Enphase Energy, Inc. (ENPH) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to Enphase Energy's second quarter 2026 financial results conference call. (Operator Instructions) Please also note, this event is being recorded. At this time, I'd like to turn the floor over to Zach Freedman with Enphase. Please go ahead.

各位下午好，歡迎參加 Enphase Energy 2026 年第二季財務業績電話會議。(接線員指示) 另外請注意，本活動將被錄音。現在，我想把會議交給 Enphase 的 Zach Freedman。請開始。

Good afternoon, and thank you for joining us on today's conference call to discuss Enphase Energy's second 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.

各位下午好，感謝各位參加今天的電話會議，討論 Enphase Energy 2026 年第二季業績。今天與會者包括：我們的總裁兼執行長 Badri Kothandaraman；財務長 Mandy Yang；以及產品長 Raghu Belur。

After the market closed today and Phase issued a press release announcing the results for its second quarter ended June 30, 2026. 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, the 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 TPL market, the timing of new product introductions and enhancements to existing products and regulatory tax tariff and supply chain matters.

今天收盤後，Enphase 發布新聞稿，公布截至 2026 年 6 月 30 日止第二季的業績。在本次電話會議中，Enphase 管理層將作出前瞻性陳述，包括但不限於與我們預期未來財務表現、市場趨勢、我們技術與產品的能力及其對屋主與安裝商的效益、我們的營運（包括製造、客戶服務以及供需）、既有與新市場（包括 TPL 市場）的預期成長、新產品推出時程與既有產品的強化，以及法規、稅務、關稅與供應鏈相關事項等。

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.

這些前瞻性陳述涉及重大風險與不確定性，我們的實際結果及事件發生的時間點可能與上述預期有重大差異。如需更完整的風險與不確定性討論，請參閱我們最近向美國證券交易委員會（SEC）提交的 Form 10-K 與 10-Q。

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. 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 arches.

我們提醒各位不要過度依賴前瞻性陳述；因新資訊、未來事件或預期變化而更新任何前瞻性陳述，我們不承擔任何責任或義務。另外請注意，除非另有說明，本次電話會議所使用的財務衡量指標均以非 GAAP 基礎表達，並已調整以排除某些項目。

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.

我們已在隨同向 SEC 以 Form 8-K 提供的財報新聞稿中，提供這些非 GAAP 財務衡量指標與 GAAP 財務衡量指標之間的調節表；該資料亦可在我們網站的投資人關係（Investor Relations）專區查閱。

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 Badri Kothandaraman。Badri？

Good afternoon, and thank you for joining us today to discuss our second quarter 2026 financial results. We reported quarterly revenue of $291.9 million shipped 1.59 million microinverters and 113.8 megawatt hours of batteries and generated free cash flow of $25.9 million. Our Q2 revenue included $84.3 million of safe harbor revenue. We exited the quarter with channel inventory normal for batteries and slightly elevated for microinverters.

各位下午好，感謝各位今天加入我們，一同討論 2026 年第二季財務業績。我們本季營收為 2.919 億美元，出貨 159 萬台微型逆變器與 113.8 兆瓦時的電池，並產生 2,590 萬美元的自由現金流。我們第二季營收包含 8,430 萬美元的 safe harbor 營收。本季結束時，通路庫存方面：電池維持正常，微型逆變器略為偏高。

On a GAAP basis, we delivered gross margin of 60%, operating expense of 42.3% and operating income of 17.7%, all as a percentage of revenue. On a non-GAAP basis, we delivered gross margin of 46.8% operating expense of 27.3% and operating income of 19.4%, all as a percentage of revenue. Mandy will cover the financials later in the call.

以 GAAP 基礎計算，我們的毛利率為 60%，營業費用為營收的 42.3%，營業利益為營收的 17.7%。以非 GAAP 基礎計算，我們的毛利率為 46.8%，營業費用為營收的 27.3%，營業利益為營收的 19.4%。Mandy 將在稍後說明財務細節。

Our Global Customer Service NPS was 80% in the second quarter as compared to 82% in the first quarter. Our average call wait time remained approximately two minutes. We also made our AI assistant available to 1.5 million homeowners worldwide. This gives our customers faster access to personalized system-specific support and making their energy systems easier to understand and manage ultimately reducing the number of costs. That's our operations.

第二季我們的全球客戶服務 NPS 為 80%，第一季為 82%。我們的平均來電等待時間仍約為兩分鐘。我們也將 AI 助理提供給全球 150 萬名屋主使用。這讓客戶能更快速取得個人化、與其系統相關的支援，使其能源系統更容易理解與管理，最終降低來電數量與成本。以上是我們的營運概況。

In the second quarter, we shipped approximately 1.58 million US means micro inverters and battery inverters from our Texas and South Carolina manufacturing facilities and booked the associated 45 times production tax credits. We also shipped 43-megawatt hours of IQ batteries from our Texas facility in the second quarter. We offer IQ batteries that meet domestic content and FAC requirements, helping lease and PPA customers quality for a [ITC] bonus.

第二季，我們從德州與南卡羅來納州的製造基地出貨約 158 萬台美國製造的微型逆變器與電池逆變器，並認列相關的 45X 生產稅額抵免。第二季我們也從德州工廠出貨 43 兆瓦時的 IQ 電池。我們提供符合國內含量（domestic content）與 FAC 要求的 IQ 電池，協助租賃與 PPA 客戶符合取得 [ITC] 加碼（bonus）的資格。

Let's now cover revenue and regional performance. Our global Q2 revenue increased 3% compared to Q1. Our global sell-through was approximately flat as compared to Q1 as growth in Europe offset the softness in the US. Our revenue mix was 78% from the US and 22% from international markets.

接下來說明營收與各區域表現。我們第二季全球營收較第一季成長 3%。我們的全球終端銷售（sell-through）相較第一季大致持平，歐洲的成長抵銷了美國市場的疲弱。我們的營收組合為：美國 78%，國際市場 22%。

In the US, revenue declined 3% sequentially. The Safe harbor revenue increased to $84.3 million in Q2 as compared to $34.5 million in Q1. Excluding safe harbor revenue, the US revenue declined primarily due to us under shipping into the channel. Our US sell-through in Q2 decreased 7% as compared to -- excluding onetime orders in Q1 that did not recur in Q2, the sell-through was approximately flat sequentially.

在美國，營收季減 3%。第二季 safe harbor 營收增至 8,430 萬美元，第一季為 3,450 萬美元。若排除 safe harbor 營收，美國營收下滑主要是因為我們對通路的出貨量低於通路需求。我們第二季美國終端銷售較第一季下降 7%；若排除第一季未在第二季重複發生的一次性訂單，終端銷售季比約為持平。

Our Q2 '26 sell-through declined 34% as compared to one year ago. In Q2 '25, reflecting continued pressure from higher interest rates and transition following the expiration of the '25 tax credit. Third-party market reports suggest that the broader US residential solar market has stabilized with the industry-wide permits in June, increasing 4% from May and upstream sales activity rising 5%.

我們 2026 年第二季的終端銷售較一年前下降 34%。相較之下，2025 年第二季仍受到較高利率的持續壓力，以及在 2025 年稅額抵免到期後的轉換影響。第三方市場報告顯示，更廣泛的美國住宅太陽能市場已趨於穩定：6 月全產業許可證數量較 5 月增加 4%，上游銷售活動增加 5%。

Both remain about 30% below prior year levels. Higher electricity cost markets are performing better, while several Sunbelt states remain under pressure. The stronger industry-wide signals are for storage and commercial solar. National residential battery attachment remains near 40% with materially higher levels in key markets.

但兩者仍較去年同期低約 30%。電價較高的市場表現較佳，而多個陽光帶（Sunbelt）州仍承受壓力。產業層面較強的訊號來自儲能與商用太陽能。全國住宅電池搭載率仍接近 40%，在關鍵市場則顯著更高。

While the US commercial solar permit activity increased 36% year-on-year in June. Taken together, these third-party data points suggest that the next phase of US market growth will be shaped by storage economics, the commercial demand, financial availability and utility rates.

同時，美國商用太陽能許可證活動在 6 月年增 36%。綜合這些第三方數據點顯示，美國市場下一階段的成長將由儲能經濟性、商用需求、融資可得性以及公用事業電價所形塑。

In Europe, our revenue increased 35% and sequentially in the second quarter, while sell-through grew 30%, with strong performance across both solar and batteries in multiple markets. The growth was supported by higher power prices as well as accelerating battery adoption. As we have discussed, Europe is increasingly becoming a battery led market. As sales consumption dynamic tariffs and VPPs gain importance. The company that owns the battery relationship is well positioned to expand over time into the broader home energy system, including solar, EV charging and BP.

在歐洲，我們第二季營收季增 35%，終端銷售成長 30%，在多個市場的太陽能與電池皆有強勁表現。成長動能來自較高的電價以及電池採用加速。如我們先前所述，歐洲正日益成為以電池為主導的市場。隨著動態電價與 VPP（虛擬電廠）的重要性提升。掌握電池客戶關係的公司，將更有利於隨時間擴展至更廣泛的家庭能源系統，包括太陽能、電動車充電與 BP。

In the Netherlands, our battery activations increased approximately 102% from the first quarter as rising export penalties and the planned phaseout of net metering at the end of 2026 strengthen self consumption. In France, lower feed-in tariffs are similarly shifting the market towards full consumption and driving greater interest in batteries, particularly with new solar installations. The battery activations in France increased approximately 34% sequentially.

在荷蘭，隨著出口罰則上升以及計畫於 2026 年底逐步取消淨計量（net metering），自用（self-consumption）趨勢增強，我們的電池啟用量較第一季增加約 102%。在法國，較低的躉購費率（feed-in tariffs）同樣使市場轉向以自用為主，並推動對電池的更高興趣，尤其是在新太陽能裝置案中。法國的電池啟用量季增約 34%。

In Germany, the growth was broad-based with both Microinverter and Battery activations increasing approximately by 35% and 27%, respectively. We are intensifying our focus on battery retrofits in both Netherlands and France, where we have a combined installed base of nearly 900,000 Enphase customers. Building on the success of our initial programs, we have increased the cadence of homeowner events and direct marketing campaigns.

在德國，成長面向廣泛，微型逆變器與電池啟用量分別增加約 35% 與 27%。我們正加強聚焦於荷蘭與法國的電池加裝（retrofit）市場，兩地合計已安裝基礎接近 90 萬名 Enphase 客戶。在初期方案成功的基礎上，我們已提高屋主活動與直接行銷活動的頻率。

Our newly established inside sales team supported by an improved lead management platform is helping convert this demand into revenue. We also showcased our fifth generation battery Intersolar Munich, where customer feedback was positive, and we expect initial shipments before the end of this year.

我們新成立的內部銷售團隊，在升級後的潛在客戶管理平台支援下，正協助將這些需求轉化為營收。我們也在 Intersolar Munich 展示了第五代電池，客戶回饋正面，並預期在今年年底前開始初期出貨。

Let's now discuss our outlook for the third quarter. We expect revenue of $290 million to $320 million representing approximately 5% growth at the midpoint. Our Q3 revenue guidance includes approximately $75 million of safe harbor revenue. We are currently over 70% booked to the midpoint of our guidance.

接下來我們討論第三季展望。我們預期營收為 2.90 億至 3.20 億美元，以中位數計約成長 5%。我們第三季營收指引包含約 7,500 萬美元的 safe harbor 營收。目前我們已達到指引中位數超過 70% 的預訂量。

We expect global sell-through in Q3 to increase 10% as compared to Q2. Distributors remain cautious amid broader macroeconomic uncertainty, including interest rates and our guidance assumes modest under shipment relative to sell-through.

