還在快速成長中。

Let’s talk about microinverters. In September, we opened US preorders for the IQ9N commercial microinverter, our first microinverter powered by gallium nitride or GaN. We expect to begin shipping the product in December. As I said earlier, we believe IQ9 marks a major leap in performance and platform flexibility and, most importantly, unlocks the 2-gigawatt market opportunity by enabling us to service 480-volt three-phase commercial systems in the USA for the first time. This represents an approximately $400 million total addressable market for Enphase, which we believe will help drive additional revenue in 2026 and beyond. IQ9 microinverters are expected to meet FERC compliance as well as domestic content right off the bat, offering a powerful and reliable alternative in a market still dominated by Chinese equipment.

讓我們來談談微型逆變器。9 月，我們在美國開放了 IQ9N 商用微型逆變器的預訂，這是我們第一款採用氮化鎵或 GaN 供電的微型逆變器。我們預計將於 12 月開始出貨該產品。正如我之前所說，我們相信 IQ9 標誌著性能和平台靈活性的重大飛躍，最重要的是，它使我們能夠首次為美國 480 伏特三相商用系統提供服務，從而開啟了 2 千兆瓦的市場機會。這對 Enphase 來說意味著一個約 4 億美元的總目標市場，我們相信這將有助於在 2026 年及以後帶來額外的收入。IQ9 微型逆變器預計將立即滿足 FERC 合規性和國內內容要求，為仍由中國設備主導的市場提供強大且可靠的替代方案。

Why does GaN matter? GaN replaces legacy silicon power devices to deliver faster switching, better thermal performance, and higher reliability. We have invested over five years in the semiconductor technology, and this rollout sets a new trajectory for cost and performance across our next-generation microinverters, batteries, bidirectional EV chargers, and more.

GaN 為何重要？GaN 取代傳統的矽功率元件，提供更快的開關速度、更好的熱性能和更高的可靠性。我們在半導體技術上投資了五年多，此次推出的產品為我們的下一代微型逆變器、電池、雙向電動車充電器等產品的成本和性能設定了新的軌跡。

Let’s talk about EV charging. We are now shipping our latest and greatest IQ EV Charger 2 across 18 European countries as well as Australia and New Zealand. The charger supports up to 22 kilowatts three-phase charging and works as a standalone unit or fully integrated with Enphase solar and batteries. We have opened US preorders and expect Q4 shipments into the US, with further expansion planned in additional European markets and India.

讓我們來談談電動車充電。我們目前正在向 18 個歐洲國家以及澳洲和紐西蘭運送最新、最好的 IQ EV Charger 2。該充電器支援高達 22 千瓦的三相充電，可作為獨立裝置工作，或與 Enphase 太陽能和電池完全整合。我們已經開放了美國的預訂，預計將於第四季度發貨到美國，並計劃進一步擴展到其他歐洲市場和印度。

Let me share an update on our IQ Bidirectional EV Charger expected to launch in mid-2026. We showcased this 11-kilowatt solution powered by three high-performance GaN-based microinverters of 3.84 kilowatts each at the recent RE+ trade show. The IQ Bidirectional EV Charger only needs to be paired with the IQ Meter Collar for a simple, powerful configuration that enables home backup and grid services. Together, these two components offer one of the lowest-cost and simplest ways to provide whole-home backup even without rooftop solar or home batteries. Homeowners can just start with this configuration and expand over time by adding Enphase solar and batteries to build a full energy system.

讓我分享一下我們的 IQ 雙向電動車充電器的最新消息，預計將於 2026 年中期推出。我們在最近的 RE+ 貿易展上展示了這個 11 千瓦的解決方案，該解決方案由三個基於 GaN 的高性能微型逆變器（每個逆變器的功率為 3.84 千瓦）供電。IQ 雙向電動車充電器只需與 IQ 電錶項圈配對，即可實現簡單、強大的配置，支援家庭備份和電網服務。這兩個組件結合在一起，即使沒有屋頂太陽能或家用電池，也能提供成本最低、最簡單的全屋備用電源方法之一。房主可以從這種配置開始，然後隨著時間的推移透過添加 Enphase 太陽能和電池來擴展，以建立完整的能源系統。

Let’s now switch to Solargraf, our all-in-one platform purpose-built for installers. We have been rolling out major enhancements, including seamless integration of TPO partners and Express Editor that allows installers to quickly adjust proposals on the spot, a powerful custom tariff builder, advanced installer management tools, and a simplified AI-driven design experience. We believe these updates make it easier for installers to service more homeowners at the kitchen table with greater flexibility, speed, and financial transparency. We plan to expand the Solargraf platform into additional markets and countries and introduce new features to support productivity, sales velocity, and customization for solar installers.

現在讓我們切換到 Solargraf，這是我們專為安裝人員打造的一體化平台。我們一直在推出重大改進，包括 TPO 合作夥伴和 Express Editor 的無縫集成，允許安裝人員快速現場調整提案、強大的自訂資費建構器、先進的安裝人員管理工具以及簡化的 AI 驅動的設計體驗。我們相信，這些更新可以讓安裝人員更輕鬆地在廚房餐桌上為更多房主提供服務，並且具有更大的靈活性、速度和財務透明度。我們計劃將 Solargraf 平台擴展到更多市場和國家，並引入新功能來支援太陽能安裝商的生產力、銷售速度和客製化。

Let me conclude. There is a significant change occurring in our markets. The loss of the 25D tax credit is a near-term headwind that will impact our results in early 2026, but we believe there is also tremendous positive change that is bolstering the long-term outlook for our business. We are entering an interest rate reduction cycle, which historically has been the catalyst for the residential solar sector. Power price outlooks are surging on the back of AI power demand as well as overall electrification growth. Utilities are struggling to keep up with this demand, creating bottlenecks and price inflation across the grid that are poised to accelerate. We provide homeowners and commercial businesses with an easy off-ramp from this price inflation with a solution that can be interconnected in 90 days.

讓我來總結一下。我們的市場正在發生重大變化。25D 稅收抵免的喪失是短期不利因素，將影響我們 2026 年初的業績，但我們相信，巨大的積極變化也將增強我們業務的長期前景。我們正在進入一個降息週期，從歷史上看，這一直是住宅太陽能產業的催化劑。在人工智慧電力需求以及整體電氣化成長的推動下，電價前景正在飆升。公用事業公司正在努力滿足這一需求，從而導致整個電網出現瓶頸和價格上漲，而且這種情況還有可能加速。我們為房主和商業企業提供可在 90 天內完成互連的解決方案，輕鬆擺脫價格上漲的困擾。

The US residential and commercial rooftop solar industry brings on nearly 2 gigawatts of new power interconnected to the grid every quarter. With the 48E tax credit expanding to more customers in mid-2026 through innovative financing solutions like prepaid leases, we see an attractive value proposition for solar driving recovery in the second half of 2026 and beyond. We are laser-focused on the revenue drivers we can control: growing battery sales with our fourth-generation battery, expanding into the 480-volt commercial market with GaN microinverters, capitalizing on battery retrofits to our solar install base in the Netherlands, ramping our new IQ EV Chargers now and the bidirectional EV Chargers, which will launch later in 2026, and last, launching our fifth-generation residential batteries along with IQ9 residential microinverters to reduce system costs significantly for residential solar for both the US as well as Europe. As always, we remain focused on operational excellence, product reliability and quality, and customer service, delivering best-in-class solutions for our long-term growth markets.

美國住宅和商業屋頂太陽能產業每季都會為電網帶來近2千兆瓦的新電力。隨著 48E 稅收抵免在 2026 年中期透過預付租賃等創新融資解決方案擴大到更多客戶，我們看到太陽能推動 2026 年下半年及以後復甦的誘人價值主張。我們專注於我們能夠控制的收入驅動因素：利用我們的第四代電池增加電池銷量，利用 GaN 微型逆變器擴展到 480 伏特商業市場，利用電池改造我們在荷蘭的太陽能安裝基地，現在增加我們的新 IQ EV 充電器和雙向 EV 充電器，後者將於 2026 年晚些時候推出，最後，我們的美國家用電池以及微型家庭和微型電池以及微型企業的全球成本與往常一樣，我們始終專注於卓越營運、產品可靠性和品質以及客戶服務，為我們的長期成長市場提供一流的解決方案。

With that, I will turn the call over to Mandy for her review of our financial results. Mandy?

說完這些，我將把電話轉給 Mandy，讓她審查我們的財務結果。曼迪？

Hi, Badri, and good afternoon, everyone. I will provide more details related to our third-quarter 2025 financial results as well as our business outlook for the fourth quarter of 2025. We have provided reconciliation of these non-GAAP to GAAP financial measures in our earnings release posted today, which can also be found in the IR section of our website.

嗨，巴德里，大家下午好。我將提供更多與我們 2025 年第三季財務業績以及 2025 年第四季業務展望相關的詳細資訊。我們在今天發布的收益報告中提供了這些非 GAAP 與 GAAP 財務指標的對賬，您也可以在我們網站的 IR 部分找到該對帳。

Total revenue for Q3 was $410.4 million. We shipped approximately 784.6 megawatts DC of microinverters and a record 195 megawatt hours of IQ Batteries in the quarter. Q3 revenue included $70.9 million of safe harbor revenue. As a reminder, we define safe harbor revenue as any sales made to customers who plan to install the inventory over more than a year.

第三季總營收為 4.104 億美元。本季度，我們出貨了約 784.6 兆瓦直流微型逆變器和創紀錄的 195 兆瓦時的 IQ 電池。第三季收入包括 7,090 萬美元的安全港收入。提醒一下，我們將安全港收入定義為向計劃在一年以上時間內安裝庫存的客戶進行的任何銷售。

Non-GAAP gross margin for Q3 was 49.2% compared to 48.6% in Q2. GAAP gross margin was 47.8% for Q3 compared to 46.9% in Q2. Non-GAAP gross margin without the IRA benefit for Q3 was 38.9% compared to 37.2% in Q2. Reciprocal tariffs impacted our gross margins by 4.9% in Q3. We had a Non-GAAP gross margin for Q3 also included $42.5 million of net IRA benefits. Non-GAAP operating expenses were $78.5 million for Q3 compared to $77.8 million for Q2. GAAP operating expenses were $130.1 million for Q3 compared to $133.5 million for Q2.

