EX-99.1 2 investorday11_16x2021xvf.htm EX-99.1 INVESTOR DAY PRESENTATION
INVESTOR DAY NOVEMBER 16, 2021 Transformation Solar to Energy

Safe Harbor 2© 2021 Enphase Energy, Inc. Use of Forward-Looking Statements This presentation contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements concerning our anticipated financial performance and guidance, including revenues, gross margin, operating results, expenses and costs; our business strategies, including results of investments and acquisitions, and the expected size, trends and developments in markets in which we target and operate and in those to which we plan to expand; the anticipated capabilities, performance, and market adoption of Enphase’s new technologies, products and product features; the expected capacity of components and the availability of our products; our planned sustainability efforts; our performance in operations, including in logistics, product quality, cost management, and by our suppliers; our anticipated performance in customer service and that by installers of our products; and our expectations as to the impact and evolving effects of the ongoing COVID-19 pandemic. Any statements that are not of historical fact, may be forward-looking statements. Words used such as “anticipates,” “believes,” “continues,” “designed,” “estimates,” “expects,” “goal,” “intends,” “likely,” “may,” “ongoing,” “plans,” “projects,” “pursuing,” “seeks,” “should,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward- looking statements contain these words. All forward-looking statements are based on our current assumptions, expectations and beliefs, and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Therefore, you should not place undue reliance on our forward-looking statements. A detailed discussion of risk factors that affect our business is included in the filings that we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” Copies of these filings are available on the Enphase website at https://investor.enphase.com/sec-filings or on the SEC website at www.sec.gov. All forward- looking statements in this presentation are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events. Industry Information Information regarding market and industry statistics in this presentation is based on information available to us that we believe is accurate. It is generally based on publications that are not produced for purposes of economic analysis. Non-GAAP Financial Metrics • The Company has presented certain non-GAAP financial measures in this presentation. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the Appendix to this presentation. Non-GAAP financial measures presented by the Company include non-GAAP gross margin, operating income (loss), adjusted EBITDA, and free cash flow. • These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase believes that these non- GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business. • As presented in the “GAAP to non-GAAP Reconciliation” page, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of the Company’s current operating performance and a comparison to its past operating performance: • Stock-based compensation expense. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by the Company’s stock price at the time of an award over which management has limited to no control. • Tariff refunds. This item represents approved tariff refunds, and interest income earned on those refunds, by the U.S. Customs and Border Protection that qualify for the tariff exclusion on Chinese imported microinverter products that fit the dimensions and weight limits within a Section 301 Tariff exclusion under U.S. note 20(ss)(40) to subchapter III of chapter 99 of the Harmonized Tariff Schedule of the United States. Approved refunds relate to tariffs previously paid from September 24, 2018 to March 31, 2020 and are excluded from the non-GAAP measures as the refunds are non-recurring in nature for tariff costs incurred in the past and are not reflective of the Company’s ongoing financial performance. • Restructuring and asset impairment charges. The Company excludes restructuring charges due to the nature of the expenses being unplanned and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for restructuring-related management consulting services, cash-based severance costs related to workforce reduction actions, asset write-downs of property and equipment and lease loss reserves, and other contract termination costs resulting from restructuring initiatives. • Acquisition related expenses and amortization. This item represents expenses incurred related to the Company’s business acquisition, which are non-recurring in nature, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of the Company's ongoing financial performance. • Reserve for non-recurring legal matter. This item represents a charge taken for the potential settlement cost related to a dispute with a vendor. This item is excluded as it relates to a specific matter and is not reflective of the Company’s ongoing financial performance. • Non-recurring debt prepayment fees and non-cash interest expense. This item consists primarily of amortization of debt issuance costs, accretion of debt discount and non-recurring debt settlement costs, because these expenses do not represent a cash outflow for the Company except in the period the financing was secured or when the financing was settled, and such amortization expense or settlement of debt costs is not reflective of the Company’s ongoing financial performance. • Loss on partial settlement of convertible notes. This item is reflected in other income (expense), net and represents (i) the difference between the carrying value and the fair value of the settled convertible notes and (ii) the inducement loss for the difference between the value of the shares issued to settle the convertible notes and the value of the shares that would have been issued under the original conversion terms with respect to the repurchased Notes due 2025, which is non-cash in nature and is not reflective of the Company’s ongoing financial performance. • Change in fair value of derivatives. This item is reflected in other income (expense), net and represents changes in fair value of the conversion option in the convertible notes due 2025, as well as the convertible note hedge and warrant transactions, which is non-cash in nature and is not reflective of the Company’s ongoing financial performance. • Non-GAAP income tax adjustment. This item represents the amount adjusted to the Company’s GAAP tax provision or benefit to present the non-GAAP tax amount based on cash tax expense and reserves. • Adjusted EBITDA. When calculating Adjusted EBITDA, in addition to adjustments described above, the Company excludes the impact of cash interest expense, net of interest income, income tax provision (benefit) and depreciation and amortization. • Free cash flow. This item represents net cash flows from operating activities plus deemed repayment of convertible notes attributable to accreted debt discount reported in operating activities and payments for acquisition reported in operating activities less purchases of property and equipment.