我們預期第三季全球終端銷售（sell-through）將較第二季增加 10%。在更廣泛的總體經濟不確定性（包括利率）下，經銷商仍保持謹慎，而我們的指引假設出貨量相對於終端銷售將略為不足。

For Batteries, we expect shipments between 130 to 150-megawatt hours as momentum continues to build in both US and Europe. As reciprocal tariffs have moderated somewhat we reduced battery pricing in late March, and we expect to take further targeted pricing actions as necessary to improve system economics and support demand.

在電池方面，隨著美國與歐洲的動能持續增強，我們預期出貨量介於 130 至 150 兆瓦時。由於對等關稅已有所緩和，我們在 3 月下旬下調了電池定價，並預期將視需要採取進一步的精準定價措施，以改善系統經濟性並支撐需求。

Turning to safe harbor. We have executed year-to-date agreements with third-party owners, totaling approximately $1.1 billion, $202 million under the 5% ITC safe harbor method and $878.6 million under the physical work test beginning of construction method. These agreements provide two important benefits. They secured meaningful multiyear volume for our Microinverter and accessory business. And second, they create a strong foundation for future battery attached opportunities as these systems are installed from 2028 through 2030.

接著談 safe harbor。我們今年迄今已與第三方業主簽署協議，總額約 11 億美元，其中依 5% ITC safe harbor 方法為 2.02 億美元，依「實體施工測試／開工」方法為 8.786 億美元。這些協議帶來兩項重要效益。第一，它們為我們的微型逆變器與配件業務鎖定了具規模的多年期出貨量。第二，隨著這些系統將於 2028 至 2030 年間安裝，它們也為未來電池搭配（battery attached）機會奠定了堅實基礎。

Moving to financing. The Propel is entering a new phase of growth. Just to remind you, Propel is a TPO offering from SolSource Solutions that combines Enphase equipment, financing - loan financing provided by Tribine Financial through the concert finance platform and national distribution through GreenTech renewables. Purpose-built for the long tail of installers Propel has expanded from fourth stage to sixth stages with recent launches in Pennsylvania and Colorado and plans to reach a total of 12 states during the third quarter.

接著談融資。Propel 正進入新的成長階段。提醒一下，Propel 是 SolSource Solutions 的 TPO 方案，結合 Enphase 設備與融資——貸款融資由 Tribine Financial 透過 Concert Finance 平台提供——並透過 GreenTech Renewables 進行全國性通路分銷。Propel 為安裝商長尾市場量身打造，近期在賓夕法尼亞州與科羅拉多州上線後，已從第四階段擴展至第六階段，並計畫在第三季覆蓋合計 12 個州。

Installer participation has grown to about 290. Propel originations are running at approximately 200 per week with battery attachment at roughly 75%. We expect this will begin to grow again as installers in new states start to ramp up. SolSource is targeting 500 originations per week by the end of the year and scaling by securing sufficient warehousing capacity and tax credit buyers.

參與的安裝商數量已成長至約 290 家。Propel 的核貸／承作量（originations）目前約每週 200 件，電池搭配率約 75%。我們預期隨著新州的安裝商開始放量，這將再次成長。SolSource 目標在年底前達到每週 500 件承作量，並透過確保足夠的倉儲能力與稅額抵免買方來擴大規模。

In today's higher interest rate environment, Propel offers homeowners and installers, a compelling alternative to conventional solar loans and can help restore a meaningful portion of the cash and loan market affected by the 25D expiry.

在當前較高利率環境下，Propel 為屋主與安裝商提供相較傳統太陽能貸款更具吸引力的替代方案，並可協助恢復因 25D 到期而受影響的現金與貸款市場中相當一部分的需求。

Let's talk about products, starting with IQ batteries. We showcased our fifth generation IQ battery G5 at Intersolar Munich in June, where it received a strong response, built from stackable AC coupled 5-kilowatt hour modules that can scale up to 30-kilowatt hours in one stack, the G5 uses 100 prismatic cells and is designed to deliver 50% higher energy density than our fourth-generation battery at roughly 40% lower cost per kilowatt hour.

接著談產品，先從 IQ 電池開始。我們於 6 月在 Intersolar Munich 展示第五代 IQ Battery G5，反應熱烈。G5 由可堆疊的 AC 耦合 5 kWh 模組構成，單一堆疊可擴充至 30 kWh；G5 採用 100 顆方形（prismatic）電芯，設計目標是在每 kWh 成本約降低 40% 的同時，較第四代電池提供高出 50% 的能量密度。

When shipments begin in the fourth quarter of 2026, we believe the IQ Battery G5 will stand out as one of the few truly stackable AC-coupled battery platforms in the market. Its combination of lower cost, flexible sizing, strong performance, high quality, high serviceability should make it highly competitive across the US, Europe and Australia.

當 2026 年第四季開始出貨時，我們相信 IQ Battery G5 將成為市場上少數真正可堆疊的 AC 耦合電池平台之一。其低成本、彈性容量配置、強勁效能、高品質與高可維修性的組合，應可使其在美國、歐洲與澳洲具備高度競爭力。

We are also making good progress on our commercial battery called IQ Bolt targeted for both Phase III and 480-volt market. The first product called IQ Volt 80 is an 80-kilowatt hour battery. Again, 3 Phase 480 and 208-volt with 40 kilowatts of continuous power, basically, it is a 2-hour battery,

我們在商用電池 IQ Bolt（鎖定第三期與 480 伏市場）方面也取得良好進展。首款產品 IQ Volt 80 為 80 kWh 電池。同樣支援三相 480 伏與 208 伏，連續輸出功率 40 kW；基本上是一款 2 小時電池。

Each outdoor cabinet uses five fields are visible, 16 kilowatt-hour SP modules built with [314 Npower] prismatic cells and up to 25 cabinets can scale the system to 2-megawatt house. The 480-volt prephase configuration is designed for a larger commercial building, while the 28 World 3-phase configuration will address small commercial and multifamily properties including applicable California projects driven by title 24 requirements.

每個戶外機櫃使用五個欄位可見的 16 kWh SP 模組，採用 [314 Npower] 方形電芯；最多 25 個機櫃可將系統擴充至 2 MWh。480 伏三相配置設計用於較大型商用建築，而 208 伏三相配置將涵蓋小型商用與多戶住宅物件，包括由加州 Title 24 規範要求所驅動的相關專案。

The distributed architecture provides module-level fire suppression and is designed for self-consumption peak shaving, time of use, BPP and backup. We have completed the functional system demonstration in the last quarter, and we expect to open three orders soon with initial shipments planned for Q1 '27.

分散式架構提供模組級消防抑制，並設計用於自用、削峰、分時電價（TOU）、BPP 與備援。我們已在上一季完成系統功能展示，並預期很快開放預訂，初期出貨規劃於 2027 年第一季。

Turning to Microinverters. We launched our GaN-based IQ 9 and residential Microinverter across the US and key European markets in June followed by Australia and New Zealand earlier this month. We are also gaining traction in the US commercial market with several promising national opportunities advancing with large retail customers.

接著談微型逆變器。我們於 6 月在美國及歐洲主要市場推出採用 GaN 的 IQ 9 與住宅用微型逆變器，並於本月稍早在澳洲與紐西蘭跟進上市。我們在美國商用市場也正取得進展，與多家大型零售客戶推進中的全國性機會展現良好前景。

During the second quarter, we began shipping the IQ9S-3P microinverter, our highest power Microinverter till date 548-watt based on gallium nitride game for 48-volt systems. This is designed to support solar panels up to 770 watts. With US manufacturing domestic content eligibility and FOP compliant products, we believe our commercial business is well positioned for continued growth.

在第二季期間，我們開始出貨 IQ9S-3P 微型逆變器，這是我們迄今功率最高的微型逆變器，為 548 瓦，採用氮化鎵（GaN），用於 48 伏系統。其設計可支援最高 770 瓦的太陽能板。憑藉美國製造的國產含量資格與符合 FOP 的產品，我們相信商用業務已具備持續成長的良好定位。

We recently opened preorders for our Smart Thermostat a new control point for the Enphase Energy system. By bringing HVAC into the system, Enphase can optimize one of the homes largest energy loads alongside solar and batteries to improve savings resume backup capacity and support VPP. The integrated display on the device also gives homeowners a simple way to view their solar, battery and home power live from inside the home. We expect shipments next month.

我們近期開放 Smart Thermostat 的預購，這是 Enphase Energy 系統的一個新控制節點。透過將 HVAC 納入系統，Enphase 可與太陽能與電池協同最佳化住家最大的能源負載之一，以提升節省、恢復備援容量並支援 VPP。裝置上的整合式顯示器也讓屋主能在家中輕鬆即時查看太陽能、電池與家用用電狀態。我們預期下個月出貨。

Moving on to EV charging. We are making strong progress on the DC-based IQ bidirectional EV charger, which we showcased at Intersolar Munich, built on our GaN power platform, this is designed to support both 400 World DC and 800 World-based EV architectures and deliver up to 11.5 kilowatts of bidirectional power.

接著談電動車充電。我們在以直流為基礎的 IQ 雙向 EV 充電器方面進展強勁，並已在 Intersolar Munich 展示。該產品建構於我們的 GaN 功率平台之上，設計可同時支援 400 伏 DC 與 800 伏架構的電動車，並提供最高 11.5 kW 的雙向功率。

I sold standard 15-118-20 enablers standardized communication between the vehicle and the charger while our expertise in utility interconnection, grid code compliance and distributed energy management supports B2C backup V2G and use cases like green charging.

ISO 標準 15118-20 使車輛與充電器之間的通訊標準化；同時，我們在公用事業併網、電網規範（grid code）合規與分散式能源管理方面的專長，可支援 B2C 備援、V2G，以及如綠電充電等使用情境。

We are collaborating with three leading automotive OEMs in the US and one in Europe with additional engagements underway. Subject to the successful completion of applicable compliance testing, we expect to begin pilot shipments in the fourth quarter alongside vehicle launches from one US OEM and one European OEM.

我們正與美國三家領先的汽車 OEM 以及歐洲一家 OEM 合作，並有更多合作洽談進行中。在成功完成相關合規測試的前提下，我們預期將於第四季開始試點出貨，並與一家美國 OEM 與一家歐洲 OEM 的新車上市同步。

Finally, let me provide a more detailed update on our IQ Solid-State Transformer or IQ SST. The rapid build-out of Air infrastructure is reshaping data center power architecture as rack densities rise from approximately 150 kilowatts today towards 1 megawatt and beyond. Delivering power at that case will require a more fundamental will require a fundamentally more efficient, responsive and reliable way to move medium-voltage power directly to the compute rack.

最後，我提供關於 IQ 固態變壓器（IQ Solid-State Transformer，或 IQ SST）的更詳細更新。AI 基礎設施的快速建置正在重塑資料中心的供電架構，因為機櫃功率密度正從目前約 150 kW 提升至 1 MW 甚至更高。在那樣的規模下供電，將需要一種根本上更高效率、更具響應性且更可靠的方法，將中壓電力直接輸送至運算機櫃。

IQ SST is designed to meet that need by converting and 13.8 kV or 34.5 kV medium-voltage AC directly to 800 World DC through a modular single-stage architecture. At the core of the platform is our IQ SST power module, which utilizes our predictive control enabled by the custom silicon, GaN, which enables high-frequency switching and innovation in medium voltage transformer design.

IQ SST 的設計即是為滿足此需求：透過模組化的單級架構，將 13.8 kV 或 34.5 kV 的中壓交流電直接轉換為 800 伏直流電。該平台核心為 IQ SST 功率模組，運用我們由客製化矽晶片所支援的預測控制，以及 GaN，以實現高頻切換，並推動中壓變壓器設計的創新。

Built on more than 20 years' experience in distributed power electronics, we are targeting approximately 98.5% efficiency, [five] reliability and sub-millisecond response time. That response time is a key differentiator AI workloads can create rapid swings in power demand and IQ SST is designed to respond in real time to help stabilize the load as seen by the data center power system.