第三季非公認會計準則毛利率為 49.2%，第二季為 48.6%。第三季 GAAP 毛利率為 47.8%，第二季為 46.9%。第三季不計入 IRA 收益的非 GAAP 毛利率為 38.9%，而第二季為 37.2%。互惠關稅對我們第三季的毛利率產生了 4.9% 的影響。我們第三季的非公認會計準則毛利率還包括 4,250 萬美元的淨 IRA 收益。第三季非公認會計準則營運費用為 7,850 萬美元，而第二季為 7,780 萬美元。第三季 GAAP 營運費用為 1.301 億美元，而第二季為 1.335 億美元。

GAAP operating expenses for Q3 included $47.4 million of stock-based compensation expenses, $2.9 million of acquisition-related amortization, and $1.3 million of restructuring and impairment charges. On a non-GAAP basis, income from operations for Q3 was $123.4 million compared to $98.6 million for Q2. On a GAAP basis, income from operations was $66.2 million for Q3 compared to $37 million for Q2. On a non-GAAP basis, net income for Q3 was $117.3 million compared to $89.9 million for Q2. This resulted in non-GAAP diluted earnings per share of $0.90 for Q3 compared to $0.69 for Q2. GAAP net income for Q3 was $66.6 million compared to $37.1 million for Q2. This resulted in GAAP diluted earnings per share of $0.50 for Q3 compared to $0.28 for Q2.

第三季的 GAAP 營運費用包括 4,740 萬美元的股票薪酬費用、290 萬美元的收購相關攤銷費用以及 130 萬美元的重組和減損費用。以非公認會計準則計算，第三季營業收入為 1.234 億美元，而第二季為 9,860 萬美元。根據 GAAP 計算，第三季的營業收入為 6,620 萬美元，而第二季的營業收入為 3,700 萬美元。以非公認會計準則計算，第三季淨收入為 1.173 億美元，而第二季淨收入為 8,990 萬美元。這導致第三季非 GAAP 稀釋每股收益為 0.90 美元，而第二季為 0.69 美元。第三季的 GAAP 淨收入為 6,660 萬美元，而第二季為 3,710 萬美元。這導致第三季的 GAAP 稀釋每股收益為 0.50 美元，而第二季為 0.28 美元。

We exited Q3 with a total cash, cash equivalents, and marketable securities balance of $1.48 billion compared to $1.53 billion at the end of Q2. The five-year convertible notes we raised in 2021 are coming due on March 1 next year, and we expect to settle the principal amount of $632.5 million at maturity with our cash on hand. As of September 30, 2025, we have approximately $280 million of production tax credit, or PTC, receivable on our balance sheet net of income taxes payable. $108 million is related to US microinverters shipped to customers in 2024, and $172 million is for shipments made in the first nine months of 2025. As we elected direct pay, the PTC will be refunded by the IRS through our annual tax return filing.

我們在第三季結束時的現金、現金等價物和有價證券總餘額為 14.8 億美元，而第二季末為 15.3 億美元。我們在 2021 年發行的五年期可轉換票據將於明年 3 月 1 日到期，我們預計將在到期時用手頭的現金結清 6.325 億美元的本金。截至 2025 年 9 月 30 日，我們的資產負債表上有大約 2.8 億美元的應收生產稅收抵免（PTC），並扣除應付所得稅。其中 1.08 億美元與 2024 年向客戶發貨的美國微型逆變器有關，1.72 億美元與 2025 年前 9 個月的發貨有關。由於我們選擇直接支付，因此美國國稅局將透過我們的年度報稅表退還 PTC。

Due to extended IRS processing timelines, we expect to receive 2024’s $108 million payment from the IRS in Q2 next year. We expect to receive our 2025 tax refund sometime in the first half of 2027 based on the current estimated IRS processing time. As part of our anti-dilution plan, we spent approximately $1.7 million by withholding shares to cover taxes for employees’ stock vesting in Q3. That reduced the diluted shares by 49,023 shares. There were no repurchases of our common stock in Q3 due to our limited free cash flow generation in the quarter.

由於美國國稅局 (IRS) 處理時間延長，我們預計將於明年第二季從美國國稅局收到 2024 年 1.08 億美元的付款。根據目前估計的美國國稅局處理時間，我們預計將在 2027 年上半年的某個時候收到 2025 年的退稅。作為我們反稀釋計畫的一部分，我們花費了大約 170 萬美元，透過扣留股票來支付第三季員工股票歸屬的稅款。稀釋股份因此減少 49,023 股。由於本季自由現金流有限，我們第三季沒有回購普通股。

We are evaluating opportunities to accelerate the monetization of our PTC. Our remaining buyback authorization is approximately $269 million, and we remain confident in our overall business outlook over the long term. In Q3, we generated $13.9 million in cash flow from operations and $5.9 million in free cash flow. Capital expenditure was $8 million for Q3 compared to $8.2 million for Q2.

我們正在評估加速 PTC 貨幣化的機會。我們剩餘的回購授權約為 2.69 億美元，我們對長期的整體業務前景仍然充滿信心。第三季度，我們產生了 1,390 萬美元的營運現金流和 590 萬美元的自由現金流。第三季的資本支出為 800 萬美元，而第二季的資本支出為 820 萬美元。

Now let’s discuss our outlook for the fourth quarter of 2025. We expect our revenue for Q4 to be within a range of $310 million to $350 million, which includes shipments of 140 to 160 megawatt hours of IQ Batteries. Revenue guidance does not include any safe harbor transactions. We expect GAAP gross margin to be within a range of 40% to 43%, including approximately 5 percentage points of reciprocal tariff impact. We expect non-GAAP gross margin to be within a range of 42% to 45%, including the reciprocal tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition-related amortization.

現在讓我們來討論一下對 2025 年第四季的展望。我們預計第四季的營收將在 3.1 億美元至 3.5 億美元之間，其中包括 140 至 160 兆瓦時的 IQ 電池出貨量。收入指導不包括任何安全港交易。我們預計 GAAP 毛利率將在 40% 至 43% 之間，其中包括約 5 個百分點的互惠關稅影響。我們預計非公認會計準則毛利率將在 42% 至 45% 之間，其中包括互惠關稅的影響。非公認會計準則毛利率不包括股票薪酬費用及收購相關攤銷。

Given the vast majority of our manufacturing occurs in the US and due to fluctuating tariff impacts on international manufacturing cost baselines, we will no longer be guiding and reporting gross margins without the IRA credit. As always, gross production tax credit earned will be reported in our 10-Q quarterly statement and 10-K annual financial report filed with the SEC.

鑑於我們的絕大部分製造業務都在美國進行，並且由於關稅波動對國際製造成本基準的影響，我們將不再指導和報告沒有 IRA 抵免的毛利率。與往常一樣，獲得的總生產稅收抵免將在我們向美國證券交易委員會提交的 10-Q 季度報表和 10-K 年度財務報告中報告。

We expect our GAAP operating expenses to be within a range of $130 million to $134 million, including approximately $53 million estimated for stock-based compensation expenses, acquisition-related amortization, and restructuring and impairment charges. We expect our non-GAAP operating expenses to be within a range of $77 million to $81 million. For 2025, we expect our GAAP tax rate of 18% to 20% and the non-GAAP tax rate of 14% to 16%.

我們預計我們的 GAAP 營運費用將在 1.3 億美元至 1.34 億美元之間，其中包括約 5,300 萬美元的股票薪酬費用、收購相關攤銷以及重組和減損費用。我們預計非公認會計準則營運費用將在 7,700 萬美元至 8,100 萬美元之間。到 2025 年，我們預計 GAAP 稅率為 18% 至 20%，非 GAAP 稅率為 14% 至 16%。

With that, I’ll open the line for questions.

現在，我將開始回答大家的提問。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

女士們、先生們，我們現在開始問答環節。（操作員指示）

Colin Rusch, Oppenheimer.

科林·拉什，奧本海默。

Thanks so much, guys. Can you talk a little bit about the dynamics going into the first quarter next year in terms of the amount of inventory that you feel like is appropriate? Are you still thinking about kind of eight to ten weeks’ worth of inventory out in the channel as you enter into the first quarter of next year?

非常感謝大家。您能否談談您認為明年第一季合適的庫存量動態？進入明年第一季，您是否仍在考慮通路中八到十週的庫存量？

Colin, you may not have heard our comments in the prepared remarks. We anticipate an overall sell-through for the company to be between $350 million to $400 million in Q4, but we are only guiding Q4 revenue in the range of $310 million to $350 million. So therefore, you can do the math, and that represents approximately $45 million of under-shipment at the midpoint. So we are very cautious. We want 2026 to have a very healthy setup in the channel, and therefore --

科林，你可能沒有聽到我們在準備好的發言中發表的評論。我們預計該公司第四季的總銷售額將在 3.5 億美元至 4 億美元之間，但我們僅預測第四季的營收將在 3.1 億美元至 3.5 億美元之間。因此，你可以算一下，這意味著中間點的發貨量不足了大約 4500 萬美元。所以我們非常謹慎。我們希望 2026 年的通路能非常健康，因此--

And our rule of thumb is 8 to 10 weeks. That’s our rule of thumb, so we’d like to basically be abundantly cautious and not overload the channel. That’s why we gave the revenue guidance from $310 million to $350 million. Also, another reason for a reduced Q4 guidance is we had about $70 million of safe harbor pulled in from Q4 to Q3 as customers wanted the product before the US Treasury guidance in Q3. So we beat the guidance handily for Q3, but we are more cautious for Q4.