Badri Kothandaraman Chief Executive Officer 3© 2021 Enphase Energy, Inc.

Strategy Badri Kothandaraman Chief Executive Officer Installer Perspective Raul Vergara Cutler Bay, Chief Executive Officer Product Innovation Raghu Belur Chief Product Officer Installer Perspective Suleman Khan Swell, Chief Executive Officer ESG Lisan Hung General Counsel Financial Update Eric Branderiz Chief Financial Officer Q&A Management Lunch Demonstrations Digital Platform Network Operations Center Enphase Home Portable Energy System Product Displays Agenda 4© 2021 Enphase Energy, Inc.

Great Technology Products Market Innovative Massive 5© 2021 Enphase Energy, Inc. Transformation Solar to Energy

2021 So Far 1 As of Sept. 30, 2021 2 Total for the year assumes Q1'21 to Q3’21 actual and mid-point of Q4'21 guidance 3 Non–GAAP gross margin assumes Q1'21 to Q3'21 actual and mid-point of Q4'21 guidance. Refer to Appendix for reconciliation to the most comparable GAAP measure. 4 Includes Enphase systems as of Sept. 30, 2021, grossed up for non-managed and unconnected systems 6 2,095 Employees Globally with HQ in Fremont, California 900+ Installers In our Enphase Installer Network (EIN) Both Acquisitions Doing well and fully integrated 39 Million+ Microinverters shipped, representing approx. 12 GW 1.7 Million+ Systems In more than 130 countries 245 MWh IQ Battery shipments 40% Gross Margin Disciplined pricing and cost Shipping and supply constraints New products What worked well Challenges IQ8H™ is our highest power 1P1M microinverter with peak power of 384VA $1.37 Billion Revenue 77% Increase from 2020 1 2 3 1 1 4 2 © 2021 Enphase Energy, Inc.

Our Core Competencies Semiconductors Software Ensemble™ Solar Grid Generator EV Fuel cell Load control Storage AC 7© 2021 Enphase Energy, Inc.

8 55nm digital ASIC enabling microgrids Blazing fast response times Software-defined power Analog ASICs for more integration OUR CORE COMPETENCIES Semiconductors © 2021 Enphase Energy, Inc. The Swift ASIC in IQ8™ can respond quickly to changing grid conditions, 1000x faster than IQ7™

Software 9 Autonomous decision making of DERs IQ System Controller for on-site control Seamlessly transfers control between grid forming and grid following resources Enphase Cloud control for user settings Full-fledged IoT system © 2021 Enphase Energy, Inc. 1 Includes the IQ Gateway 2 Enphase internal data 1 OUR CORE COMPETENCIES Our 1.7 million+ systems in the field generate nearly 97 TB2 of data per year

10 Distributed architecture Hierarchical control A virtual area is a cluster of home(s) AC marketplace DER selection based on marginal cost Ensemble TM © 2021 Enphase Energy, Inc. OUR CORE COMPETENCIES