憑藉在分散式電力電子領域超過 20 年的經驗，我們的目標是約 98.5% 的效率、[五]級可靠性以及次毫秒級的反應時間。該反應時間是一項關鍵差異化因素——AI 工作負載可能造成電力需求的快速波動，而 IQ SST 的設計可即時回應，以協助穩定資料中心電力系統所看到的負載。

This could allow most of the energy storage to be centralized in a BESS located in the data centers black space rather than placed beside every compute track freeing up valuable white space. This configuration would utilize the send SST for the BESS, effectively doubling our data center opportunity.

這可能使大部分儲能得以集中於位於資料中心黑區（black space）的 BESS，而非放置在每一條運算機櫃列旁，從而釋放寶貴的白區（white space）。此配置將為 BESS 使用相同的 SST，等同於將我們在資料中心的機會加倍。

All customers that still require storage near the rack, the same platform can also support a DC, DC configuration that charges and discharges a local high C-rate battery to help manage dynamic AI loads. US manufacturing and a FIA-compliance supply chain add another important layer of differentiation. They give customers greater confidence in supply continuity, product traceability and the ability to deploy at scale without relying on restricted foreign entities.

對於仍需要在機櫃附近配置儲能的客戶，同一平台也可支援 DC-DC 配置，對本地高 C 倍率電池進行充放電，以協助管理動態 AI 負載。美國製造以及符合 FIA 規範的供應鏈，增添了另一層重要的差異化。這讓客戶對供應連續性、產品可追溯性，以及在不依賴受限制的外國實體情況下進行規模化部署的能力更具信心。

For hyperscalers and data center operators making long-lived infra decisions, we believe domestic manufacturing, resilient sourcing and a clear path to high-volume production can be as important as product performance. Our new and existing customer engagements continue to deepen. We have advanced a few of these opportunities to the RFI and RFP stages, representing potential demand totaling multiple gigawatts. These engagements are directly shaping our road map across power level input voltage footprint, cooling, battery connectivity and serviceability.

對於需要做出長期基礎設施決策的超大規模業者與資料中心營運商，我們認為國內製造、具韌性的採購，以及清晰的高產量量產路徑，可能與產品效能同等重要。我們與新舊客戶的合作洽談持續深化。我們已將其中幾項機會推進至 RFI 與 RFP 階段，代表的潛在需求合計達數個 GW。這些合作洽談正直接塑造我們在功率等級、輸入電壓、占地尺寸、散熱、電池連接與可維修性等方面的產品路線圖。

Importantly, we have been able to address evolving customer requirements without changing the fundamental IQ SSD power module underscoring the flexibility of our platform. We have also made substantial technical progress over the last three months towards a fully working system later this year.

重要的是，我們在不改變 IQ SSD 功率模組基本架構的情況下，便能滿足客戶不斷演進的需求，凸顯了我們平台的彈性。過去三個月，我們也在技術上取得重大進展，朝向今年稍晚實現完整可運作的系統邁進。

Our team has now grown to about 120 people. We have begun testing the second revision of the IQ SST power module and the results give us confidence that the next revision can become our production candidate. We have completed the build-out of our medium voltage lab and validated the medium voltage transformer design. We are now optimizing it for manufacturability and cost. This work has already generated meaningful IP, particularly around the transformer.

我們的團隊目前已成長至約 120 人。我們已開始測試第二版 IQ SST 功率模組，結果讓我們有信心下一版可成為量產候選版本。我們已完成中壓實驗室的建置，並驗證了中壓變壓器設計。目前正針對可製造性與成本進行最佳化。這項工作已產生具意義的智慧財產，尤其是在變壓器相關領域。

At the system level, our power modules are connected in series on the medium voltage input side and in parallel on the regulated 800 more DC output sites, managing stability and balancing power across the series stack are mission-critical. Through modeling and hardware experimentation, we have demonstrated that our proprietary control architecture can robustly manage the series stack and maintain balanced power across the modules.

在系統層級，我們的功率模組在中壓輸入端以串聯方式連接，在受控的 800V 以上 DC 輸出端以並聯方式連接；管理穩定性並在串聯堆疊中平衡各模組功率至關重要。透過建模與硬體實驗，我們已證明自有的控制架構能夠穩健地管理串聯堆疊，並維持各模組間的功率平衡。

Specifically, we have demonstrated a 15 IQ SST, our modules, operating in series and are now advancing the complete first-generation system including the thermal architecture, rack level controls and mechanical design. The first generation platform is designed to scale from 1.25 megawatts to 2.5 megawatts across 13.8 kV and 34.5 kV configurations.

具體而言，我們已展示 15 個 IQ SST 模組以串聯方式運作，並正推進完整的第一代系統，包括熱設計架構、機櫃層級控制與機構設計。第一代平台設計可在 13.8 kV 與 34.5 kV 配置下，從 1.25 兆瓦擴展至 2.5 兆瓦。

We remain on track for a fully working system later this year, customer pilots beginning in 2027 and commercial shipments in 2028. Beyond AI data centers, we are evaluating a broader applicability of the IQ SST platform across utility scale solar, storage and DC fast charging. In each of these markets, we believe IQ SST can connect directly to medium voltage JC, eliminating the need for a conventional transformer and simplifying the overall power architecture.

我們仍按計畫在今年稍晚實現完整可運作的系統，於 2027 年開始客戶試點，並於 2028 年進行商業出貨。除 AI 資料中心外，我們也在評估 IQ SST 平台於公用事業級太陽能、儲能與直流快速充電等領域的更廣泛適用性。在上述各市場中，我們相信 IQ SST 可直接連接至中壓 DC，免除傳統變壓器需求並簡化整體電力架構。

This can reduce the number of stages system complexity, footprint and cost while preserving the same core advantages of high efficiency, fast control and modular redundancy. While these applications are at an earlier stage, we believe that the same underlying platform can ultimately support a much broader set of power conversion markets.

這可減少級數、降低系統複雜度、占地與成本，同時保留高效率、快速控制與模組化冗餘等核心優勢。雖然這些應用仍處於較早階段，我們相信相同的底層平台最終可支援更廣泛的電力轉換市場。

Let me conclude. Our next phase of growth starts with residential energy systems. Across the US and Europe, IQ 9 Microinverters, our upcoming fifth generation battery and the IQ bidirectional EV charger significantly expand the value of the Enphase Home.

我做個總結。我們下一階段的成長將從住宅能源系統開始。在美國與歐洲，IQ 9 微型逆變器、我們即將推出的第五代電池，以及 IQ 雙向 EV 充電器，將大幅提升 Enphase Home 的價值。

Together, they position us to win new battery led systems, deepen engagement with our installed base and address stand-alone bidirectional EV charging. In the US, prepaid lease programs like Propel add an important financing lever to support that growth.

它們共同使我們能夠贏得新的以電池為核心的系統、深化與既有安裝客群的互動，並切入獨立式雙向 EV 充電需求。在美國，像 Propel 這類預付租賃方案提供了一項重要的融資槓桿，以支持該成長。

Beyond residential, we are expanding into small commercial energy systems. Our prephased Microinverter portfolio now spans both 208 volts and 480 volts applications. The IQ bought with the 80-kilowatt hour battery adds commercial storage and our EV charging portfolio broadens the opportunity further.

除住宅之外，我們也正擴展至小型商用能源系統。我們的預相位（prephased）微型逆變器產品組合目前涵蓋 208 伏與 480 伏兩種應用。搭配 80 千瓦時電池的 IQ 方案增加了商用儲能，而我們的 EV 充電產品組合則進一步擴大機會。

Together, these products give us the foundation for an integrated small commercial energy system spanning solar, batteries, EV charging, controls and energy management. The next frontier is data center infrastructure that we talked about with IQ SST and the same architecture can extend into utility scale solar, battery and high-power DC fast charging.

這些產品共同為我們奠定整合式小型商用能源系統的基礎，涵蓋太陽能、電池、EV 充電、控制與能源管理。下一個前沿是我們與 IQ SST 討論過的資料中心基礎設施，而相同架構也可延伸至公用事業級太陽能、電池以及高功率 DC 快速充電。

These markets require the same fundamental capabilities. Direct medium voltage connectivity high efficiency, fast control, modular redundancy, compact design and competitive system cost. Our expansion from residential to commercial to data centers and ultimately, to utility scale is built on the same core technology foundation.

這些市場需要相同的基本能力：直接中壓連接、高效率、快速控制、模組化冗餘、緊湊設計以及具競爭力的系統成本。我們從住宅到商用到資料中心，最終到公用事業級的擴張，皆建立在相同的核心技術基礎之上。

Single power conversion, custom silicon-enabled control high-frequency gas switching and innovation in transformer design. We believe this positions and face to compound growth across progressively larger markets while leveraging the same differentiated architecture. Technology and execution capabilities that establish our leadership in residential energy systems. With that, I will turn the call over to Mandy for her review of our financial results. Mandy?

單次功率轉換、客製化矽晶支援的控制、高頻 GaN 開關，以及變壓器設計創新。我們相信這使 Enphase 能在逐步更大的市場中實現複利式成長，同時沿用相同的差異化架構。這些技術與執行能力奠定了我們在住宅能源系統的領導地位。接下來我把電話交給 Mandy，請她回顧我們的財務結果。Mandy？

Thanks, Badri, and good afternoon, everyone. I will provide more details related to our second quarter of 2026 financial results as well as our business outlook for the third quarter of 2026. We have provided a reconciliation for this non-GAAP to save financial measures in our earnings release posted today, which can also be found in the IR section of our website.

謝謝你，Badri，各位下午好。我將提供更多與我們 2026 年第二季財務結果相關的細節，以及 2026 年第三季的業務展望。我們已在今日發布的財報新聞稿中提供此非 GAAP 與 GAAP 財務衡量指標的調節表，也可在我們網站的投資人關係（IR）專區找到。

Total revenue for Q2 was $291.9 million, received approximately 725.2 megawatts DC of micro inverters and 113.8 megawatt hours of IQ batteries. Above the high end of our battery guidance. Q2 revenue included $84.3 million of safe harbor revenue. As a reminder, we defined safe harbor revenue as any sales made to customers who plan to install the inventory over more than a year.

第二季總營收為 2.919 億美元，出貨約 725.2 兆瓦 DC 的微型逆變器，以及 113.8 兆瓦時的 IQ 電池。電池出貨高於我們指引區間的上緣。第二季營收包含 8,430 萬美元的 safe harbor 營收。提醒一下，我們將 safe harbor 營收定義為：銷售給計畫在一年以上期間內安裝該庫存的客戶之任何銷售。

Non-GAAP gross margin was 46.8% in Q2 compared to 43.9% in Q1. The gross margin was 60% in Q2 compared to 35.5% in Q1. The gross margin was positively impacted by 15.6 percentage points for the IEEPA tariff report received. Receivable tariffs negatively impacted gross margin by 2 percentage points in Q2.

第二季非 GAAP 毛利率為 46.8%，相較第一季的 43.9%。第二季毛利率為 60%，相較第一季的 35.5%。毛利率受到已收到的 IEEPA 關稅退還正向影響 15.6 個百分點。應收關稅在第二季對毛利率造成 2 個百分點的負向影響。

Non-GAAP operating expenses were $79.8 million for Q2 compared to $77 million for Q1. The increase was driven by higher investment in R&D spending. Sales operating expenses were $123.5 million for Q2 compared to $130 million for Q1. GAAP operating expenses for Q2 included $39.7 million of staff-based compensation expenses and $4 million of acquisition-related expenses and amortization, restructuring and asset impairment charges.

第二季非 GAAP 營業費用為 7,980 萬美元，相較第一季的 7,700 萬美元。增加主要由研發支出投資提高所帶動。第二季銷售營運費用為 1.235 億美元，相較第一季的 1.30 億美元。第二季 GAAP 營業費用包含 3,970 萬美元的員工股權酬勞費用，以及 400 萬美元的併購相關費用與攤銷、重整與資產減損費用。

On a non-GAAP basis, income from operations for Q2 was $56.7 million compared to $47.3 million for Q1. On a GAAP basis, income from operations was $51.5 million for Q2 compared to loss from operations of $29.6 million for Q1. On a non-GAAP basis, net income for Q2 was $61.5 million compared to $62.2 million for Q1. This resulted in non-GAAP diluted earnings per share of $0.46 for Q2. compared to $0.47 for Q1.

