Enphase: growth far beyond its economy.

1. From profit to six straight losses. Enphase lost money every year from 2013 to 2018: $0.2 billion in all. 2019 was its first profit in seven years: $0.2 billion.
2. It outgrew its own economy many times over. Revenue rose from $0.3 billion in 2016 to $1.5 billion in 2025: 4.6 times as much. The US economy, counted the same way in money terms, grew about 60%. Whatever drove it, the economy around it does not account for growth of that size.
3. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 356% in US dollars; the median among 586 large manufacturers grew 58%. It outgrew 92% of them.
4. Still smaller than it was. Revenue reached $1.5 billion in 2025, 37% below its 2022 peak of $2.3 billion.
5. Two decisions on record. Stratrix has verified two of Enphase's big decisions, each with what happened next. The hardest year after: "Everyone Blamed Interest Rates for Enphase's Collapse. The Real Story Was Sitting in a Warehouse", with its shares 149 points behind the S&P 500 over the next three years. The best: "Every Enphase IQ Battery 10 Carries Twelve Microinverters — The Cash Cow Rides Inside", 206 points ahead of the S&P 500 over the next three years.

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2023Everyone Blamed Interest Rates for Enphase's Collapse. The Real Story Was Sitting in a Warehouse.Stood · shares −149 pts vs the S&P 500 over 3 years
• 2020Every Enphase IQ Battery 10 Carries Twelve Microinverters — The Cash Cow Rides InsideStood · shares +206 pts vs the S&P 500 over 3 years