我們的經驗法則是 8 到 10 週。這是我們的經驗法則，因此我們希望基本上非常謹慎並且不會使頻道超載。這就是我們將營收預期從 3.1 億美元提高到 3.5 億美元的原因。此外，下調第四季度指引的另一個原因是，由於客戶在第三季美國財政部指引發布之前就想要該產品，因此我們從第四季到第三季獲得了約 7,000 萬美元的安全港。因此，我們輕鬆超越了第三季的預期，但對第四季我們更加謹慎。

I’ll take the clarification offline. With the new battery, can you talk about pricing dynamics? Are you able to push through incremental price increases with the incremental functionality, or are you using some of that functionality as a way to pick up share?

我將離線澄清。對於新電池，您能談談定價動態嗎？您是否能夠透過增量功能來推動增量價格上漲，或者您正在使用其中的一些功能來獲取市場份額？

Yeah, we are not raising any prices. In fact, I’m sure you know over the last two quarters there have been tariffs, so we pay approximately about 40%-plus tariff on the cell packs that are coming from China, as well as the cost of making batteries in the US is quite expensive. But on the other hand, what we have done is not change our pricing, and our position is basically to capture share. You see our gross margins are already pretty healthy. Our gross margins for Q3 were 49% despite us including a 5% tariff in that 49%.

是的，我們不會提高任何價格。事實上，我相信你知道過去兩個季度都有關稅，所以我們對來自中國的電池組支付了大約 40% 以上的關稅，而且在美國製造電池的成本相當昂貴。但另一方面，我們所做的並不是改變我們的定價，我們的立場基本上是為了搶佔市場份額。您會發現我們的毛利率已經相當健康了。儘管我們在第三季的毛利率中包含了 5% 的關稅，但該季度的毛利率仍為 49%。

So our gross margins are good. The way our gross margins will become even better on batteries is we are working on our fifth-generation battery, and that fifth-generation battery will take the cost down significantly. It is a 100 ampere per hour cell pack. It is a much higher energy density, almost 50% compared to the fourth-generation battery, and it’s got -- the power electronics is actually collapsed into one single board. So it’s a very elegant form factor. It is a stackable battery. You can put 20 kilowatt hours, and it will appear like a monolithic structure on the wall, not as four boxes.

所以我們的毛利率很好。我們正在研發第五代電池，這將使我們的電池毛利率變得更好，第五代電池的成本將大幅降低。它是一個每小時 100 安培的電池組。它的能量密度要高得多，與第四代電池相比幾乎高出 50%，而且它的電力電子設備實際上被整合到一塊電路板中。所以它的外形非常優雅。這是一種可堆疊電池。你可以放20千瓦時的電，它會像牆上的一個整體結構一樣出現，而不是像四個盒子。

So we are going in the right direction on batteries. The fourth generation, we expect to make a dent with it because what we have done -- and we have said this very clearly before, our third-generation battery was very good for grid-tied backup, which is prevalent in California due to NEM 3. However, our fourth-generation batteries can do both grid-tied and backup for almost the same cost. The backup comes with a little more, slightly more, because of the addition of the meter collar, which is a few hundred dollars only.

所以我們在電池方面正朝著正確的方向前進。我們希望第四代電池能夠取得突破，因為我們已經做了——我們之前已經非常清楚地說過，我們的第三代電池非常適合併網備用電源，由於 NEM 3，這種電源在加利福尼亞州很流行。然而，我們的第四代電池可以同時實現併網和備用，而成本幾乎相同。備用件稍微多一點，稍微多一點，因為增加了儀表圈，只需要幾百美元。

And we introduced that product into the channel. We started shipping in June, and installers basically started originating around that timeframe. And it takes installers anywhere from 60 to 90 days from that origination time to start the installations. In addition, we introduced the domestic content fourth-generation battery in August, manufacturing in the US. But we are on a very healthy clip just as a statistic in Q3 of our total battery shipments into the US, the fourth-generation battery constituted 40% of the overall US shipments.

我們將該產品引入了渠道。我們從六月開始出貨，安裝人員基本上也從那個時段開始陸續到位。從發起到開始安裝，安裝人員需要 60 到 90 天的時間。此外，我們在8月推出了國產第四代電池，在美國製造。但我們的成長非常健康，正如我們第三季對美國的電池總出貨量的統計，第四代電池占美國總出貨量的 40%。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

I had two just around the guidance. One is the non-US revenue. Badri, walked through some of the European by country statistics, but I mean, it's really the lowest it's been since 2021, non-US revenue, so I'm just trying to understand a little bit what's going on. I know there's seasonality in Europe, I know the market's weak, but it seems like you're underperforming peers. So is there something company-specific going on, whether it's product shift or market share pricing?

我周圍就有兩人在指導。一是非美國收入。巴德里介紹了一些歐洲國家的統計數據，但我的意思是，這確實是自 2021 年以來非美國收入的最低水平，所以我只是想稍微了解一下發生了什麼。我知道歐洲有季節性，我知道市場疲軟，但看起來你們的表現不如同行。那麼是否存在一些公司特有的現象，無論是產品轉變還是市佔率定價？

And then can you give us a sense of what the go-forward is? Is Q4 going to be about the same? Is it down further? Just trying to understand what the recovery path looks like given this low base we're at now. And then I had a question on margins as well.

那麼，您能告訴我們下一步的計劃是什麼嗎？Q4 的情況會大致相同嗎？還進一步下降嗎？只是想了解在目前低基數的情況下復甦路徑是什麼樣的。然後我對利潤也有一個疑問。

Yeah, you're correct on what you said that Europe has got seasonality in Q3, so we are seeing a portion of that, but the markets we are in, basically Netherlands, I described the dynamics to you. It is the end of net metering in Netherlands, so it's an uncertain time for solar there. What recovery looks like is we just announced a large partnership with Essent. It's a huge opportunity there. We have 475,000 homes with solar, and unlike the US, their energy contracts in Netherlands expire and are only valid for one to three years, for example.

是的，您說得對，歐洲在第三季有季節性，所以我們看到了其中的一部分，但我們所在的市場，基本上是荷蘭，我向您描述了動態。荷蘭的淨計量製度已經結束，因此那裡的太陽能發展前景不明朗。復甦的跡像是我們剛剛宣布與 Essent 建立大型合作夥伴關係。這是一個巨大的機會。我們有 475,000 戶家庭使用太陽能，與美國不同，荷蘭的能源合約到期後有效期僅為一至三年。

So when they have the new energy contract at that time, their utility bills for people who have bought solar are going to be higher. In order to prevent that situation, there's a very elegant option there, which is buy batteries for self-consumption for the customer, while the utility pays you in order to support imbalance for the utility. So it's really a beautiful option which should spur our battery sales throughout 2026. So basically, weak solar market due to net metering going away, but it has got the potential to become a strong solar-plus-battery market. That's in the Netherlands.

因此，當他們簽訂新的能源合約時，購買太陽能的人的電費將會更高。為了防止這種情況，有一個非常優雅的選擇，那就是為客戶購買電池供自用，而公用事業公司則向您付費以支持公用事業的不平衡。所以這確實是一個不錯的選擇，它將在 2026 年刺激我們的電池銷售。因此，基本上，由於淨計量的消失，太陽能市場疲軟，但它有潛力成為一個強大的太陽能加電池市場。那是在荷蘭。

In France, what has happened is, again, in 2025, the feed-in tariffs. France used to be quite healthy. France used to have net metering, and the feed-in tariff was also quite good, which is the export incentive was not as high as the import incentive, but it was pretty good. That export incentive has now been reduced to a very small amount.

在法國，2025 年將再次實施上網電價。法國曾經相當健康。法國曾經實施淨計量，上網電價也相當不錯，即出口激勵不如進口激勵高，但也相當不錯。目前，出口激勵措施已減少到很小的金額。

So in France, also self-consumption is the name of the game. And because of that, the market in France has reduced quite significantly. As you know, Enphase has more than 50% market share in France. And so we see that. However, what we are doing there is basically to sell solar plus storage to end consumers. The payback is going to go up compared to what they had before but will be manageable of the order of 8 to 10 years.

因此在法國，自我消費也是遊戲的名稱。正因為如此，法國市場已經大幅萎縮。眾所周知，Enphase 在法國擁有超過 50% 的市佔率。我們看到這一點。然而，我們所做的基本上是向最終消費者銷售太陽能和儲能產品。與以前相比，回報將會增加，但可以在 8 到 10 年左右的時間內實現。

For people who cannot afford to add batteries, we are also coming up with a solution to steer their solar and not export it back to the grid. Steering the solar can be diverting the solar to an EV charger, diverting excess solar to a heat pump, or diverting excess solar to a hot water heater. We have introduced all of those solutions as well. So in France, the elimination of the 5.5% VAT tax for sub-9 kilowatts installations should give a boost, but it is not giving today because of an added criterion of low-carbon-content panels.

對於那些無法添加電池的人，我們也想出了一個解決方案來引導他們的太陽能，而不是將其輸送回電網。控制太陽能可以將太陽能轉移到電動車充電器，將多餘的太陽能轉移到熱泵，或將多餘的太陽能轉移到熱水器。我們也介紹了所有這些解決方案。因此，在法國，取消 9 千瓦以下發電設施的 5.5% 增值稅應該會帶來提振，但由於增加了低碳含量面板的標準，目前並未帶來提振。

The industry is trying to meet that by ramping on low-carbon panels that may take a little bit of time. But we expect the market to recover. However, it is going to be a solar-plus-battery market; it's not going to be the same as what it was before. Similarly, in Germany, there have been various start-stops. There have been reductions of feed-in tariffs.

該行業正試圖透過增加低碳面板來滿足這項要求，但這可能需要一些時間。但我們預期市場將會復甦。然而，這將是一個太陽能加電池市場；它將不再和以前一樣。同樣，在德國也出現了各種啟動和停止的情況。上網電價已降低。

In Germany, our performance is a little better because we work with a couple of the leading installers in Europe who are headquartered in Germany. So they're doing okay there. In UK, we have a strong partnership with one of the top REPs. The same thing there. It's a solar-plus-storage market. We just introduced backup capability as well, so that market is stable.