以非 GAAP 基礎計算，第二季（Q2）營業利益為 5,670 萬美元，較第一季（Q1）的 4,730 萬美元增加。以 GAAP 基礎計算，第二季營業利益為 5,150 萬美元，相較第一季營業損失 2,960 萬美元。以非 GAAP 基礎計算，第二季淨利為 6,150 萬美元，較第一季的 6,220 萬美元略低。因此，第二季非 GAAP 稀釋後每股盈餘為 0.46 美元，第一季為 0.47 美元。

Hemnet income for Q2 was $36.1 million compared to GAAP net loss of $7.4 million for Q1. This resulted in GAAP diluted earnings per share of $0.27 for Q2 compared to diluted loss per share of $0.06 for Q1. We exited Q2 with a total cash, cash equivalents and marketable securities balance of $937.7 million compared to $930.6 million at the end. In Q2, we generated $40.2 million in cash flow from operations and $25.9 million in free cash flow.

Hemnet 第二季淨利為 3,610 萬美元，相較第一季 GAAP 淨損 740 萬美元。因此，第二季 GAAP 稀釋後每股盈餘為 0.27 美元，相較第一季稀釋後每股虧損 0.06 美元。第二季結束時，我們的現金、約當現金及有價證券總餘額為 9.377 億美元，較期末的 9.306 億美元增加。第二季我們自營運活動產生 4,020 萬美元現金流，並產生 2,590 萬美元自由現金流。

Capital expenditure was $14.4 million for Q2 compared to $19.9 million for Q1. As of June 30, 2026, after monetizing the PTCs generated in 2025 and Q1 2026 we had approximately $193.5 million of PTCs on our balance sheet. This included $108.2 million related to US main micro inverters shipped to customers in 2024 and $85.2 million related to shipments in the first half of 2026. We elected to repay for the 2024 PTCs, which are expected to be refunded through our 2024 tax return filed in April 2025.

第二季資本支出為 1,440 萬美元，較第一季的 1,990 萬美元減少。截至 2026 年 6 月 30 日，在將 2025 年及 2026 年第一季產生的 PTC 變現後，我們資產負債表上約有 1.935 億美元的 PTC。其中包括與 2024 年出貨給客戶的美國本土微型逆變器相關的 1.082 億美元，以及與 2026 年上半年出貨相關的 8,520 萬美元。我們選擇就 2024 年的 PTC 進行償付，預計將透過我們於 2025 年 4 月申報的 2024 年度報稅表獲得退還。

However, we have limited visibility into the timing of receipt of the $108.3 million due to IRS processing. As a reminder, in March 2026, we revote our direct pay election. Going forward, we plan to sell PTCs on a regular basis to better align cash inflows with expenses. We expect these sales to be part of our normal course of business and the impact of this approach is included in our quarterly gross margin guidance.

然而，由於 IRS 的處理流程，我們對於收到 1.083 億美元的時間點能見度有限。提醒一下，2026 年 3 月，我們重新投票通過直接支付（direct pay）的選擇。展望未來，我們計畫定期出售 PTC，以更好地使現金流入與費用支出相匹配。我們預期這些出售將屬於正常營運範圍的一部分，而此作法的影響已納入我們每季毛利率指引中。

We announced a test credit transfer agreement to sell $150 million of PTCs generated in 2026 to a leading financial institution with four quarterly payments from April 2026 to January 2027. We received tariff refunds of approximately $41 million from US Customs and Border Protection, or CBP, in the second quarter with another $11 million received after the quarter end.

我們宣布一項稅額轉讓（tax credit transfer）協議測試，將出售 2026 年產生的 1.5 億美元 PTC 給一家領先的金融機構，並於 2026 年 4 月至 2027 年 1 月間分四季付款。第二季我們自美國海關與邊境保護局（CBP）收到約 4,100 萬美元的關稅退稅，並在季後又收到另外 1,100 萬美元。

Second quarter GAAP results were impacted by $52 million of which $45.4 million was recognized as an increase to gross profit, $1.6 million was recognized as GAAP interest income and $5 million was capitalized as a cost of inventory as of June 30, 2026. We have submitted additional refund claims that remain subject to CPP's review and validation.

第二季 GAAP 結果受到 5,200 萬美元影響，其中 4,540 萬美元認列為毛利增加、160 萬美元認列為 GAAP 利息收入，另有 500 萬美元於 2026 年 6 月 30 日資本化為存貨成本。我們已提交額外的退稅申請，仍需接受 CBP 的審查與驗證。

Now let's discuss our outlook for the third quarter of 2026. We expect Q3 revenue to be in the range of $290 million to $320 million, including shipments of $130 million to 150-megawatt hours of IQ batteries.

接下來我們談談 2026 年第三季的展望。我們預期第三季營收將落在 2.90 億至 3.20 億美元之間，其中包含 IQ 電池出貨 1.30 億至 1.50 億瓦時（MWh）。

For the remainder of 2026, we anticipate recognizing $136.2 million of safe harbor revenue with $75 million in Q3 and $61.2 million in Q4. We expected gross margin to be within a range of 42% to 45% in including approximately 2 percentage points of reciprocal tariff impact. We expect non-GAAP gross margin to be within the range of 44% to 47% including approximately 2 percentage points of reciprocal tariff impact.

在 2026 年剩餘期間，我們預期將認列 1.362 億美元的 safe harbor 營收，其中第三季 7,500 萬美元、第四季 6,120 萬美元。我們預期 GAAP 毛利率將落在 42% 至 45% 的區間，包含約 2 個百分點的對等關稅影響。我們預期非 GAAP 毛利率將落在 44% 至 47% 的區間，同樣包含約 2 個百分點的對等關稅影響。

Non-GAAP gross margin excludes stock-based compensation expenses and acquisition-related amortization. We expect our GAAP operating expenses to be within the range of $120 million to $124 million, including approximately $44 million estimated for stock-based compensation expenses, acquisition-related amortization and restructuring and asset impairment charges. We spend our non-GAAP operating expenses to be within a range of $76 million to $80 million.

非 GAAP 毛利率排除以股份為基礎的薪酬費用及併購相關攤銷。我們預期 GAAP 營業費用將落在 1.20 億至 1.24 億美元之間，其中包含約 4,400 萬美元，估計用於以股份為基礎的薪酬費用、併購相關攤銷，以及重組與資產減損費用。我們預期非 GAAP 營業費用將落在 7,600 萬至 8,000 萬美元之間。

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

接下來我將開放提問。

(Operator Instructions)

（接線員指示）

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Maybe on SST, recognizing it's early -- but just conceptually, how are you thinking about balancing margin capture versus market share adoption, I guess, based on our understanding if you include 45x credits, the SSTs could potentially support very, very high gross margins.

也許先談 SST，知道現在還早——但從概念上來說，你們如何在毛利捕捉與市占採用之間取得平衡？依我們的理解，如果把 45 倍的稅額抵免算進去，SST 可能支撐非常、非常高的毛利率。

But then on the other hand, you've talked about in your prepared remarks, ultimately selling the product into other markets like utility scale solar, which presumably would imply setting maybe a more competitive ASP. So just trying to understand at a high level how you plan on navigating that.

但另一方面，你們在事先準備的講稿中提到，最終會把產品賣到其他市場，例如公用事業級太陽能，這可能意味著要設定更具競爭力的平均售價（ASP）。所以想從高層次了解一下，你們打算如何因應與拿捏。

Yes. We are not going to give you actual numbers, but we are going to tell you how we are thinking about it. We are going to be extremely competitive. But we are going to clearly focus on our value drivers. A lot of competitors also developing SST. So therefore, the focus for us is what does Enphase do different and better compared to the competition.

是的。我們不會提供實際數字，但會告訴你我們的思考方式。我們會非常有競爭力。但我們也會明確聚焦在我們的價值驅動因素上。許多競爭對手也在開發 SST。因此，我們的重點在於 Enphase 相較競爭對手有哪些不同與更好的地方。

Our value drivers are like what we stated. Faster response times. And because the SST can respond within sub millisecond, we think the battery storage can move to the facility space, which is called it the data center black space. That will be a key differentiator for our solution. In addition, our modularity, our redundancy, reliability, US manufacturing are all other value drivers. So like what I said, I'm not going to give out numbers, but I just told you how we are thinking about it. Plus you are correct on the 45 times PTC. We are finalizing those details, but that will also have a -- that will also help us to be highly profitable.

我們的價值驅動因素如同我們所說的：更快的反應時間。而且因為 SST 可在次毫秒（sub millisecond）內反應，我們認為電池儲能可以進入設施端空間，也就是所謂的資料中心黑區（black space）。這將是我們解決方案的一個關鍵差異化。此外，我們的模組化、備援、可靠性，以及美國製造，都是其他價值驅動因素。所以如我所說，我不會給出數字，但我已說明我們如何思考。另外，你對 45 倍 PTC 的看法是正確的。我們正在敲定相關細節，但那也會——那也會幫助我們達到很高的獲利能力。

Got it. And then maybe just shifting gears on PROPEL. So last quarter, if I remember correctly, you said originations were running at roughly $200 per week. And then it sounds like they're still tracking at around that same level today. So like should we interpret the relatively flat sequential trend there as a function of financing capacity or other supply-side constraints? And I guess what's going to be the driver there that gets you to originations a week by year-end. Is that based on demand increasing or just based on your partners increasing financing capacity?

了解。接著換個話題談 PROPEL。所以上一季如果我沒記錯，你們說核貸／承作（originations）大約是每週 200（美元）。而現在聽起來仍大致維持在同樣水準。那麼，我們是否應將這個相對持平的季對季趨勢解讀為融資額度容量或其他供給端限制所致？另外，到年底讓每週承作量提升的驅動因素會是什麼？是基於需求增加，還是你們的合作夥伴提高融資容量？

Yes. I think we were all we said Propel is running its pilot. We started with four states, we were conservative. And sole source is basically responsible in what they do. They are in the process of securing financing so that they can scale every phase deliberately properly.

是的。我想我們一直說 Propel 正在進行試點。我們從四個州開始，採取較保守的做法。而 sole source 基本上在其所做的事情上是負責任的。他們正在籌措融資，以便能夠在每個階段都以審慎且適當的方式逐步擴張。

So it is simply a function of how many states we are in. For example, if I look at the first four weeks of this month, would say the numbers are running a little bit higher than the 200 million. So what we are going to do is to scale it to 12 states. Today, Propel is states right now, and sole-source is going to scale it to 12 states by the end of Q3, and we expect a more aggressive ramp and their target is to exit the year with 500 originations per week.

所以這純粹取決於我們覆蓋了多少個州。例如，如果我看本月前四週，我會說數字的走勢略高於2億美元。因此我們要做的是把它擴展到12個州。目前Propel已在若干州運作，而單一來源（sole-source）將在第三季末把覆蓋範圍擴展到12個州；我們預期會有更積極的爬坡，他們的目標是在年底時達到每週500筆核貸（originations）。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

I guess, Badri for you. I'm curious, the safe harbor revenue, it's pretty significant, both in the third quarter and I appreciate you giving us the fourth quarter number as well. And it seems to be tracking higher than you've been guiding to. So is this market share gain amongst TPOs? Or maybe can you speak to what's driving that momentum? And then I had a follow-up.