Customer Experience Quality Microinverter failure rate of 0.05% is a reality Added focus on battery quality Head start with LFP and 15-year limited warranty Network Operations Centre 11 Target NPS > 70; 1 minute wait times 24x7 operations worldwide Outage response teams Fleet analytics Service © 2021 Enphase Energy, Inc.1 Based on Enphase failure models and internal RMA data 1 OPERATIONAL EXCELLENCE Our IQ™ batteries are safer and operate at low voltage DC, around 65V

Global Supply Chain 12 Manufacturing sites Distribution centers Sydney, Australia Fuyong, Shenzhen, China Futian, Shenzhen, China Chennai, India Venlo, Netherlands Guadalajara, Mexico Long Beach, CA, USA Cell pack suppliers Xiaoshan, Hangzhou, China Dongguan, Guangdong, China © 2021 Enphase Energy, Inc. 3 CM Factories for microinverters; well diversified globally Adding CMs near customers for efficiency Capacity at 5M micros/Qtr; can be increased Tapping feeders near our CMs for logistics 2 cell pack suppliers > 720 MWh a year Globalization efforts on batteries underway OPERATIONAL EXCELLENCE At Salcomp’s Chennai factory, there are 10,000 workers; approx. 90% of them are women Enphase is one of the largest customers at Flex Fuyong, one of its oldest factories in China

Gross Margin 13 Value-based pricing discipline Microinverters: grid-forming, quality, service, power Storage: all-in-one, LFP, modular, genset integration Load control and up to 15-year limited warranty Modest price increases to counter increase in CPI Pricing Cost Alive and well on purchasing and negotiation Microinverters: DC connectors, ASICs, semis, passives Storage: Battery management and power conversion Navigating macro supply and logistics issues today © 2021 Enphase Energy, Inc. 1 1 An additional 5-year limited warranty can be purchased. 10-year limited warranty is standard 2 As of October 2021, the consumer price index (CPI) was 6.2% higher than a year ago 2 OPERATIONAL EXCELLENCE IQ8+TM Microinverters can provide Sunlight Backup during an outage even without a battery The MC4 DC connectors shown here can connect to solar panels without adapters

14 Executive team and core architects in Fremont Product teams in Bangalore, Christchurch, Austin, Montreal Service and Sales teams globally New product, software and marketing investments in 2022 OPEX Spending CAPEX Technology-focused spending No deviation from CM model Continue globalization of supply chain Headcount No big factories © 2021 Enphase Energy, Inc. 1 1 As of Sept. 30, 2021 BUSINESS PRINCIPLES

Our Strategy Build best-in-class home energy systems and deliver them to homeowners through our installer and distribution partners, enabled by a comprehensive digital platform 15© 2021 Enphase Energy, Inc.

$55 $75 $77 $79 $70 $76 $78 $92 $100 $134 $180 $210 $206 $125 $178 $265 $301 $316 $352 $400 $- $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21* Revenue CAGR 48% Started shipping IQ7™Microinverters Started shipping IQ™ Batteries Scheduled to ship IQ8™Microinverters COVID-19 (in millions) 1 Assumes mid-point of Q4'21 guidance 1 1 16© 2021 Enphase Energy, Inc.

The Enphase Energy System 17© 2021 Enphase Energy, Inc. I Q B A T T E R Y I Q M I C R O I N V E R T E R M A I N L O A D C E N T E R E V C H A R G E R E N P H A S E C L O U D I Q L O A D C O N T R O L L E R I Q S Y S T E M C O N T R O L L E R U T I L I T Y M E T E R G E N E R A T O R O R F U E L C E L L

2022 SAM $4.8B 2025 SAM $6.2B Leverage increasing global TAM Strong performance in US; Europe 2X from 2020 to 2021 Added Italy, Brazil in 2021; Japan 2023 Ship IQ8™ Dec'21 and IQ8D™ Mar’22 Innovate further with IQ9™ and IQ9D™ 18 2022 SAM $0.2B 2025 SAM $2.0B Solar IQ8H™ which caters to 1 panel produces 384W AC, weighing 1.08kg IQ8D™which caters to 2 panels produces 640W AC, weighing 1.55kg © 2021 Enphase Energy, Inc. 1 Enphase internal data 2Wood Mackenzie data with Enphase estimate and internal pricing assumptions 2 2 2 2 1 THE ENPHASE ENERGY SYSTEM RESIDENTIAL COMMERCIAL