在德國，我們的業績稍好一些，因為我們與幾家總部位於德國的歐洲領先安裝商合作。所以他們在那裡過得很好。在英國，我們與頂級 REP 之一建立了牢固的合作夥伴關係。那裡也有同樣的事情。這是一個太陽能加儲能市場。我們剛剛引入了備份功能，以確保市場穩定。

So really what we are talking about is Netherlands and France. We have clear plans there. I would say because of the big reduction in the tariffs, there is a lot of competition. I do have to acknowledge that competition. So what are we going to do? And we believe our response to the competition is innovation.

所以我們真正在談論的是荷蘭和法國。我們對此有明確的計劃。我想說，由於關稅大幅降低，競爭變得更加激烈。我確實必須承認那場競爭。那我們該怎麼辦呢？我們相信，我們應對競爭的策略就是創新。

What are we going to innovate on? Today, our third-generation FlexPhase battery is the mainstream battery in Europe. In a couple of quarters from now, we are going to have the fifth-generation battery, which is going to take the cost down significantly, and it is going to add a lot of value. It is an AC-coupled battery with modularity, with high quality, with superior serviceability, and now it is going to be stackable with an outstanding cost structure.

我們要在哪些方面進行創新？如今，我們的第三代 FlexPhase 電池已成為歐洲的主流電池。從現在起的幾個季度內，我們將推出第五代電池，這將大幅降低成本，並增加許多價值。它是一種模組化、高品質、具有卓越可維護性的交流耦合電池，現在它將可堆疊，並具有出色的成本結構。

In addition to that, we are also going to be introducing IQ9 starting early 2026 for residential microinverters. IQ9 with GaN also can support up to 10% higher power for the same cost structure. So cost for the installers is a big deal, and we are going to make sure that that system cost is reduced significantly. So I talked a lot, but that's how the trajectory looks for us in Europe.

除此之外，我們也將於 2026 年初推出家用微型逆變器的 IQ9。採用 GaN 的 IQ9 還可以在相同成本結構下支援高達 10% 的更高功率。因此，安裝人員的成本是一個大問題，我們將確保大幅降低系統成本。所以我說了很多，但這就是我們在歐洲的發展軌跡。

No, I appreciate all that additional color. Maybe just one on the margins. The guidance at the midpoint, non-GAAP gross margin guidance 43.5%. I mean, it's lower than you've seen in some time. You did the 49% this quarter. Can you kind of help bridge the gap, why margins are down so much, and then what sort of additional margin decline should we expect on the $250 million revenue low point that you telegraphed for Q1 next year?

不，我很欣賞所有這些額外的顏色。也許只是邊緣上的一個。中點指引，非 GAAP 毛利率指引 43.5%。我的意思是，它比你以前見過的要低。本季你完成了 49%。您能否幫助彌補差距，為什麼利潤率下降這麼多，那麼，在您預測明年第一季 2.5 億美元的收入低點之後，我們應該預期利潤率會出現什麼樣的額外下降？

Yeah, our margins basically are impacted, as we said, by a 5% reciprocal tariff. So that's the straight answer. Without the reciprocal tariff that was introduced in 2025, we would be at 48.5%, which is a reasonable number. Now, where, on which products is that affecting us? It's mainly on batteries because the batteries have a 40% tariff.

是的，正如我們所說，我們的利潤基本上受到 5% 互惠關稅的影響。這就是直接的答案。如果沒有2025年實施的互惠關稅，我們的關稅比例將達到48.5%，這是一個合理的數字。那麼，這會對我們產生哪些影響呢？影響哪些產品？主要是電池，因為電池的關稅是40%。

We have diversified our supply chain well enough on microinverters in the last three to five years that our microinverter impact is not that high as compared to batteries. So what does recovering gross margin look like? The recovery in gross margin is when our battery costs come down, and that is by moving to non-China sources, which we are going to move to by early 2026 when we plan to ramp up our non-China battery, as well as our fifth-generation battery, which will result in a step change in cost.

在過去的三到五年裡，我們在微型逆變器方面已經實現了足夠的供應鏈多樣化，因此與電池相比，微型逆變器的影響並不那麼大。那麼毛利率的恢復情況如何？毛利率的恢復是因為我們電池成本下降，即轉向非中國電池來源，我們將在 2026 年初轉向非中國電池來源，屆時我們計劃增加非中國電池以及第五代電池的產量，這將導致成本發生階梯變化。

So at this time, it is too early for us to talk about our Q1 gross margins. But look, I mean, you can see that we have managed the last two years, in fact, with our gross margins quite stable. Our gross margins have been in the 45 to 50 range all the time in the last two years, where there has been significant pressure and revenue. So we expect to manage like that. It's too early to talk about Q1 guidance.

因此，現在談論第一季的毛利率還為時過早。但你看，我的意思是，你可以看到，事實上，過去兩年我們的毛利率相當穩定。我們的毛利率近兩年一直在45%到50%的範圍內，壓力和收入都比較大。所以我們希望能夠這樣管理。現在談論第一季的業績指引還為時過早。

Just a super quick clarification. So I think Q3 you said the gross margin result included a 4.9% tariff impact, so you're saying there's an incremental five percentage point impact in the Q4 guidance, so it's not flat impact Q-to-Q, it's an incremental 5%. Just want to clarify that.

只是一個非常快速的澄清。所以我認為您在第三季說過毛利率結果包含了 4.9% 的關稅影響，所以您說第四季度指引中的影響會增加 5 個百分點，所以這不是環比持平的影響，而是增加 5%。我只是想澄清一下。

Let me say like this, in Q3, we shipped a lot more microinverters because of the $70.9 million safe harbor shipments, which was all microinverters. So therefore, our gross margin was elevated. And yes, that is correct, our gross margin was 49%, and if we did not have the reciprocal tariff, the gross margin would have been 54%.

這麼說吧，在第三季度，我們出貨了更多的微型逆變器，因為有 7,090 萬美元的安全港出貨量，而且全部都是微型逆變器。因此，我們的毛利率提高了。是的，沒錯，我們的毛利率是 49%，如果沒有互惠關稅，毛利率將是 54%。

What we are saying in Q4, our gross margin is 43.5%, and that reflects more of a normal mix. We have not yet indicated any safe harbor right now at this point in time. That could change. But with the current mix, we are talking about 43.5%, including a 5% tariff impact. That means without that 5% reciprocal tariff impact, our gross margin would have been 48.5%.

我們在第四季所說的毛利率是 43.5%，反映出更正常的結構。目前我們還沒有指出任何安全港。這種情況可能會改變。但以目前的比例，我們談論的是 43.5%，其中包括 5% 的關稅影響。這意味著，如果沒有 5% 的互惠關稅影響，我們的毛利率將達到 48.5%。

Phil Shen, Roth Capital Partners.

羅斯資本合夥公司的 Phil Shen。

Wanted to ask if we could get some more color around the safe harbor approach using the physical work test. Thus far, historically at least through this safe harbor season, you guys have done more safe harbor, I think, or all safe harbor with the 5% of FMV with your customers. And so with the physical work test that you guys announced or talked about today, can you talk to us about how you're helping your customers satisfy that test?

想問我們是否可以透過實體工作測試來獲得有關安全港方法的更多詳細資訊。到目前為止，從歷史上看，至少在這個安全港季節，我認為你們已經為客戶做了更多的安全港，或者所有安全港都採用了公平市場價值的 5%。那麼，對於你們今天宣布或談論的體力勞動測試，您能否告訴我們您是如何幫助客戶滿足該測試的？

In the past, I've heard something about a customized bracket or something, and so was wondering how you guys are helping your customers do that. And then from a revenue contribution standpoint, I think typically the physical work test likely is less revenue as it's not buying the full microinverter versus the 5% safe harbor effort. So I just was wondering if you might be able to talk through that as well.

過去，我聽說過一些有關定制支架或類似的東西，所以想知道你們是如何幫助客戶做到這一點的。然後從收入貢獻的角度來看，我認為通常實體工作測試可能會帶來較少的收入，因為它不是購買完整的微型逆變器，而是 5% 的安全港努力。所以我只是想知道您是否也可以討論一下這個問題。

Yeah, I cannot talk about the details because it is customer-specific on the physical work test, but we are in very active discussions with all our TPO partners. And the concept is quite simple. It is a custom product that needs to be done for them with higher performance than the standard product and with a custom component that is not in our normal inventory. So that's the high-level view.

是的，我無法談論細節，因為體力工作測試是針對特定客戶的，但我們正在與所有 TPO 合作夥伴進行非常積極的討論。這個概念非常簡單。這是一種需要為他們量身定制的產品，其性能比標準產品更高，並且帶有我們正常庫存中沒有的定制組件。這就是高層次的觀點。

In fact, if they are comfortable, meaning the TPO partners are comfortable and their tax folks are comfortable, this is not a bad way to do safe harbor because it reduces their cash outlay. At the same time, from our perspective, we do not like all of that revenue in a lump sum manner too. It reflects that they only buy that custom component from us, and therefore, they will come back to buy the main microinverter from us at a later stage when they really need it. So it's really the best of both worlds.

事實上，如果他們感到舒服，即 TPO 合夥人感到舒服並且他們的稅務人員感到舒服，那麼這並不是一個糟糕的安全港方式，因為它減少了他們的現金支出。同時，從我們的角度來看，我們也不喜歡一次獲得所有收入。這反映出他們只從我們這裡購買客製化組件，因此，當他們真正需要時，他們會在稍後階段回來從我們這裡購買主微型逆變器。所以這確實是兩全其美的。

For us, it represents the classic linear revenue in a quarterly revenue with no lump sum, which is what we like. And then for them, it represents a possible 10x reduction in the cash that they have to pay compared to the 5% method. So it's all goodness. And when do they do it, when do you do the 5%? You do the 5% perhaps, and I'm not an expert in it, if you want to safeguard 2028, 2029, and 2030. And of course, there's always the 5% as well as the physical work that has to be approved by their tax partners.