我想，Badri，這題給你。我很好奇，safe harbor（安全港）收入相當可觀，第三季如此，而且也感謝你提供第四季的數字。而且看起來它的走勢高於你們先前的指引。所以這是你們在TPO（第三方發起機構）之間的市佔率提升嗎？或者你能談談是什麼在推動這股動能嗎？然後我還有一個追問。

Yes. I think we have -- like what we said, we are always -- I mean, we have strong relationships with a lot of our TPO partners. And some of our TPO partners are healthy. They are supported by a strong balance sheet in their parent companies. There are some new TPO partners as well who ensure you will see they're going to show up.

是的。我想我們——就像我們說的，我們一直——我的意思是，我們與許多TPO合作夥伴都有很強的關係。而且我們的一些TPO合作夥伴狀況良好。他們的母公司有強健的資產負債表作為支撐。另外也有一些新的TPO合作夥伴，我相信你會看到他們會開始浮現。

So basically, it's just the confidence that they have been either pursuing a 5% safe harbor strategy or PWT, which is the physical work test, safe harbor strategy. And for us, I think we said approximately $1.1 billion is the agreements that we have executed till date of that, the $202 million under the 5% method and $878.6 million under the physical work test. So it's just -- we have a strong relationship with the TPO guys.

所以基本上，這就是他們對於採用5% safe harbor策略或PWT（physical work test，實體工作測試）safe harbor策略的信心，他們一直在推進。對我們而言，我想我們說過，截至目前我們已簽署並執行的協議金額約為11億美元，其中5%方法下為2.02億美元，實體工作測試下為8.786億美元。所以就是——我們和這些TPO夥伴有很強的合作關係。

Fair enough. And then maybe just related to that, you sounded a little bit more positive on kind of a return of growth in resi even in the near term. But if we adjust for the undershipping in 2Q and exclude safe harbor, you're implying flat revenue from 2Q to 3Q, you're still under shipping you said.

了解。然後也許與此相關，你在談到住宅（resi）業務的成長回歸時，語氣似乎更正面一些，甚至在短期內也是。但如果我們調整第二季的少出貨（undershipping）並排除safe harbor，你其實是在暗示第二季到第三季的營收持平，而你也說仍然在少出貨。

So I guess why under tip in 3Q when demand is seemingly improving based on some of your comments? And then how should we think about also 4Q seasonality? Do you expect to still be under shipping in the 4Q, should 4Q revenue, including safe harbor be higher than 3Q, including safe harbor all in?

所以我想問的是，既然需求看起來在改善（根據你的一些評論），為什麼第三季還要少出貨？另外第四季的季節性該怎麼看？你預期第四季仍會少出貨嗎？第四季營收（包含safe harbor）是否應該會高於第三季（包含safe harbor）的整體水準？

Yes. So basically, just to as to break it. Our Q3 guidance at the midpoint is about 305 out of that $75 million safe harbor. So core revenue of $230 million. Let's say, I expect sell-through to be 10% higher in Q3. We are talking about a sell-through approximately in the $245 million range, and we are talking about a modest standard shipment of about $15 million.

是的。所以基本上，為了拆解說明。我們第三季指引在中位數大約是3.05億美元，其中包含7,500萬美元的safe harbor。所以核心營收是2.30億美元。假設我預期第三季的終端銷售（sell-through）會高10%。那我們談的是大約2.45億美元區間的sell-through，而我們談的是大約1,500萬美元的溫和常規出貨（standard shipment）。

We are just cautious and we'd like to make sure we have a healthy channel inventory like we focused Q2 on getting healthier in the channel. That's why we said we are fine on batteries and slightly elevated on micros and we're going to bring that down.

我們只是比較謹慎，並希望確保通路庫存維持健康，就像我們第二季專注於讓通路更健康一樣。這也是為什麼我們說電池庫存沒問題，而微型逆變器（micros）略偏高，我們會把它降下來。

But if you look at apples to apple the core revenue, if you say the core revenue from Q2 to Q3, excluding safe harbor that is increasing by approximately 10-plus percent. And in Europe, as you know, Q3 is usually the summer holidays. Despite that, we are -- we think will be flat Q2 to Q3 in Europe. So all of that growth is coming from the US Then I also told you about third-party reports talking about an increase of 5% on the permit side.

但如果你用可比口徑看核心營收，若你說第二季到第三季的核心營收（排除safe harbor）大約增加10%以上。而在歐洲，如你所知，第三季通常是暑期假期。儘管如此，我們認為歐洲第二季到第三季會持平。所以所有的成長都來自美國。另外我也提到第三方報告指出，在許可（permit）端大約增加5%。

So we talked about that. In addition, as a company, we have a platform called Solar graph, as you know. Solar graph, basically also monitors all of the proposals for both solar as well as storage. And we are able to see an increase in proposals in Q2 as compared to Q1. That will reflect as installations in Q3. So triangulating all of these, we think with the third-party reports with our own internal data and what we see on a sell-through basis, plus what we have on Propel, we think we will grow by approximately 10% in Q3.

所以我們談過這點。此外，作為一家公司，我們有一個平台叫Solar graph，如你所知。Solar graph基本上也會監控所有提案（proposals），涵蓋太陽能以及儲能。我們能看到第二季相較第一季提案數量增加。這會在第三季反映為安裝量（installations）。因此綜合這些訊號，我們認為結合第三方報告、我們自己的內部數據、我們在sell-through端看到的情況，再加上Propel的表現，我們認為第三季將成長約10%。

Phil Shen, Roth Capital Partners.

Phil Shen，Roth Capital Partners。

First one is very topical. Just when your release hits for Q2 results, the FCC announced that their working on a plan to ban Chinese inverters in the US. And so I wanted to check in with you on your views on this. It doesn't really impact your resi segment too much.

第一題很切題。就在你們發布第二季業績的同時，FCC宣布他們正在制定一項計畫，要在美國禁用中國製逆變器。所以我想跟你確認一下你們對此的看法。這對你們的住宅（resi）部門影響不大。

Given the limited exposure or mix of Chinese inverters. But I was curious how much share do you think you could take in your commercial business as a result of this. Of course, you have been addressing just a limited portion and now you're going to expand that to a larger portion of the C&I market. And so how much Chinese inverters do you see out there? And then how much do you think you could grab up that?

鑑於中國製逆變器的曝險或占比有限。但我好奇的是，因為這件事，你認為你們在商用業務上能拿下多少市佔？當然，你們一直以來只切入其中一小部分，現在你們將把覆蓋擴展到更大一部分的C&I（商業與工業）市場。那麼你們看到市場上有多少中國製逆變器？以及你認為你們能搶下多少？

Yes. I think there are two opportunities for us. One is, like you rightly pointed out, the residential is not really there, not an issue because of et cetera. So the two topics are small commercial as well as utility scale. Solar. So I'll focus on small commercial for now because we haven't yet introduced any products for utility state.

是的。我想對我們而言有兩個機會。第一個是，如你正確指出的，住宅端其實不太存在這個問題，因為等等原因。所以兩個主題是小型商用以及公用事業級（utility scale）太陽能。所以我先聚焦小型商用，因為我們尚未為公用事業級推出任何產品。

In the small commercial, basically, we are seeing lots of opportunities, especially with big retail providers, both in terms of small size installations as well as big size installations. Our revenue that I expect in Q3 for small commercial in the US is approximately $10 million. And I expect that number to grow from strength to strength as we advance through the year. We have introduced, we have introduced two products in the last a six-month period.

在小型商用方面，基本上我們看到很多機會，特別是與大型零售供應商合作，無論是小規模安裝或大規模安裝。我預期我們第三季在美國小型商用的營收約為1,000萬美元。而且我預期隨著今年推進，這個數字會持續更上一層樓。在過去六個月期間，我們已推出兩項產品。

We introduced one product in December. That is IQ9N with GaN. It's a 3-Phase 480-volt addresses the 3 Phase 480-volt market. And that's got a power of 427-watts that can go up to, let's say, approximately 600-watt barrels. We just introduced in June an IQ9S3phase product that is 548 watts, that will be able to go up to 700 watts.

我們在12月推出了一款產品。那是搭載GaN（氮化鎵）的IQ9N。它是三相480伏，對應三相480伏市場。其功率為427瓦，可支援到大約600瓦的模組。我們在6月剛推出一款IQ9S 3phase產品，功率為548瓦，能夠支援到700瓦。

So from a product portfolio, we are fully covered. We are having the right discussions with everybody. In addition, I talked a little bit about small commercial storage. Small commercial storage is a fantastic opportunity for us. The market is a little tough to estimate. It is anywhere from one gigawatt hour to 2 gigawatt hour.

所以就產品組合而言，我們已完整覆蓋。我們也正在與所有相關方進行正確的討論。此外，我也稍微談到小型商用儲能。小型商用儲能對我們而言是極佳的機會。這個市場規模有點難估算。大約介於1 GWh到2 GWh。

It's a very diverse set of installations in small businesses, you can say, schools, hospitals, churches, gas stations, retail shops. The product we are introducing is ideal for that 80-kilowatt hour, 80-kilowatt hour cabinet can be scaled. 25 of these can go to a site can do 2-megawatt hours.

這是一組非常多元的安裝場景，涵蓋小型企業、學校、醫院、教堂、加油站、零售店等。我們正在推出的產品非常適合這類需求：80 千瓦時的機櫃可擴充；一個站點可部署 25 台，合計可達 2 兆瓦時。

For example, in the building that we are in Fremont, we are going to have a megawatt hour of storage very shortly, comprised of 1280-kilowatt hour cabinets. So there, for example, same concept, FIA compliant domestic content and US manufacturing. So we have the portfolio -- we have both small commercial solar. We have a small commercial storage, and we expect to be ramping not only this year, but 2027 could be big there.

例如，在我們位於 Fremont 的那棟大樓裡，我們很快就會配置 1 兆瓦時的儲能，由 12 個 80 千瓦時機櫃組成。所以在那裡也是同樣的概念：符合 FIA 的國產內容（domestic content）要求，以及美國製造。因此我們有完整的產品組合——同時涵蓋小型商用太陽能。我們也有小型商用儲能，而且我們預期不僅今年會加速放量，2027 年在那一塊也可能會很大。

Okay. Thanks, Badri. Shifting over to the core US resi solar market. The challenge that I see here, the root cause is weak capital flows and some challenges with the TPOs and in turn, they're slowing down the amount that they're investing in. And so the root cause of that is driven by tax equity and their caution with the FIAC and effective control guidance that treasury has still not issued, we published back in March that it could be by the end of the year, they're waiting to see how different Chinese companies are adjusting their corporate structures as well as their IP.

好的。謝謝，Badri。我們把話題轉到美國住宅太陽能的核心市場。我在這裡看到的挑戰，其根本原因是資金流入疲弱，以及 TPO 業者面臨一些挑戰，進而放慢了他們的投資速度。而其根本原因又是由稅務股權（tax equity）所驅動，以及他們對 FIAC 與「有效控制」（effective control）指引的謹慎態度——財政部仍未發布該指引；我們在 3 月曾發布可能在年底前出爐，但他們正在觀察不同中國公司如何調整其公司架構以及其 IP。

And then they may want to close those loopholes. And then we were reading that it can -- that it might not come out until the first half of 2027. So is there a scenario where the US resi outlook could still be challenged even as we get through a bunch of '27? And how do you guys manage through that?

然後他們可能想要把那些漏洞補上。我們也讀到，這份指引——可能要到 2027 年上半年才會出來。所以是否存在一種情境：即使我們走過 2027 年相當一段時間，美國住宅市場的展望仍可能持續承壓？你們要如何因應？

Yes. It is a good question. Like you've said, I mean there is limited visibility on the treasury guidance, but the market is adjusting the FIAC guidelines, et cetera, are reasonable, our TPO partners are becoming a lot more mature. Yes, there have been some hiccups, but those hiccups are being sold. We are hearing that tax equity, although it is tight, but we are hearing it is likely to improve. For us, our opportunity is a few things, here.