19 IQ Battery™ 3/10 (T) shipping now US, Germany, Belgium; 1,000+ certified US installers IQ Battery 5P in 2022 worldwide 2X power and lower cost (7.68 kW peak power for 5 kWh) Next generation IQ Battery in 2023 Focus on energy density: big step down in cost Storage 2022 SAM $2.3B 2025 SAM $4.5B © 2021 Enphase Energy, Inc. 2 2 1 Compared to IQ Battery 3/10 (T) 2 Wood Mackenzie data with Enphase estimate, Enphase internal pricing assumptions and $0.7B retrofit storage market per year 1 THE ENPHASE ENERGY SYSTEM RESIDENTIAL Our IQ batteries 3T/10T are nearly 50% thinner in depth compared to IQ batteries 3/10

Launching in US and India 1H’22 Energy security plus Energy-On-The-Go High quality cloud-connected device Roadmap: Integrate into Ensemble™ platform Portable Energy System 2022 SAM $0.5B 2025 SAM $2.5B 20© 2021 Enphase Energy, Inc. 11 1 Enphase internal data THE ENPHASE ENERGY SYSTEM RESIDENTIAL The Portable Energy System shown above has 1.3 kWh capacity with 1.6kW continuous and 3.2kW peak power

Strategic—makes every install a "whole home backup" Today: 4—circuit load control Basic and smart control options through Enphase App 2022: Target 12-circuit control and 24-circuit monitoring IQ Load Controller™ 21© 2021 Enphase Energy, Inc. THE ENPHASE ENERGY SYSTEM The IQ Load Controller™ available today can control 4 power-hungry loads.

EVs in US growing at CAGR of 40% Acquiring ClipperCreek: High-quality, Versatile support 1 in 7.5 non-Tesla vehicles is a ClipperCreek charger Accretive to our installers plus DTC Roadmap: Reduce costs; add smarts, V2X EV Charger 2022 SAM $0.2B 2025 SAM $6B 22© 2021 Enphase Energy, Inc. 44 1 US data for all EVs calculated from S&P Global Platts 2 ClipperCreek internal data 3 Refers to vehicle-to-grid and vehicle-to-home 4 Enphase and ClipperCreek internal data without TSLA, S&P Global Platts and Harrison Research 1 2 3 THE ENPHASE ENERGY SYSTEM RESIDENTIAL Definitive Agreement Signed. Anticipated close, Dec ‘21

Target specifications include 1.25kW AC power, 10-year limited warranty | 67% reduction in CO2 emissions | 99.9% reduction in CO emissions1 Made by Upstart Power and powered by IQ8™ Resilience Adder: Turns on, tops up battery and turns off Reliable, low maintenance and low emissions Grid-tied capability and ITC eligible AC Fuel Cell 2022 SAM $0.1B 2025 SAM $1.5B 23© 2021 Enphase Energy, Inc. 22 1 Compared to a standard ICE engine. Upstart internal data 2 Enphase internal data RESIDENTIAL THE ENPHASE ENERGY SYSTEM

Enables glitch-free transition for homeowners User-configurable options through the app AC-coupled architecture doesn't limit output power Compatible with the installed base of HSB generators Generator Integration 24© 2021 Enphase Energy, Inc. Usable Power Gen. Type Start type 2-wire, Utility Sense HSB AC (most models) 11.5 kW AC Integration Ensemble, Mobile App 1 Home Standby AC Generators 1 THE ENPHASE ENERGY SYSTEM KEY SPECIFICATIONS IQ™ inverters can be added at the output of generators to create a clean AC waveform and make them grid-tied resources