對我們來說，它代表了季度收入中經典的線性收入，沒有一次性付款，這正是我們喜歡的。對他們來說，與 5% 的方法相比，這意味著他們需要支付的現金可能減少 10 倍。所以一切都是美好的。他們什麼時候做這件事，你什麼時候做這 5%？如果你想保護 2028 年、2029 年和 2030 年，你也許會做 5%，但我不是這方面的專家。當然，還有 5% 的稅率以及必須得到稅務夥伴批准的實際工作。

Shifting to the prepaid lease concept, we heard from Tesla in their last earnings call that I think they're launching a PPL. And was wondering if you can talk through some of the efforts that you might be seeing out there. Is this something that you guys might actually participate in on your side? And on a different topic, C&I, it seems like the outlook might be kind of improving there in the sense that a lot of small resi EPCs that historically were dependent on the 25D maybe shifting over to the small-scale C&I market. Was wondering if that might be a source of strength for you guys as some of these smaller EPCs, maybe the megawatts are down in resi, but they can gain some of that back in small scale.

轉向預付租賃概念，我們在特斯拉上次財報電話會議上聽說，我認為他們正在推出 PPL。我想知道您是否可以談談您可能看到的一些努力。你們實際上會參與這件事嗎？而在另一個主題上，C&I，似乎前景可能會有所改善，因為許多歷史上依賴 25D 的小型住宅 EPC 可能會轉向小型 C&I 市場。我想知道這是否會成為你們的力量源泉，因為其中一些較小的 EPC 的兆瓦數可能有所下降，但他們可以透過小規模收回部分收益。

Yeah, there has been a lot of talk about PPL or prepaid lease in the industry. We have heard independently of us that a few companies are looking at PPL and going to offer PPL. We are also working with a few partners closely. Our opinion only -- this is our opinion only, we think that the PPL with a loan could be very attractive. The consumer has the option of ownership after year five.

是的，業內有很多關於 PPL 或預付租賃的討論。我們聽說有幾家公司正在考慮 PPL 並將提供 PPL。我們也與一些合作夥伴密切合作。這只是我們的觀點——這只是我們的觀點，我們認為有貸款的 PPL 可能非常有吸引力。消費者可以在第五年後選擇所有權。

The TPO gets the 48E tax credit while the consumer gets a lower monthly payment with no escalator. So this has the economics of a loan structure with the 25D tax credit. So we believe that there is promise for this structure in order to revive. We all talked about the 25D loan market will go away, but with the prepaid lease with the loan, it may help that market to be revived. That's our opinion.

TPO 可獲得 48E 稅收抵免，而消費者可獲得較低的每月付款，且無需增加付款額。因此，這具有 25D 稅收抵免的貸款結構的經濟性。因此我們相信，這一結構有希望復興。我們都說過 25D 貸款市場將會消失，但有了貸款預付租賃，可能會幫助該市場復甦。這是我們的觀點。

Of course, it is going to take some time to introduce this, to get everybody comfortable. But our job—what's our job in it? Our job is to support our TPO partners. Our job is to basically bring our long tail of installers and give them access to such a structure. Our job is to help them in O&M, operations and maintenance, because we are really the right people to do it.

當然，要介紹這一點並讓每個人都感到舒適還需要一些時間。但是我們的工作──我們的工作是什麼？我們的工作是支持我們的 TPO 合作夥伴。我們的工作基本上是帶領我們的安裝人員並讓他們能夠存取這樣的結構。我們的工作是幫助他們進行維運、營運和維護，因為我們確實是做這件事的合適人選。

Our job is to help them in Solargraf where modeling of such a prepaid lease can be done in a relatively simple manner, in addition to things like safe harbor support or tax equity support. So we are looking to work and are looking forward to work with our partners to bring that structure, while all the communication will come from those partners. That will not come from us. Our job is to help and support them. Let me leave it at that.

我們的工作是在 Solargraf 中為他們提供幫助，除了安全港支援或稅收公平支援等之外，還可以透過相對簡單的方式對此類預付租賃進行建模。因此，我們期待與我們的合作夥伴一起努力實現這一結構，而所有的溝通都將來自這些合作夥伴。那不會是我們做的。我們的工作是幫助和支持他們。我就不多說了。

Great, just a quick follow-up on that as it relates to your job. You mentioned tax equity support, so could that mean you could provide some of your tax liability? And from a financial standpoint, how much might you guys contribute to this effort?

很好，我只是想快速跟進一下，因為這與您的工作有關。您提到了稅收公平支持，那麼這是否意味著您可以承擔部分稅收責任？從財務角度來看，你們能為這份工作貢獻多少？

Yes, we're not going to give a number. Also, you asked about -- I realized I forgot to answer the question on C&I. C&I, we're very excited. It's the first time Enphase has done a 480-volt, three-phase product. And really, if you look at the small C&I market, 80% is 480, 20% is the 208-volt three-phase. With gallium nitride, we are now able to do the 480-volt market. It's 480 volt line-to-line to 277 line-to-neutral.

是的，我們不會給出具體數字。另外，您問到——我意識到我忘了回答有關 C&I 的問題。C&I，我們非常興奮。這是 Enphase 首次推出 480 伏特三相產品。實際上，如果你看一下小型 C&I 市場，80% 是 480，20% 是 208 伏特三相。有了氮化鎵，我們現在能夠進入 480 伏特市場。線電壓為 480 伏特，線中性電壓為 277 伏特。

The advantages of the microinverter are the same, exceptional reliability, exceptional thermal performance, rapid shutdown compliant, US manufacturing, domestic content, FERC compliant. So really, an excellent product, and we are going to be selling and marketing this very aggressively. And we expect this to make a dent. As far as what you've said, we are also seeing the same thing. Some of our residential installers are also considering getting into the small commercial solar opportunities because that is a more stable market right now.

微型逆變器的優點是相同的，卓越的可靠性、卓越的熱性能、符合快速關機要求、美國製造、國內內容、符合聯邦能源管理委員會 (FERC) 要求。這確實是一款優秀的產品，我們將非常積極地銷售和行銷它。我們期望此舉能帶來一些進展。就您所說的而言，我們也看到了同樣的事情。我們的一些住宅安裝商也在考慮進入小型商業太陽能市場，因為這是目前更穩定的市場。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Maybe just starting on the Q1 2026 outlook of $250 million. Can you provide any more detail on how you're sizing the expected decline in the US post-25D? So is that based on consultant forecasts, or I seem to recall you have a real-time feed of demand, and so are you seeing any change over the last few weeks now that it's presumably too late to secure the 25D credit?

也許只是從 2026 年第一季 2.5 億美元的預期開始。您能否提供更多細節，說明您如何估計美國 25 天後預計出現的衰退？那麼，這是基於顧問的預測，還是我記得您有即時的需求回饋，那麼您是否看到過去幾周有任何變化，因為現在可能已經太晚而無法獲得 25D 信貸了？

Yeah, I mean, we're not going to give you any numbers on that. We thought we would give you a preliminary look, and that look is $250 million. That's not guidance, but that's a preliminary look.

是的，我的意思是，我們不會給你任何關於這方面的數字。我們想給你一個初步的了解，這個了解需要 2.5 億美元。這不是指導，只是初步的看法。

The way our forecasting -- let me describe the forecasting process is we run a process in the company which is a rolling six-quarter forecasting, and we look at it on a monthly basis. So every month, the job of every sales guy is to go look at his accounts bottoms-up, talk to his customers, and then roll up the view for the headquarters, and then we have a meeting about it and decide what to do. So I'm not saying we have 100% certain view, but we usually understand the trends reasonably, and we can make some informed decisions, and that is how we decided to give you our preliminary look today.

我們的預測方式——讓我來描述一下預測過程，我們在公司中運行一個滾動的六個季度預測過程，我們按月查看它。因此，每個月，每個銷售人員的工作就是自下而上地查看他的帳戶，與他的客戶交談，然後向總部匯總視圖，然後我們開會討論並決定要做什麼。所以我並不是說我們有 100% 確定的觀點，但我們通常合理地了解趨勢，我們可以做出一些明智的決定，這就是我們今天決定向您提供初步看法的原因。

Got it. And then maybe just following up on that, on the battery side, can you comment on why in the Q4 guidance it's showing a 50-megawatt-hour drop? And then for the Q1 2026 outlook, recognizing it's preliminary, but is that based on the Q4 battery level, or is it assuming pickup market share gains tied to the 10C launch?

知道了。然後也許只是跟進一下，在電池方面，您能否評論一下為什麼第四季度指引顯示電池發電量下降了 50 兆瓦時？然後對於 2026 年第一季的展望，雖然這只是初步預測，但這是基於第四季度的電池水平，還是假設皮卡市場份額的增長與 10C 的推出有關？

Yeah, I think it's mainly a function of getting into 2026 with a healthy channel. That's it for the 140 to 160 guide. For Q1, we expect to do well in batteries. Batteries, we don't expect batteries to be impacted too much next year, and that is because the batteries are still in reasonable shape as far as 48E is concerned. The batteries have a much longer lease of life, and we are well positioned in batteries.

是的，我認為這主要是為了透過健康的管道進入 2026 年。這就是 140 至 160 的指南。對於第一季度，我們預計電池業務將表現良好。電池，我們預計明年電池不會受到太大影響，這是因為就 48E 而言，電池仍然處於合理狀態。電池的使用壽命更長，而且我們在電池領域佔據有利地位。

We have FERC compliance, we have domestic content. Our IQ Meter Collar is now qualified with 39 utilities, arguably similar to our leading competitors there. And we are able to cut costs of installations for backup quite significantly. We're very excited about the battery.