是的。這是個好問題。如你所說，財政部指引的能見度確實有限，但市場正在調整；FIAC 指南等是合理的，我們的 TPO 合作夥伴也變得更成熟。是的，確實出現過一些小插曲，但那些插曲正在被解決。我們聽到的情況是，稅務股權雖然仍然吃緊，但也有望改善。對我們而言，我們的機會有幾個面向。

Our opportunity is -- I talked about Solars and Propel, that's a fantastic opportunity for us because it basically make the 25B loan market, which was getting approximately a 30% ITC now has a chance to be replaced with the prepaid lease, that one. So that's a big opportunity for us. The second big opportunity for us is we are getting a lot better on batteries.

我們的機會是——我談過 Solars 和 Propel，這對我們是很棒的機會，因為它基本上讓 25B 貸款市場（先前大約可取得 30% 的 ITC）現在有機會被「預付租賃」（prepaid lease）所取代。所以這對我們是很大的機會。第二個大機會是，我們在電池方面做得越來越好。

So we are going to be introducing the fifth generation product in Q4 into the US, and that will be at a much reduced cost structure. So while we will make good gross margins, that will help -- it will enable us to help installers. With the positive reduction in tariffs that we got, we took the opportunity to make more pricing adjustments in order to drive volumes with our fourth generation product.

因此我們將在第四季把第五代產品導入美國市場，而且其成本結構會大幅降低。所以在我們仍能維持良好毛利率的同時，也將有助於——讓我們能協助安裝商。隨著我們獲得關稅的正向下調，我們也把握機會進一步調整價格，以第四代產品來帶動出貨量。

Our fourth generation product is also ramping from strength to strength. We are now qualified at the meter collar is now qualified at 69 utilities, including Canada. It is by far the highest of any supply -- so -- and we expect the same to continue, meaning with our shift generation battery, all of these 69 can be reused.

我們的第四代產品也在持續加速放量、表現愈來愈強。我們的電表環（meter collar）目前已通過 69 家公用事業單位的認證，包含加拿大。這遠高於任何供應商——因此——我們預期這個趨勢會延續；也就是說，當我們轉向第五代電池時，這 69 家的認證都可以沿用。

And they are also going to be a big differentiator for a stand-alone by die because a stand-alone bidirectional charger can consist of the bidirectional EV charge, which has got 11.5 kilowatt inverters. That's what we have. In addition to that, we have a major color. Just two components, which will enable V2H, V2G in a seamless manner. So for us, we are not stopping and waiting.

而且它們也會成為獨立式雙向充電器的一大差異化因素，因為一個獨立式雙向充電器可以包含雙向 EV 充電，並配備 11.5 千瓦的逆變器。這就是我們所具備的。除此之外，我們還有一個主要的電表環（meter collar）。只需要兩個元件，就能以無縫方式實現 V2H、V2G。所以對我們而言，我們不會停下來等待。

We are not waiting for things to improve. We are taking matters into our own hands. It is about -- it is about innovative financing, it is about innovative new products. It is about extending our range into commercial. And of course, the big one is data centers.

我們不會等事情好轉。我們要把主導權掌握在自己手上。這關乎——創新的融資方式，關乎創新的新產品。也關乎把我們的產品範圍延伸到商用領域。當然，最大的一塊是資料中心。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Bob, can you talk a little bit about the elasticity of demand on the batteries. You talked about drop in prices a little bit. Just want to get a sense of how much volume you feel like you can start driving as you make those pricing adjustments.

Bob，你能談談電池需求的價格彈性嗎？你提到價格有些下調。我想了解的是，當你們做這些價格調整時，你們覺得能帶動多少出貨量。

Yes. I mean, what we are doing is basically just to tell you some background here, there are two actions that we specifically took. One was in Europe where we were high priced. There is no question. And we were high priced relative to the value we were generating.

是的。我的意思是，我們正在做的事情——先給你一些背景，我們特別採取了兩項行動。第一項是在歐洲，當時我們的定價偏高。這點毫無疑問。而且相對於我們所創造的價值，我們的價格確實偏高。

And that was clear to us. So earlier in the year, we did a pricing adjustment in Europe. In addition, in Europe, what we are extremely excited about is a business model change that we are driving. In addition to the B2B sales, which is Enphase selling to installers through distributors.

這對我們來說很清楚。所以今年稍早，我們在歐洲做了價格調整。此外，在歐洲我們非常興奮的是，我們正在推動商業模式的改變。除了 B2B 銷售（也就是 Enphase 透過經銷商把產品賣給安裝商）之外。

We are actually generating organic demand from organic battery demand from our own installed base. And we are doing that in Netherlands. We are doing that in France. We are doing right now. You guys may not believe six homeowner events a week in Netherlands.

我們其實正在從我們自己的既有裝機基礎中，創造自然（organic）的需求——自然的電池需求。我們在荷蘭這麼做。我們在法國這麼做。我們現在就在做。你們可能不相信，在荷蘭我們每週辦六場屋主活動。

Each homeowner event is attended by approximately 150 50 sites or 150 families. And the yield on these is quite good, up the order of 50%. So what we are able to do is we are able to close these very quickly and then pass the leads to our installers. And of course, that requires sophisticated lead management to make sure the installers after taking the lead, do not do any funny business and install only in face product. So we are doing that, and we are seeing a lot of success in Europe, both in Netherlands and France.

每場屋主活動大約有 150 個站點或 150 個家庭參加。而這些活動的轉換率相當不錯，大約在 50% 左右。所以我們能做的是：很快把這些案子成交，然後把線索交給我們的安裝商。當然，這需要成熟的線索管理，以確保安裝商在接手線索後不會搞任何小動作，並且只安裝 Enphase 產品。所以我們正在這麼做，而且我們在歐洲（荷蘭與法國）都看到很大的成功。

So to answer your question, the actions in Europe are due to not just due to pricing, but what we are doing to generate organic demand -- while the actions in the US, very similar. So pricing is only part of the equation. Product stuff, for example, the meter color, which I said, we are qualified at 69 utilities.

所以回到你的問題，歐洲的行動不只是因為定價，也因為我們在做的事情能帶動自然需求——而在美國的行動也非常類似。所以定價只是方程式的一部分。例如產品面，像我提到的電表環（meter collar），我們已通過 69 家公用事業單位的認證。

The other big one is Propel. Propel by definition, has got -- there, we have a 75% battery attach in proper so that -- we expect that to be driving more and more battery volumes. So that is why in Q3, we expect shipments between $130 million to $150 million and then the big ramp will come from G5. The fifth generation product has got 50% energy density.

另一個大的驅動因素是 Propel。Propel 按其定義，在那裡我們的電池搭載率（battery attach）有 75%，因此——我們預期它會帶動越來越多的電池出貨量。所以這就是為什麼在第三季，我們預期出貨金額在 1.30 億到 1.50 億美元之間，而接下來的大幅放量將來自 G5。第五代產品的能量密度提升了 50%。

What does that mean for you? If you compare, for example, our third-generation product and the fifth generation product. Why is third generation? Because that's the one in Europe. The fifth generation product will be roughly 40% in 40% in height as compared to the third-generation product. And similarly, the -- it is also a 50% higher -- more energy density compared to the fourth generation product.

這對你而言代表什麼？例如，如果你比較我們的第三代產品與第五代產品。為什麼是第三代？因為那是在歐洲的那一款。相較於第三代產品，第五代產品在高度方面大約可縮小 40%。同樣地，與第四代產品相比，它的能量密度也高出 50%——更高的能量密度。

So all of these improvements are going in. The fifth generation product we expect will start to drive even more demand, especially with the same major color qualifications, et cetera. So not just pricing action, but pricing plus a few other actions to directive.

所以這些改良都正在導入。我們預期第五代產品將會帶動更強勁的需求，尤其是在同樣的主要顏色認證等條件下。因此不只是價格動作，而是價格加上其他幾項動作來推動。

That's super helpful. And then looking at the data center opportunity, it sounds like you're making a meaningful impact on the actual design of the facilities. I'm just curious how mature pricing conversations are at this point? And how mature some of those designs really are that would embed the Enphase solution.

這非常有幫助。接著看資料中心的機會，聽起來你們正在對設施的實際設計產生實質影響。我只是好奇，目前價格方面的討論成熟度到哪個程度？以及那些會把 Enphase 解決方案嵌入其中的設計，實際上成熟到什麼程度？

Yes. So just to give a quick complete overview. We're making very strong internal progress in our data center development meaning IQS SST development for data centers, I mean, our team, now we have about 120 full-time engineers. We are building the power module and we are finalizing the design there.

是的。我先快速做一個完整概述。我們在資料中心開發上取得非常強的內部進展，也就是針對資料中心的 IQS SST 開發；我的意思是，我們的團隊現在大約有 120 位全職工程師。我們正在打造電力模組，並且正在完成那邊的設計定案。

Interestingly, we demonstrated a 4.16 kV AC series stack. What does that mean? We can stack 15 power modules in cities. So 15x 277, approximately 4 kilovolts AC. We demonstrated proof of concept there.

有趣的是，我們展示了一個 4.16 kV 的交流串聯堆疊。這代表什麼？我們可以把 15 個電力模組串接堆疊。也就是 15×277，約等於 4 千伏交流。我們在那裡展示了概念驗證。

And importantly, we have achieved a significant milestone on the feasibility of the medium voltage transformer. So that's on the technical side. We are making a lot of great progress there.

而且很重要的是，我們在中壓變壓器的可行性上達成了一個重大里程碑。這是技術面。我們在那方面取得了很多很好的進展。

On the active engagements there, we are engaged in conversations with hyperscalers newcos, EPCs and the full ecosystem. We are engaged in a few FI RFPs. In fact, some of the learning that we got on the product were from those RFPs.

在積極的商務接觸方面，我們正與超大規模業者（hyperscalers）、newcos、EPC 以及完整生態系進行對話。我們也參與了幾個 FI 的 RFP。事實上，我們對產品的一些學習就是來自那些 RFP。

I mean it was massive learning for us. But then we realized how powerful our platform was because we were able to get the product requirements, understand the product requirements from these customers and then we were able to quickly rework our plan without any changes to the power module because ours is a modular structure. And for example, we were able to quickly adapt -- we talked about supporting two kinds of storage.

我的意思是，對我們來說是大量的學習。但接著我們也意識到我們的平台有多強大，因為我們能取得產品需求、理解這些客戶的產品需求，然後由於我們是模組化結構，我們能在不更動電力模組的情況下，快速重新調整我們的計畫。例如，我們能快速適配——我們談到支援兩種儲能。

One kind of storage, which is where your question value proposition comes in, is because our SST is super fast in terms of response time, sub-millisecond response signs, we envision the storage can be in the facility space or in the black space.

其中一種儲能，也就是你提問中價值主張所涉及的，是因為我們的 SST 反應時間非常快，具備次毫秒等級的反應時間，因此我們設想儲能可以放在設施空間或在黑區（black space）。

But there are people who have a current architecture who might not be willing to deviate from that who would want to put high sea rate batteries closer to the rack and first and for those hyperscalers, we enable a DC, DC, DC product in conjunction with DSST. And we were able to repurpose the same SSP, same power module in order to get that DC DC product as well in addition to the assist. So our architecture is very flexible. We are learning a lot. We are adapting a lot. We understand what our value drivers are very clearly.

但也有人有既有架構，可能不願意偏離，會希望把高 C-rate 電池更靠近機櫃（rack）端；而對那些 hyperscalers，我們可提供一個 DC、DC、DC 產品並與 DSST 搭配。而且我們能重用同一個 SSP、同一個電力模組，來做出那個 DC-DC 產品，除了 SST 之外也能提供。所以我們的架構非常有彈性。我們學到很多。我們也在大量調整。我們非常清楚我們的價值驅動因素是什麼。

Like what I said, it is the first response time, it is the power module flexibility. It is the high reliability, which is yet to be proven. It is US manufacturing. What is the next big milestone -- the next big milestone is to build a full product, building a full product by approximately end of the year, likely November and showing it to some of these customers will open the gates for much bigger conversation and pilots. So we are looking forward to that. And right now, as I see here, we are on track to getting that time.