A homeowner in Rhode Island can make as much as $1,536/year for each 10 kWh Battery from the ConnectedSolutions program Getting started: 8+ programs in pipeline Business models: Aggregators and utilities Mainly on batteries today, other DERs to follow Enrollment, opt in/out and tracking for homeowners via app Grid services manager software for utilities to manage fleet Grid Services 25© 2021 Enphase Energy, Inc.1 Enphase internal data 1 THE ENPHASE ENERGY SYSTEM

Our Data 26© 2021 Enphase Energy, Inc. 1 Enphase internal data as of Sept. 30, 2021 2 Extrapolations till 2025 assuming 15% market growth per year, not Enphase specific 2021 5-min reporting 2025 1-min reporting 1.7 M+ sites 39 M+ devices 62 B+ data points per day 97 TB+ data per year 4.8 M+ sites 100 M+ devices 800 B+ data points per day 1350 TB+ data per year Installer stats and Performance System vitals and Events Energy consumption per home Energy production per home Homeowner profile Global weather data Errors and Notifications Grid performance EIN Tier, Business Vitals NPS, Cycle Times etc. Critical parameters State changes Power, Current profile Energy independence, Savings Irradiance, Lat/Long, Shading Efficiency, Panel-level Granularity Consumption, Home Size Appliances, Tariff, Incentives Storm Alerts Wildfire Alerts Faults and Returns Account settings Voltage, Frequency Outage Incidents 1 2 HARNESSING AI FOR CUSTOMER EXPERIENCE

Opportunities 27© 2021 Enphase Energy, Inc. Internal OperationsGrid OperatorsInstallersHomeowners New Services Accurate models for prediction of failures Automation of the returns business process Preventive maintenance alerts Learning AHJ Database for high-quality permits Efficient and controlled recovery from outages Improving localized power quality Load shifting to match renewable generation Real-time improved grid services Quick, accurate full system designs Auto panel placement and SLD generation Quick site setup and fully automated permits Better lead generation and qualification Panel cleaning and shading alerts Grid quality and outage prediction Intelligent home energy management Tariff selection, efficient off-grid usage and savings Weather service for better alerts and warnings Production and consumption forecasting Appliance signature and failure prediction Efficient O&M with scheduling and dispatching ROI-based system upgrade to add more resources Optimized site visitsGrid services to improve system ROI Transactive energy marketplace Vehicle-To-Grid management HARNESSING AI FOR CUSTOMER EXPERIENCE

The Enphase Installer Platform Vision 28 Lead Management Design and Proposal Operations and Maintenance Installation and Commissioning Financing and Contract Permit Plan Sets 1 2 3 4 5 6 Provide leads directly into the Installer CRM platform Solargraf Pro™makes state-of-the-art design and proposal software Solargraf Pro brings Fintech partners to our installers to close sales Solargraf Pro helps installers with fast turn- around on their permits Enphase Installer App allows for seamless installation of products Help installers do O&M services by providing them with a tech platform Reduce installation soft costs Integrate all services for installers Focus on ease of doing business for installers © 2021 Enphase Energy, Inc.

Design and Proposal 900+ installers today Launching Q1’22: Shading, 3D, Storage Battery sizing: modes and appliances Comprehensive tariffs and incentives Roadmap: SLDs, AHJ design rule checks 29© 2021 Enphase Energy, Inc.1 Enphase internal data Financing and Contract Permit Plan Sets Brings Fintech partners into proposals through APIs Provides choices for diverse consumer needs Enables easy loan approval process at point of sale Allows for e-signing of contracts Covers all 50 states and AHJs Supports solar, storage, generator, EVs Target 24-hour turnaround time to installer AHJ learning database for quality 2022: Full automation and self-service 1 Solargraf ProTM

Just The Beginning Over 300 patents Home Energy systems and digital platform $23 Billion SAM by 2025 Great Technology Products Market Innovative Massive 1 Wood Mackenzie and Enphase internal data 1 30© 2021 Enphase Energy, Inc.

Raul Vergara Chief Executive Officer Cutler Bay Solar Solutions 31© 2021 Enphase Energy, Inc.