我們符合聯邦能源管理委員會 (FERC) 的規定，並且擁有國內內容。我們的 IQ Meter Collar 現已具備 39 種實用功能的資格，可以說與我們在該領域的主要競爭對手類似。而且我們能夠大幅削減備份安裝成本。我們對這款電池感到非常興奮。

The installation times are also pretty small. I'm talking physical installation time as compared to the third-generation battery. The only thing about the batteries is the tariffs are high, and we have not made any -- we have not increased prices. We have held the pricing. We want to gain more share there.

安裝時間也相當短。我說的是與第三代電池相比的實體安裝時間。關於電池的唯一問題是關稅很高，而我們沒有提高價格。我們已經維持了定價。我們希望在那裡獲得更多的份額。

The tariffs are high, and I described how we are going to improve the gross margins of batteries. I'm not going to go there again, but that's our strategy.

關稅很高，我描述了我們將如何提高電池的毛利率。我不會再去那裡，但這是我們的策略。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Just to follow up on that $250 million revenue number for 1Q, would you say that this is what you're expecting sell-through to be, or would you expect some destocking to continue in the first half of next year?

為了跟進第一季 2.5 億美元的收入數字，您是否認為這是您預期的銷售量，或者您是否預計明年上半年會繼續去庫存？

I would expect -- equilibrium there is what I would expect. I would expect maybe slightly higher, but it's too early for me to say.

我期望──那裡的平衡正是我所期望的。我預計可能會更高一些，但現在說還為時過早。

Slightly higher what?

稍微高一點什麼？

Yeah, sell-through slightly higher than $250 million.

是的，銷售額略高於 2.5 億美元。

Okay. And then, apologies if I just missed this, but with the prepaid lease structure that you've been talking about, that you're going to launch with partners, when should we expect an update with more detail? And with respect to safe harbor for this entity, should we think that it's going to be physical work test here, or would it be 5%? And if the latter, how would you and the partners go about forecasting annual demand for this product just given that there hasn't been great historical data to lean on?

好的。然後，如果我錯過了這一點，請原諒，但是對於您一直在談論的預付租賃結構，您將與合作夥伴一起推出，我們什麼時候可以期待更詳細的更新？關於該實體的安全港，我們是否應該認為這將是實體工作測試，或是 5%？如果是後者，那麼在沒有大量歷史資料可以依賴的情況下，您和合作夥伴將如何預測該產品的年需求量？

Yeah, I mean, that's a lot of loaded questions there. So quite simple, the prepaid lease will be announced by our partners, and we are not going to tell you an exact date. You'll see it when you see it. That's one, and hopefully in Q4. Yeah, hopefully in the current quarter.

是的，我的意思是，那裡有很多引導性問題。很簡單，預付租賃將由我們的合作夥伴宣布，我們不會告訴您確切的日期。當你看到它時你就會明白。這是其中之一，希望在第四季實現。是的，希望是在本季。

Number two is, again, too early for me to talk about safe harbor physical work test or 5%, but let me give you some general color. We are talking with all TPO partners about both forms. There was a misconception that Enphase will not do physical work tests and will do only 5% safe harbor. That is not true.

第二，現在談論安全港體力勞動測試或 5% 還為時過早，但讓我給你一些大致的介紹。我們正在與所有 TPO 合作夥伴討論這兩種形式。人們誤以為 Enphase 不會進行實體工作測試，只會進行 5% 的安全港測試。事實並非如此。

We do whatever the TPO partner wants and whatever the TPO partner is comfortable with. So options of physical work test, and I already described in detail when people use physical work tests and when people use 5%. So we work with our TPO partners, we work on both methods of safe harbor, and we plan to do that even with the TPO.

我們會做任何 TPO 合作夥伴想要的和 TPO 合作夥伴感到舒服的事情。因此，體力勞動測試有多種選擇，我已經詳細描述了人們何時使用體力勞動測試以及何時使用 5%。因此，我們與 TPO 合作夥伴合作，研究兩種安全港方法，甚至計劃使用 TPO 來做到這一點。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

I appreciate the early look into 1Q '26. I guess, my question is, are you expecting to have to take any further actions to reduce OpEx heading into that, and can you just give us some color around what kind of OpEx model you're considering for 2026 just given the uncertainty around how demand could ramp through the year?

我很欣賞對 2026 年第一季的早期觀察。我想，我的問題是，您是否預計需要採取進一步的措施來降低營運支出，並且考慮到全年需求如何增長的不確定性，您能否向我們介紹一下您正在考慮在 2026 年採用什麼樣的營運支出模式？

Yeah, I'd just point you to how we have managed OpEx again in the last two years of the downturn. So this quarter, for example, with almost half the revenue that we once had, we are talking about 49% gross margin. The OpEx was approximately 19% and 30% operating income, so we are laser-focused on operating income, laser-focused on operational excellence.

是的，我只是想向你指出在過去兩年的經濟低迷時期我們是如何再次管理營運支出的。以本季為例，我們的收入幾乎只有之前的一半，但毛利率卻達到了 49%。營運支出約佔營運收入的 19%，30%，因此我們專注於營運收入，專注於卓越營運。

So our run rate today is $80 million a quarter, non-GAAP. It is safe to say we are going to be looking at our expenses to trim down spending in order to track revenue. And it's also safe to say that we won't compromise on any innovation activity or anything that affects customers adversely.

因此，我們今天的運行率是每季 8000 萬美元（非 GAAP）。可以肯定地說，我們將審視我們的開支，削減支出，從而追蹤收入。並且可以肯定地說，我們不會在任何創新活動或任何對客戶產生不利影響的事情上妥協。

And then just my follow-up, if we can go back to the conversation around the PPL, Badri, I think you were saying that how Enphase is well suited to offer the O&M service. Can you just clarify, is that expected to be like an enhanced revenue stream for you guys, and if so, could you just kind of level set us on what that could look like in terms of margins or how much you could get?

然後我的後續問題是，如果我們可以回到有關 PPL 的對話，Badri，我想您說的是 Enphase 如何非常適合提供 O&M 服務。您能否澄清一下，這是否會為您帶來更大的收入來源？如果是的話，您能否大致說明一下利潤率是多少或您能獲得多少利潤？

Yeah, it is too early for me to talk about any numbers there, but the concept is quite simple. If the TPO partner uses our equipment, we are the best ones to do operations and maintenance. We have a very big data analytics team who basically looks at problems, identify trends, fix problems online, and if necessary send our field service technicians on site. There is a reason why our NPS is 77% with the call wait time of two minutes. So we are really the best.

是的，現在談論任何數字還為時過早，但這個概念非常簡單。如果TPO合作夥伴使用我們的設備，我們是最好的營運和維護方。我們擁有一支非常龐大的數據分析團隊，主要負責研究問題、識別趨勢、線上解決問題，並在必要時派遣現場服務技術人員到現場。我們的 NPS 為 77%，而呼叫等待時間為兩分鐘，這是有原因的。所以我們確實是最好的。

In our partnership with the TPOs, they find this one attractive. Like for example, in a market like Puerto Rico, for example. If we are able to come in and help in terms of O&M for batteries, that's something that TPOs would welcome, and similar opportunities elsewhere. So it also helps us to structure partnerships where we might offer incentives on the O&M too. So each TPO partnership is unique. We cannot generalize it, and at the same time it's too early for us to give you color on the numbers.

在我們與 TPO 的合作中，他們發現這一點很有吸引力。例如，在波多黎各這樣的市場。如果我們能夠介入並在電池的運作和維護方面提供幫助，那麼 TPO 將會非常歡迎，其他地方也會有類似的機會。因此，它也有助於我們建立合作夥伴關係，我們也可以在營運和維護方面提供激勵措施。因此，每個 TPO 合作夥伴關係都是獨一無二的。我們無法將其概括出來，同時現在給出具體數字還為時過早。

In addition, there is Solargraf as well. We have been in the design and proposal and permitting business. Solargraf has become very robust. We have worked on the platform for three years. We have a lot of installers using the platform, and we are building all of the TPO partners. They all can be accessed through the platform.

此外，還有 Solargraf。我們一直從事設計、提案和授權業務。Solargraf 已經變得非常強大。我們已經在這個平台上工作了三年。我們有許多安裝人員使用該平台，我們正在建立所有的 TPO 合作夥伴。所有這些都可以透過該平台存取。

Similarly, the PPL can be accessed through the platform and can be sold at the kitchen table by the installer. Of course, there is a lot of work that needs to happen for that, but we are there in order to do that work. The Solargraf integration, operations and maintenance, safe harbor support, and tax equity support on an as-needed basis. Those are the benefits that we offer.

同樣，PPL 可以透過平台訪問，並可由安裝人員在廚房餐桌上出售。當然，為此還有很多工作要做，但我們會努力完成這些工作。Solargraf 整合、營運和維護、安全港支援以及稅務公平支援（按需提供）。這些就是我們提供的福利。

Julien Dumoulin-Smith, BofA Securities.

Julien Dumoulin-Smith，美國銀行證券。

Look, maybe to follow up on this $250 million. Obviously, you guys are speaking to the year-over-year trends here. How do you think about that annualizing? What's the early expectation about the offsets here, right? Like be it PPL plus loan or what have you that would otherwise mitigate it, right?

瞧，也許可以跟進這 2.5 億美元。顯然，你們正在談論的是逐年趨勢。您如何看待年度化？對於這裡的抵消，早期的預期是什麼？就像 PPL 加貸款或其他可以減輕它的東西一樣，對嗎？

You describe it as a seasonal trend and an exacerbated seasonal trend of 1Q. But what's to suggest that that doesn't exist, right? I mean, if you adjust your Q1 2025 for the safe harbor, it looks like it's down almost 20%, which is kind of consistent with industry trends that are contemplated for the full year 2026. Can you speak to maybe the cadence of 2026, what you're seeing? You talk about these early strong developing trends on PPL. Is that supposed to mitigate in the back half of next year, for instance?