就像我說的，第一是反應時間；第二是電力模組的彈性。第三是高可靠性——這點仍有待證明。第四是美國製造。下一個重大里程碑——下一個重大里程碑是打造完整產品，大約在年底、可能是 11 月完成，並向其中一些客戶展示，這將為更大規模的對話與試點打開大門。所以我們很期待。而就我目前看到的，我們正按計畫在那個時間點前完成。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

Just wondering, can you just talk a little bit about your thoughts on Europe or expand on that? I know last quarter, you had some cautious optimism that there were some green shoots. I mean, clearly, you're more optimistic here coming off of Q2.

我想請教一下，你能否談談你對歐洲的看法，或再延伸說明一下？我知道上季你對一些復甦跡象抱持審慎樂觀。我的意思是，很明顯你在 Q2 之後更樂觀了。

And I know that, that's really going to be more of a battery-driven market, but I mean, how do you view that? It sounds like 3Q flat even with taking into account seasonality, is that still kind of driven by a few markets? Is that something that you think it's becoming more widespread? Just how are you thinking about that here, I guess, over the remainder of '26 and going forward?

我也知道，那邊更可能是一個由電池帶動的市場，但你怎麼看？聽起來即使考量季節性，3Q 仍是持平，這仍主要是由少數幾個市場驅動嗎？你覺得這是否正在變得更普遍？我想問的是，你對 2026 年剩餘時間以及之後的看法是什麼？

Yes. So just to recap, in Europe, we increased revenue by approximately 35% in the second quarter. And more importantly, our sell-through grew 30% with strong performance across both solar as well as metrics. What markets am I excited about in Europe, three markets, which is basically Netherlands, France and Germany.

是的。先回顧一下，在歐洲，我們第二季營收約增加 35%。更重要的是，我們的終端銷售（sell-through）成長 30%，在太陽能以及指標（metrics）兩方面都有強勁表現。我在歐洲最看好的市場有三個，基本上是荷蘭、法國和德國。

And in Netherlands, as you know, because net metering is expiring at the end of 2026, there is a huge interest in batteries, and that is starting to materialize. And our activations basically increased by about 100% compared to, I mean, the activations in Q2 compared to Q1 has increased by 100%.

在荷蘭，如你所知，由於淨計量（net metering）將在 2026 年底到期，市場對電池有很大的興趣，而且正開始具體化。我們的啟用量（activations）基本上增加了約 100%——也就是 Q2 相較 Q1 的啟用量增加了 100%。

We have staffed our internal sales representative team, about 10 people and 10 sales folks who manage leads that come from the hormone events. These homeowner events, we haven't done before, but we are now ramping up on those we started them nine months ago. We are now ramping up on those in a systematic fashion. We are talking six homeowner events a week, which is approximately something like 75 to 80 a quarter -- 78 a quarter. So that is generating a lot of interest, and it is a flywheel because once we help installers, installers are likely to reciprocate.

我們已擴編內部銷售代表團隊，大約 10 位，以及 10 位銷售人員來管理從屋主活動（homeowner events）帶來的潛在客戶。這些屋主活動我們以前沒做過，但現在正在加速推進；我們在九個月前開始做。我們現在正以系統化方式擴大規模。我們每週大約辦六場屋主活動，換算一季大約 75 到 80 場——約 78 場。所以這帶來了大量興趣，而且形成飛輪效應，因為一旦我們協助安裝商，安裝商很可能會回饋合作。

So there, I think the inflection curve -- I mean, the inflection can be very big because the deadline is approaching, NIM is going to go away. And the only way that customers, consumers can be protected is if they have self-consumption, which is solar plus storage. Now coming over to France.

所以在那裡，我認為拐點曲線——我的意思是，拐點可能會非常大，因為期限正在逼近，NIM 將會取消。而客戶、消費者能被保護的唯一方式，是提高自用率（self-consumption），也就是太陽能加儲能。接著來看法國。

One more thing which I left out in Netherlands. We have a base of 0.5 million solar homes there. So that is how we are able to do the homeowner events. That is how we are able to generate the battery leads, which we are -- we will continue to do. In the case of France, we have about 400,000 solar base in France. This is phase homes. And in France, the economics are slightly different. In France, feed-in tariff is quite small for new installations, but for existing installations, they are still an fathering net meter.

另外一點我在荷蘭那段漏提了。我們在那裡有 50 萬戶的太陽能住宅基礎。所以我們才能做屋主活動。也因此我們能產生電池的潛在客戶名單，而我們——我們會持續這麼做。至於法國，我們在法國大約有 40 萬的太陽能裝機基礎。這是單相住宅（phase homes）。而在法國，經濟性略有不同。在法國，新裝的躉購費率（feed-in tariff）相當低，但對既有裝機而言，他們仍然享有祖父條款（grandfathered）的淨計量。

But however, there is high sensitivity maybe because of the war, I'm not sure, but high sensitivity on energy independence. So in France, we find that it is almost to the same level as Netherlands, if not higher. And we have exactly the same model there, too. We are driving both demand organically from homeowners as well as working with our installers and that's going fine. So those are the two most exciting things that generate a lot of results.

不過，可能因為戰爭的關係（我不確定），對能源獨立性的敏感度很高。因此在法國，我們發現其水準幾乎與荷蘭相同，甚至可能更高。而且我們在那裡也採用完全相同的模式。我們一方面從屋主端自然帶動需求，另一方面也與我們的安裝商合作，進展都很順利。所以這兩件事是最令人振奮、也帶來很多成果的。

In the case of Germany, very attractive market, we have I should say, we have not yet exploited that to our fullest potential. Of course, we do have some fantastic partners there who are helping us. And I think we are going to grow and strength to strength there with our fifth generation battery, which is going to help us very well.

至於德國，是個非常有吸引力的市場；我想說的是，我們尚未把那裡的潛力發揮到最大。當然，我們在那裡確實有一些很棒的合作夥伴在協助我們。我認為，隨著我們第五代電池的推出，我們會在那裡持續成長、愈做愈強，這將對我們很有幫助。

So we are quite bullish and the last one, I have an excellent management team. in Europe. We put -- we put an Enphase veteran in there, and he understands how to work with the internal teams to get products as well as understands customers very well. So part of our performance is attributed due to him in addition to his sales team as well. So we are extremely bullish about Europe.

所以我們相當看多；最後一點是，我在歐洲有一支非常優秀的管理團隊。我們安排了一位 Enphase 的資深老將在那裡，他懂得如何與內部團隊合作推動產品，也非常了解客戶。因此，我們的部分表現要歸功於他，當然也包括他的銷售團隊。所以我們對歐洲非常看多。

Dylan Nassano, Wolfe Research.

Dylan Nassano，Wolfe Research。

I just wanted to check if you had any updated views on the kind of shape of the cash flows from that $880 million physical work test backlog, just for like modeling purposes, should we be amortizing that over the next couple of years? Is it more back-end weighted? And then how much if you could in the forward guidance for 3Q and 4Q, how much of that is 5% rule versus physical work post.

我想確認一下，關於那筆 8.8 億美元的「實體工作測試」（physical work test）積壓訂單，其現金流的形狀是否有更新看法；就建模用途而言，我們是否應該在未來幾年把它攤銷？它是否更偏向後段認列？另外，在你們對第三季與第四季的前瞻指引中，如果可以的話，其中有多少是 5% 規則、又有多少是實體工作測試（PWT）相關？

We already said -- we already told you that, but let me repeat. So the 5% physical work test, essentially -- just to give you a full context, in Q1 2016, we did approximately $34 million. In Q2 2016, we did approximately $84 million. In Q3 26, we are guiding to $75 million. And in Q4, we already gave you a number that it's about $61 million of safe harbor.

我們之前已經說過——也已經告訴過你了——但我再重複一次。所謂 5% 的實體工作測試，本質上——為了讓你有完整脈絡——在 2016 年第一季，我們大約做了 3,400 萬美元。2016 年第二季，我們大約做了 8,400 萬美元。2016 年第三季，我們的指引是 7,500 萬美元。而第四季，我們也已經給過數字，大約是 6,100 萬美元的 safe harbor（安全港）。

So that is the 5% and the 5% is done, then the more exciting thing is physical work test, according to what we said -- we have about $878.6 million is what we have signed this year, plus we signed one agreement last year to -- we haven't recognized any revenue from any of the physical work test shipment yet.

所以那部分就是 5%，而 5% 這部分已經完成；接下來更令人興奮的是實體工作測試（PWT）。依照我們所說的——我們今年已簽約約 8.786 億美元，另外去年也簽了一份協議——但到目前為止，我們尚未就任何實體工作測試的出貨認列任何營收。

Any of the physical work test that is signed this year, we haven't recognized any revenue yet. That revenue, when will it be recognized if according to being likely beginning 2028 because that is the whole point of safe harbor. The tax credits remain open until the end of 2027. And from 2028, they would have to utilize this PWT inventory physical votes inventory.

今年簽下的任何實體工作測試（PWT），我們都還沒有認列任何營收。那麼營收何時會認列？依照推估，可能會從 2028 年初開始，因為這正是 safe harbor 的目的。稅額抵免（tax credits）會一直開放到 2027 年底。而從 2028 年起，他們就必須使用這些 PWT 庫存（實體工作測試庫存）。

And they would order they would ask us to make micro inverters with that physical work test product. So we will see normal micro inverter run rate. We will see accessory run rate. We will see battery run rate if they decide to do attach if they decide to attach batteries. So it's a long answer. It's quite difficult for us to predict. However, we think it will be linear -- we think it will start 2028.

然後他們會下單、會要求我們用這些實體工作測試產品來製造微型逆變器。因此我們會看到正常的微型逆變器出貨節奏。也會看到配件的出貨節奏。如果他們決定做電池搭售、決定加裝電池，我們也會看到電池的出貨節奏。所以這個回答比較長。對我們來說其實很難預測。不過，我們認為它會是線性的——我們認為會從 2028 年開始。

Okay. Great. And then just a quick follow-up on the tariff impacts in the guidance specifically for batteries. So I know in the past, you had talked about kind of shifting your cell supply. Can you just update us? Have you completed that? Is there any more sales that you're getting from China.

好的。很好。接著針對指引中關於關稅影響、特別是電池的部分，我再追問一下。我知道你們過去談過把電芯供應做轉移。能否更新一下？你們已經完成了嗎？你們是否仍有任何來自中國的銷售？

Yes. In general, the tariffs have come down under control. We talked about our we had base tariffs, let's say, approximately a year ago, we had base tariffs. And then we had this reciprocal tariff that was introduced by this administration. We said because of resi broker tariffs, we had approximately 5% gross margin impact.

是的。整體而言，關稅已經受到控制。我們談過，大約一年前我們有基本關稅（base tariffs）。之後本屆政府又推出了所謂的對等關稅（reciprocal tariff）。我們當時說，因為這些住宅相關的關稅，我們的毛利率大約受到 5% 的影響。

So our gross margins came down to the mid-40s. But then with the recent rulings, that impact, the reciprocal tariff impact has reduced from 5% to 2%, which is quite positive for us. What we have done, again, we are not -- we are taking our own actions. Our Microinverter supply chain has diversified quite nicely. So if there is any further tariff, for example, in the region, we can always move another one. To answer your question, yes, we have other than China, we have a non-China cell source as well, which we are able to leverage in the event it is -- it is in the event, the Chinese batteries have a much higher tariffs.