您將其描述為季節性趨勢，並且是第一季加劇的季節性趨勢。但有什麼顯示它不存在呢？對吧？我的意思是，如果根據安全港調整 2025 年第一季的數據，它看起來下降了近 20%，這與預計的 2026 年全年行業趨勢一致。您能談談您所看到的 2026 年的節奏嗎？您談到了 PPL 早期強勁的發展趨勢。例如，這種情況是否會在明年下半年緩解？

Yeah, I mean, it's impossible now for us to provide any quantification, but what we said is the following. We, in fact, said we are constructive on the balance of the year. We said there are three external drivers that support recovery. One is the power pricing, which you're aware is increasing by 5% this winter with additional increases expected in 2026. AI is going to make these increases even more.

是的，我的意思是，現在我們不可能提供任何量化的數據，但我們所說的是以下內容。事實上，我們表示，我們對今年的平衡持建設性態度。我們說過有三個外部驅動因素支持復甦。一是電價，您知道今年冬天電價將上漲 5%，預計 2026 年還會進一步上漲。人工智慧將進一步推動這項成長。

Second, the interest rates are declining, easing the affordability. I think there are multiple interest rate cuts expected for next year. Third is the PPL. New attractive financing solutions are entering the market to help offset the loss of the 25D, and really the PPL with the loan could help to offset the loss of the loan portion of the 25D. These drivers could enable a decent recovery in the second half. That's what we think. That's our view.

二是利率下降，購屋負擔能力下降。我認為明年預計會有多次降息。第三是PPL。新的有吸引力的融資解決方案正在進入市場，以幫助抵消 25D 的損失，而擁有貸款的 PPL 確實可以幫助抵消 25D 貸款部分的損失。這些驅動因素可能推動下半年經濟達到良好復甦。我們就是這麼想的。這是我們的觀點。

Then, in addition, we see several Enphase-specific revenue drivers. I'm very excited about the progress with the fourth-generation battery. 40% of our shipments in Q3 into the US belonged to the fourth generation. Installers are just getting their hands on and starting to install the product, and we are qualified now at 39 utilities with the Meter Collar. The Meter Collar is indeed a differentiated install because it reduces the cost of backup significantly.

此外，我們還看到了幾個 Enphase 特定的收入驅動因素。我對第四代電池的進展感到非常興奮。我們第三季向美國出口的電池中有 40% 屬於第四代電池。安裝人員剛開始安裝該產品，現在我們已獲得 39 家公用事業公司使用 Meter Collar 的資格。電錶環確實是一種差異化的安裝，因為它顯著降低了備份成本。

Next one, we are entering the 480-volt commercial market, which we didn't have, with IQ9 GaN microinverter, which we expect to ship in December, which is a couple of months from now. This is going for the ramp in '26, so that's Enphase-specific. Third is the strategic partnerships that we recently announced to capture the battery retrofit opportunity in Netherlands.

接下來，我們將透過 IQ9 GaN 微型逆變器進入我們之前沒有的 480 伏特商用市場，我們預計將於 12 月（也就是幾個月後）出貨。這是為了 26 年的斜坡，所以這是 Enphase 特有的。第三是我們最近宣布的策略夥伴關係，以抓住荷蘭的電池改造機會。

Fourth, our newest IQ EV Chargers, along with the bidirectional EV charger. The bidirectional EV charger alone is a game-changer. That is a beautiful way to do vehicle-to-home, which is backup, or home backup and vehicle-to-grid, which is grid services, with a very simple product, a collar and the charger. The charger has got three of our GaN microinverters in there. It's an 11-kilowatt charger tapped directly into the DC port of the car. We are working with a couple of OEMs there, and we will announce them when we get ready.

第四，我們最新的 IQ EV 充電器，以及雙向 EV 充電器。光是雙向電動車充電器就足以改變遊戲規則。這是一種實現車輛到家庭（即備份）或家庭備份和車輛到電網（即電網服務）的絕妙方式，只需一個非常簡單的產品、一個項圈和充電器即可。充電器裡有三個我們的 GaN 微型逆變器。它是一個 11 千瓦的充電器，可直接連接到汽車的直流連接埠。我們正在與那裡的幾家 OEM 廠商合作，準備好後我們會公佈消息。

Then the last one really is the most exciting one is our fifth-generation battery. I can't stop talking about it. Our fourth-generation battery uses a 64-amp-hour cell. Our fifth-generation battery is a 100-amp-hour cell. Energy density is 50% higher.

最後一個真正也是最令人興奮的是我們的第五代電池。我無法停止談論它。我們的第四代電池採用 64 安培小時的電池。我們的第五代電池是 100 安培小時的電池。能量密度高50%。

It's a very compact form factor. Although each modular unit is 5 kilowatt-hours, there can be four 5-kilowatt batteries, 20 kilowatt-hours, which can be stacked one on top of the other. It's got excellent serviceability, which means you never need to remove the entire battery off the wall. You can simply remove the battery at fault to replace either the battery management circuit or the microinverter. You can just simply do a swap.

它的外形非常緊湊。雖然每個模組單元為 5 千瓦時，但可以有四個 5 千瓦的電池，20 千瓦時，可以一個疊在另一個上面。它具有出色的可維護性，這意味著您無需將整個電池從牆上取下。您可以簡單地移除故障電池來更換電池管理電路或微型逆變器。您只需進行簡單交換即可。

So most important there, the system cost is going to drop a lot because our architecture helps us to reduce the cost significantly, and we are going to pass that cost onto the homeowner while maintaining our gross margin because the cost is low.

因此，最重要的是，系統成本將大幅下降，因為我們的架構幫助我們大幅降低成本，而且由於成本低廉，我們將把這筆成本轉嫁給房主，同時保持我們的毛利率。

Similar IQ9, for example. IQ9, the first flavor that we are releasing this December, it's for 427 watts. The next one that's coming is 548 watts. That'll come in the middle of the year. The 427-watt product, we are able to achieve the same dollar cost structure for 10% more wattage. So therefore, we expect to drive those costs continuously down, and also the more power for the microinverter, we do get more PTC.

例如類似IQ9。IQ9 是我們今年 12 月發布的第一款產品，功率為 427 瓦。即將推出的下一個是 548 瓦。這將在年中實現。對於 427 瓦的產品，我們能夠以增加 10% 的瓦數來實現相同的美元成本結構。因此，我們期望持續降低這些成本，而且微型逆變器的功率越大，我們獲得的 PTC 就越多。

So those all are going in the right direction. So there's a lot of Enphase-specific drivers. There are the three general market drivers. The combination, we see revenues growing in the back half.

所以，一切都朝著正確的方向發展。因此，有許多特定於 Enphase 的驅動程式。有三個一般的市場驅動因素。綜合來看，我們預計下半年營收將會成長。

Actually, a quick follow-up there if I can, just that response to the earlier comment. Just with respect to the battery in the Netherlands, can you comment a little bit aroun what the total opportunity is? Like how would you quantify the 475,000 households and the potential for battery retrofit? Like how would you begin to quantify that for '26, '27 in terms of the rate of adoption there?

實際上，如果可以的話，我會快速跟進一下，只是對之前的評論做出回應。就荷蘭的電池而言，您能否稍微評論一下整體機會是什麼？例如，您如何量化 475,000 戶家庭和電池改造的潛力？例如，您如何開始量化 26 年和 27 年的採用率？

I'm not going to quantify it right now, but I will tell you a way to think about it. It's 475,000 homes. If each of them were to get, let us say, a 7.5-kilowatt-hour battery, we're talking about 3 gigawatt-hours, I think. And then if you say there is only a 10% attach of that, you can do the math, and so it's significant. And what we need to do is make that 10% happen through strong partnerships, and that's not a done deal. It's not easy to do. 10% take rate is tough to do because customers have their own way of deciding what is good for them.

我現在不打算量化它，但我會告訴你一種思考它的方法。共有 475,000 戶家庭。如果他們每個人都得到一塊 7.5 千瓦時的電池，我想我們談論的就是 3 千兆瓦時。然後，如果您說其中只有 10% 的附加價值，您可以計算一下，因此它很重要。我們需要做的是透過強而有力的合作關係來實現這 10%，但這還不是板上釘釘的事。這並不容易做到。 10% 的接受率很難做到，因為客戶有自己的方式來決定什麼對他們有利。

What we need to do is VPP partnerships. One of the big drivers of demand there is a utility like the partnership that we announced, Essent paying consumers for their battery, paying consumers up to EUR122 a month for a battery, which is a 20-kilowatt-hour battery. I think that's a big deal. Programs like that can significantly reduce the payback, but they need to be with other utilities too. This is one utility. It is the largest utility, but it needs to be with the others too. So a lot more things coming there, but we are excited by this opportunity. It's a tremendous opportunity for us.

我們需要做的是VPP合作。推動需求成長的主要因素之一是像我們宣布的合作夥伴關係這樣的公用事業，Essent 向消費者支付電池費用，每月向消費者支付高達 122 歐元的電池費用，這是一個 20 千瓦時的電池。我認為這是一件大事。此類計劃可以顯著降低迴報，但它們也需要與其他公用事業結合。這是一個實用程式。它是最大的實用程序，但它也需要與其他實用程式一起。因此還有很多事情要做，但我們對這個機會感到興奮。這對我們來說是一個巨大的機會。

(Operator Instructions)

（操作員指示）

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Hi, this is David Benjamin on for Maheep. Thanks for taking our question. I know we talked about Europe. Can you talk a little bit about the international markets side? Specifically, in the past, there was some enthusiasm about Japan. Where does that stand today? Is there still a strong outlook there?

大家好，我是 Maheep 的 David Benjamin。感謝您回答我們的問題。我知道我們談論了歐洲。能談談國際市場方面嗎？具體來說，過去人們對日本有一些熱情。如今情況如何？那裡的前景仍然光明嗎？

Yeah, we introduced the product in Japan in April. That's when we introduced the product. We are very excited by that market. What is the driver there? Tokyo has got a mandate that all new construction needs to have solar.