因此我們的毛利率降到 40% 中段。但隨著近期的裁定，對等關稅的影響已從 5% 降到 2%，這對我們相當正面。另外，我們也在採取自己的行動。我們的微型逆變器供應鏈已經相當成功地多元化。因此如果未來該區域再有任何額外關稅，我們隨時可以再移轉到其他來源。回答你的問題：是的，除了中國之外，我們也有非中國的電芯來源；若中國電池面臨更高關稅，我們就能加以運用。

We can always leverage that. So that is -- we bought that into production. And as we go more one are looking very hard at US sources as well as we get into more commercial battery as we get into the our fifth generation and sixth generation battery, we are also looking at US met cells. And we have a lot of suppliers there who want our business.

我們隨時都可以運用那個來源。所以——我們已經把它導入量產。此外，隨著我們更進一步、也更積極地尋找美國來源；當我們切入更多商用電池、以及推進第五代與第六代電池時，我們也在評估美國製造的電芯。而且那裡有很多供應商希望能拿到我們的訂單。

Corrine Blanchard, Deutsche Bank.

Corrine Blanchard，德意志銀行。

Maybe just coming back to the SST and maybe this has been already is a bit address, but I wanted to come back on what has been the feedback you have received from customer -- and maybe if you can share some detail on which kind of customer production ships you're trying to look for and achieve? And then I will have a question on the European market after

我想回到 SST 的部分；也許這之前已經有稍微提到，但我想再問一次：你們從客戶那邊收到的回饋是什麼——以及如果可以的話，能否分享一些細節，關於你們希望鎖定並達成的是哪一類客戶的量產出貨（production shipments）？然後我之後還會有一個關於歐洲市場的問題。

I think -- this is Raghu. I think as Badri mentioned, we are talking to the entire ecosystem of SST of the data center market, which includes, of course, the hyperscalers, the -- the neo clouds, EPCs, et cetera. All the way even down to some of the server providers as well because we want to make sure that the solution that we are providing, it's not just a product. It's an entire solution set from medium voltage to Rack, as Badri mentioned, is covered that we are addressing of the entire issue.

我想——我是 Raghu。我想如 Badri 提到的，我們正在與資料中心市場中 SST 的整個生態系溝通，當然包括超大規模業者（hyperscalers）、新型雲端（neo clouds）、EPC 等等。甚至一路到部分伺服器供應商，我們也有在接觸，因為我們希望確保我們提供的解決方案不只是單一產品。它是一整套解決方案，從中壓到機櫃（Rack），如 Badri 所提到的，我們涵蓋並在處理整個問題。

And the feedback has been quite positive. We have a very unique solution relative to what those are done and what's been done in academia is that we have a fully distributed architecture, where we have hundreds of these power modules. And that brings -- and each power module is undersubscribed by about 10%. So the key value proposition of reliability plays very well.

而回饋相當正面。相較於目前業界以及學術界所做的方案，我們有一個非常獨特的解決方案：我們採用完全分散式架構，包含數百個這樣的電力模組。而這帶來——而且每個電力模組都保留約 10% 的餘裕（undersubscribed）。因此，「可靠性」這個關鍵價值主張非常契合。

Plus we also point out our history of almost 90 million microinverters shipped to date with a 500 DPPM failure rate. So the combination of the historical performance plus the new plus this architecture, which is fully distributed really resonates very well with a lot of the players in terms of reliability.

此外，我們也強調我們的歷史實績：截至目前已出貨將近 9,000 萬台微型逆變器，失效率為 500 DPPM。因此，歷史表現加上這個全分散式的新架構，在可靠性方面，確實與許多參與者產生很強的共鳴。

Now we also talked about we have some intrinsic structural advantages in terms of cost, right? If you -- the product -- the components that we use in our product all off the shelf, generally available parts are almost commodity parts, including GaN, we consider GaN to be any more commodity. So that helps us a lot on cost.

現在我們也談到，在成本方面我們有一些內在的結構性優勢，對吧？如果你——產品——我們產品中使用的元件全部都是現成的、普遍可得的零件，幾乎都是商品化零件，包括 GaN，我們認為 GaN 已經是更商品化的了。所以這在成本上對我們幫助很大。

We do what's called soft switching, and soft switching enables us to have a very, very light I footprint. And like my footprint means that we can package this device this power module in an engineered plastic enclosure, and that again drives cost.

我們採用所謂的軟切換（soft switching），而軟切換讓我們可以做到非常、非常小的占板面積（footprint）。我說的占板面積是指，我們可以把這個裝置、這個電力模組封裝在一個工程塑膠外殼中，而這同樣能降低成本。

And since it's only 4 kilowatts and very, very efficient thermal management is also very easy. Combine all of that with high-volume manufacturing. And that is a standard line that we use today to manufacture micro inverters we have some intrinsic cost advantage as well.

而且因為它只有 4 千瓦，效率又非常、非常高，所以熱管理也非常容易。再把這些與高產量製造結合起來。而這正是我們今天用來製造微型逆變器的標準產線，因此我們也有一些內在的成本優勢。

So the combination of the value drivers that we talked about in terms of reliability, in terms of response time, which is sub-millisecond response time that can help eliminate the need for that high seat battery from the 800-volt section and rely on the BSS to do all of the work. Those are the things that are resonating very well. And of course, US manufacturing and FA compliant supply chain are all very positive feedbacks that we are getting.

所以，我們談到的價值驅動因素的組合——在可靠性方面、在反應時間方面（也就是次毫秒級的反應時間）——可以幫助消除 800 伏區段對高容量電池的需求，並依靠 BSS 來完成所有工作。這些因素引起了非常好的共鳴。當然，美國製造以及符合 FA 的供應鏈，也都是我們收到的非常正面的回饋。

Great. And maybe the second question. Can you talk about the European Cyber Act? I think we met with your team in Munich like in June, and I think there is a lot of focus during the Intersolar CyberArc 2.0, but just wondering what's your latest view? And how do you think it could impact you?

很好。那也許第二個問題。你能談談歐洲《Cyber Act》嗎？我想我們在六月左右於慕尼黑和你們團隊見過面，而且我認為在 Intersolar 期間對 CyberArc 2.0 有很多關注，但想請教你們最新的看法是什麼？以及你認為它可能會如何影響你們？

I think we are fully tuned into all of the developments that are happening there. I think the key here is to make sure that we are ahead of any of the compliance requirements. And so far, we are giving this incredible amount of importance.

我想我們已經完全掌握那邊正在發生的所有進展。我認為關鍵在於確保我們走在任何合規要求之前。到目前為止，我們對此給予極高的重要性。

We have a person there who's exclusively focused on all of these new requirements that are coming. And we have already met a number of the requirements and any new requirements that are coming around cyber, we continue to meet, both in Europe as well as in and as well as in the US as well.

我們在那邊有一位人員專職聚焦於所有即將到來的新要求。而且我們已經符合其中不少要求；對於任何與資安相關的新要求，我們也會持續符合——不僅在歐洲，也同樣在美國。

We understand that both inverters, SSPs, et cetera, or anything, what I'll call it inverter-based resources are going to be classified as critical infrastructure. And so they will have an additional layer of scrutiny in terms of communication layer that each one of these devices have and how are they managed and all of the other security requirements or cyber requirements that are needed. So we feel like we are on top of it. We feel like we are ahead of the curve there in meeting all of the requirements.

我們理解，無論是逆變器、SSP 等等，或任何我所稱的「以逆變器為基礎的資源」（inverter-based resources），都將被歸類為關鍵基礎設施。因此，在每一個裝置所具備的通訊層、其管理方式，以及所有其他所需的安全或資安要求方面，都會有額外一層的審查。所以我們覺得我們已經掌握得很好。我們覺得在符合所有要求方面，我們走在前面。

(Operator Instructions)

（接線員指示）

Vikram Bagri, Citi.

Vikram Bagri，花旗（Citi）。

It's Ted on for Vik. I wanted to just go back to the guidance. If we could maybe just touch on some of the assumptions there. The Netherlands storage activations were over 100% this quarter. Could you share what the guidance assumes for activations in three key and then just going back to the comment about under shipments. Could you just elaborate on what the source of that caution is? Is it to do with demand? Is it a seasonal slowdown -- is it interest rate driven? Or is there anything else in there? And then I have a follow-up.

我是 Ted，代替 Vik 發問。我想回到指引（guidance）上。如果可以的話，想請你們談談其中一些假設。本季荷蘭的儲能啟用（activations）超過 100%。你們能分享一下指引對第三季啟用量的假設嗎？另外回到你們提到的少出貨（under shipments）。你們能否再詳細說明這種保守的來源是什麼？是與需求有關嗎？是季節性放緩——是利率驅動的嗎？或還有其他因素？然後我還有一個追問。

Yes. So typically, in Q3, there is summer seasonality in Europe. So basically no, we expect more or less flattish performance from Q2 to Q3. However, we think from Q4 onwards, particularly in regions like Netherlands, which are seeing the expiration of net metering, there's going to be a big breakout on batteries.

是的。所以通常在第三季，歐洲會有夏季的季節性因素。因此基本上，我們預期第二季到第三季的表現大致持平。不過我們認為從第四季開始，特別是在像荷蘭這種正面臨淨計量（net metering）到期的地區，電池需求會有很大的爆發。

And we are -- we don't usually break out volumes by region. That's why we gave you a percentage and the moment it becomes big enough, we will start breaking that down. But that's what we are most excited about. There is Enphase has got 0.5 million solar homes and all of them are going to be scrambling.

而我們——我們通常不會按地區拆分出貨量。這也是為什麼我們給你一個百分比；等到規模大到一定程度時，我們就會開始拆分揭露。但這正是我們最興奮的部分。Enphase 已經有 50 萬個太陽能家庭，而他們全部都會開始搶著行動。

I mean many of them or I should say, a small fraction of them have converted or added batteries and many of them are going to be scrambling in between now and the end of the year so that they can be ready when net metering goes away.

我的意思是，其中很多——或者我應該說，只有一小部分已經轉換或加裝了電池；而很多人會在現在到年底之間急著處理，好讓他們在淨計量取消時能做好準備。

Another question that you asked in terms of the under shipment, look, what I said, this question was asked before, what I said is -- our sell-through basically is approximately $245 million forecasted in Q3. And we have a modest under shipment there, so of approximately $15 million. That's why our core number is $230 million, plus safe harbor is 75. So that's how you get the $305 million. So just -- it assumes a modest level of under shipment, not a lot, and it's just out of caution that's all.

你問到另一個關於少出貨的問題。你看，我之前也被問過這個問題；我說的是——我們第三季的終端銷售（sell-through）基本上預估約 2.45 億美元。而我們在那裡有一個小幅的少出貨，大約 1,500 萬美元。所以我們的核心數字是 2.30 億美元，再加上 safe harbor 的 7,500 萬美元。因此你就得到 3.05 億美元。所以——它假設的是小幅度的少出貨，不多，只是出於謹慎而已。

And then in terms of the SSP product line, is there any clarity on what you could recognize from a 45 times standpoint? And then just to clarify, in terms of expected needs for that product? Is that a [2 or a 2020 event]?

然後關於 SSP 產品線，對於 45 倍（45 times）的角度，你們是否更清楚可以認列多少？另外再確認一下，就該產品的預期需求而言，那會是[2 或 2020 年的事件]？

Yes. We expect -- we have previously said this volume shipments in 2028 in pilots in 2027. With regarding 45 times, we are working through the deals and once we have a good understanding, we will be able to share more information in the upcoming quarters.

是的。我們預期——我們之前說過，2027 年會先做試點（pilots），2028 年開始量產出貨。至於 45 倍（45 times），我們正在推進相關交易；一旦我們有了更清楚的掌握，就能在接下來幾季分享更多資訊。

(Operator Instructions) And there's showing no further question. I would like to turn the conference call back over to Badri Kothandaraman for any closing remarks.

（接線員指示）目前顯示沒有進一步的提問。我想把電話會議交回給 Badri Kothandaraman，請他做結語。

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

好的。感謝各位今天加入我們，也感謝各位持續支持 Enphase。我們期待在下個季度再次與各位交流。再見。

The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束。感謝各位出席今天的簡報。各位現在可以掛線。