是的，我們四月在日本推出了該產品。那時我們就推出了該產品。我們對這個市場感到非常興奮。那裡的司機是誰？東京已頒布法令，規定所有新建築都必須安裝太陽能。

And what's unique about Tokyo is small roofs of the order of 2 to 3 kilowatts, irregular sizes, shading, and therefore microinverter is really a beautiful opportunity. It is the best product for the Tokyo roofs. In fact, Japan has recognized that, and the homeowner gets an incentive for the microinverters, which is, I think, almost $0.13 a watt if I remember. So it's a big incentive.

東京的獨特之處在於屋頂很小，只有 2 到 3 千瓦，尺寸不規則，有遮陽作用，因此微型逆變器確實是一個絕佳的機會。它是東京屋頂的最佳產品。事實上，日本已經認識到了這一點，房主可以透過使用微型逆變器獲得獎勵，如果我沒記錯的話，這個獎勵大約是每瓦 0.13 美元。所以這是一個很大的激勵。

But all of you know that the Japanese market is slow to react. We have a great partner, our partner is ITOCHU, and now we are working with that partner to train a lot of installers. We are in the training phase. We are meeting with several of them. We have established an entity in Japan. We will have a big office there.

但大家都知道，日本市場的反應比較慢。我們有一個很棒的合作夥伴，我們的合作夥伴是伊藤忠商事，現在我們正在與該合作夥伴合作培訓大量安裝人員。我們正處於訓練階段。我們正在和其中幾位會面。我們在日本設立了實體。我們將在那裡設立一間大辦公室。

We will have approximately 10-plus people in Japan by early next year, so we are making all of the necessary investments there. We are making further a couple of more new products for Japan in order to support sunlight backup, which is a feature that they would like to do. So a lot more to come. The revenue growth will be slow and steady there, don't expect any hockey stick.

到明年年初，我們在日本將擁有約 10 多名員工，因此我們正在那裡進行所有必要的投資。我們正在為日本生產更多新產品，以支援陽光備份，這是他們想要的功能。未來還會有更多。那裡的收入成長將會緩慢而穩定，不要指望有任何曲棍球棒效應。

Similarly, in Australia, it's actually a great story. From July, there is a rebate from the government. It's very similar. It's not a tax credit, but it's a rebate, but it's similar to the 30% amount that we are used to in the US So that significantly reduces the cost of batteries. That is causing people to buy a lot more batteries than what they would.

同樣，在澳大利亞，這實際上是一個偉大的故事。從七月開始，政府會給予退稅。非常相似。這不是稅收抵免，而是一種退稅，但它與我們在美國習慣的 30% 的金額相似，因此大大降低了電池的成本。這導致人們購買比他們預期更多的電池。

The attach rate in Australia has gone from approximately 10% to 20% to 80% to 90%, and we are starting to see that in both our sell-through data and activations data. How are we reacting there? We just introduced the FlexPhase battery, which can do three-phase backup, which is required in Australia. FlexPhase battery also has got the ability to adjust the power according to DSO requirements.

澳洲的附加率已從大約 10% 上升到 20% 再到 80% 到 90%，我們開始在銷售數據和活化數據中看到這一點。我們對此有何反應？我們剛剛推出了 FlexPhase 電池，它可以進行三相備用，這是澳洲所要求的。FlexPhase 電池還具有根據 DSO 要求調整功率的能力。

Many of them originally felt the power of our battery was too high for Australia. That is a 5-kilowatt-hour battery. It's got 3.84 kilowatts of power, and that scales. So we now have options that can help them scale the power all the way, even half of that amount, and that is taken care of during commissioning of the battery for the newest three-phase battery.

他們中的許多人最初都覺得我們的電池功率對於澳洲來說太高了。那是一個5千瓦時的電池。它的功率為 3.84 千瓦，而且可以擴展。因此，我們現在有辦法幫助他們擴大電力規模，甚至擴大一半，而這在最新三相電池的調試過程中已經解決。

So we've introduced that new product in Q3. Now we are ramping up on that. Our teams are very excited. They are, in fact, right now at a trade show in Australia. In addition to that, we introduced our IQ8P product, which is IQ8P, a 480-watt AC. As the panels start to become more than 500 watts, our 384-watt AC product is no longer enough. Therefore, we introduced a 480-watt AC, and that's been received very well.

因此我們在第三季推出了該新產品。現在我們正在加大這方面的努力。我們的團隊非常興奮。事實上，他們現在正在澳洲參加一個貿易展。除此之外，我們也推出了我們的IQ8P產品，也就是IQ8P，一款480瓦的交流電。隨著太陽能板的功率開始超過 500 瓦，我們的 384 瓦交流產品已經不夠用了。因此，我們推出了 480 瓦的交流電，並且受到了熱烈歡迎。

We introduced our latest IQ EV Chargers there, and now we are planning to introduce hot water heater capabilities, so they have the entire ecosystem. It's one system. It can be Enphase solar, Enphase battery, Enphase EV chargers, hot water capability. It's a complete system. So we are very excited. We hope to make a dent there shortly.

我們在那裡推出了最新的 IQ EV 充電器，現在我們正計劃推出熱水器功能，因此他們擁有整個生態系統。這是一個系統。它可以是 Enphase 太陽能、Enphase 電池、Enphase EV 充電器、熱水功能。這是一個完整的系統。所以我們非常興奮。我們希望很快能取得進展。

And then I know there's also a lot of enthusiasm around balcony solar. Is there any still continuing to see that growth in that product?

我還知道，人們對陽台太陽能也非常熱衷。該產品是否仍持續保持成長動能？

Yeah, balcony solar, we just introduced the product. We've had some hiccups in balcony solar, and we resolved all of them. We are ready to ramp again. We are going to be introducing several variants of that product, more focused towards the end consumer.

是的，陽台太陽能，我們剛剛推出了產品。我們在陽台太陽能方面遇到了一些問題，但我們已全部解決。我們已準備好再次提升。我們將推出該產品的幾種變體，更加專注於最終消費者。

B2C is an area where we need to learn a little bit more, and we are doing exactly that. We are launching an e-commerce team. We are doing aggressive things there. We hope to ramp on that throughout 2026.

B2C 是我們需要更多學習的一個領域，而我們正在這樣做。我們正在組建一個電子商務團隊。我們在那裡採取了激進的行動。我們希望在 2026 年實現這一目標。

Vikram Bagri, Citi.

花旗銀行的 Vikram Bagri。

Badri, I wanted to understand the framework to think about 2026 revenues or outlook. Historically, previously, you've mentioned that installs in the US may be down 20% year on year, but when I look at the inventory reduction in third quarter (technical difficulty) million dollars and potentially more inventory reduction in the first quarter of next year. It seems like you're preparing for a 25% to 30% decline in installs from an inventory reduction standpoint. Is that, one, my understanding of inventory reduction right?

巴德里，我想了解思考 2026 年收入或前景的框架。從歷史上看，之前您曾提到美國的安裝量可能同比下降 20%，但當我看到第三季度的庫存減少（技術難度）數百萬美元，並且明年第一季的庫存減少可能更多。從庫存減少的角度來看，您似乎正在為安裝量下降 25% 到 30% 做準備。第一，我對減少庫存的理解對嗎？

Two, do you know more about the outlook today than you did before that's why the inventory destocking is so high? Or there is conservatism in that inventory adoption? And then finally, is it a function of new product launches, so you're creating the channel? I'm trying to compare what you've said historically about decline in US residential installs year on year versus the magnitude of the reduction you're looking for in the channel inventory.

第二，您是否比以前更了解今天的前景，這就是為什麼庫存去庫存如此之高？或者庫存採用中存在保守主義？最後，這是新產品發布的功能嗎，所以您正在建立管道？我試圖將您所說的美國住宅安裝量逐年下降的歷史情況與您在渠道庫存中尋找的減少幅度進行比較。

Right. If anybody tells you that they know what is going to happen in Q1, they're wrong. You know that, not many people know. But what we gave you is a preliminary view of our number, $250 million. However, you should think about historically Q1 has been down even for a normal -- let's say there is no 25D happening, Q1 is historically down by 15% as compared to the prior quarter Q4. This time, there is additional pressure from 25D. So the industry as a whole expects anywhere between 20% and 30% reduction in the overall market, and those are ranged numbers because different folks believe different things.

正確的。如果有人告訴你他們知道第一季會發生什麼，那他們就錯了。你知道這一點，但知道的人不多。但我們給您的只是我們對數字的初步估計，即 2.5 億美元。然而，您應該考慮一下歷史上第一季的下滑情況，即使在正常情況下——假設沒有發生 25D，第一季的歷史數據與上一季第四季相比也下降了 15%。這次，25D 又帶來了額外的壓力。因此，整個產業預計整體市場將下降 20% 到 30%，而這些數字並不固定，因為不同的人持有不同的看法。

But the reduction comes from one thing, the reduction comes from the fact that the cash and the loan market are the ones to see the decline because for them, the 25D 30% tax credit is going away. That is why financing structures, financing solutions like the prepaid lease with the loan can alter that trajectory and alter that assumption. So right now, we are assuming that Q1 will be stressed, but the numbers we have seen on the prepaid lease with the loan make us believe that a portion of the loan market, which was thought to be gone, has got a good chance to come back.

但減少的原因只有一個，那就是現金和貸款市場將會下滑，因為對它們來說，25D 30% 的稅收抵免即將消失。這就是為什麼融資結構、融資解決方案（如貸款預付租賃）可以改變這一軌跡並改變這一假設。因此，目前，我們假設第一季將面臨壓力，但我們看到的預付租賃貸款數據讓我們相信，一部分被認為已經消失的貸款市場有很好的機會回歸。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to Badri Kothandaraman for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給 Badri Kothandaraman，請他做最後發言。

Thank you for joining us today and for your continued support of Enphase. We look forward to speaking with you again next quarter. Bye.

感謝您今天加入我們並繼續支持 Enphase。我們期待下個季度再次與您交談。再見。

And ladies and gentlemen, the conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

女士們、先生們，會議現已結束。我們非常感謝您參加今天的演講。現在您可以斷開線路了。