Founded in 2013 with 3 employees; 50 employees today South Florida HQ; family owned and operated Install locations in South Florida with expansion plans into Central Florida Dedication to fantastic customer experience Heavy involvement in rooftop solar activism and education in South Florida community Turnkey solar solutions for homeowners About Us 32© 2021 Enphase Energy, Inc. CUTLER BAY SOLAR SOLUTIONS

33 Installations 978 Solar Systems 35,719 microinverters 972 IQ Batteries™ 3.3 MWh of storage 100% Energized By Enphase © 2021 Enphase Energy, Inc. CUTLER BAY SOLAR SOLUTIONS

34 Thank you! © 2021 Enphase Energy, Inc.

Raghu Belur Chief Product Officer 35© 2021 Enphase Energy, Inc.

Ensemble Distributed architectures always win AC architecture is simple and universal IQ8™ is a foundational element Hierarchical control: Primary, Secondary and Tertiary control TM 36© 2021 Enphase Energy, Inc. THE ENPHASE ENERGY SYSTEM

Ensemble is a generalized solution Architecture is extensible beyond a single home Enables coordination of nested areas Transactive energy 37© 2021 Enphase Energy, Inc. Ensemble TM THE ENPHASE ENERGY SYSTEM

High power microinverters for 600 W single and dual modules 50% more power density compared to IQ8TM GaN allows for high power and fast switching of AC FETs Has > 1000x less resistance than silicon for given voltage 2x switching frequency reduces transformer size by 30% New gate driver ASIC reduces part count New features: variable frequency and 3f microgrid forming Max Power Power density Switching frequency ~200 kHz1.5x IQ8500 WACIQ9 ~200 kHz1.5x IQ8960 WACIQ9D Best-in-Class Power Density 38© 2021 Enphase Energy, Inc. Si Limit SiC Limit GaN Limit 0.0001 0.001 0.01 0.1 1 10 10 100 1000 10000 R O N (W m m 2 ) Breakdown Voltage (V) Performance of GaN and SiC versus Silicon devices 1 Target specifications subject to change THE IQ9TM FAMILY Gallium Nitride (GaN) is a wide-bandgap device (3.2 eV) helps in making power electronics smaller, faster and energy efficient KEY SPECIFICATIONS1

Best-in-Class Power Density 39 IQ8™ Transformer ~30% smaller GaN Devices up to 200% faster New Gate Driver ASIC Reduces part count © 2021 Enphase Energy, Inc. IQ9™ Streamlined Chassis ~15% lower footprint 1 Compared to IQ8 1 1 1 1 THE IQ9TM FAMILY

Best-in-Class Power Density 40© 2021 Enphase Energy, Inc. Transformer ~30% smaller GaN Devices up to 200% faster New Gate Driver ASICs Reduces part count Streamlined Chassis >15% lower footprint Two pieces 1 1 1 1 IQ9™ 1 Compared to IQ8 THE IQ9TM FAMILY

Minimizing Overhead From Cell Pack to Product 41© 2021 Enphase Energy, Inc. 1 1 Target specifications subject to change THE NEXT GENERATION IQ BATTERYTM ~50 Wh/L ~100 Wh/L IQ Battery 3T™ Next generation IQ Battery™

Minimizing Overhead From Cell Pack to Product 42© 2021 Enphase Energy, Inc. ~50 Wh/L ~100 Wh/L IQ Battery 3T™ Next generation IQ Battery™ IQ9D-BAT™ with Battery Mgmt. Battery Pack Battery Pack IQ8X-BAT™ Battery Mgmt. 1 1 Target specifications subject to change THE NEXT GENERATION IQ BATTERYTM

Integrating Power Conversion with Battery Management 43 IQ9D-BAT Inverter™ Enabler for the next generation IQ Battery™ Combined battery and power management Single board replaces seven from before Single firmware image Max Power Peak Power 3000 W1500 W © 2021 Enphase Energy, Inc. 343 mm154 mm 61 mm 1 Target specifications subject to change THE NEXT GENERATION IQ BATTERYTM KEY SPECIFICATIONS Just like how one solar microinverter interfaces with one panel on the roof, we have only one battery microinverter interfacing with one cell pack, optimizing cost 1

Microgrid Interconnect Device (MID) in the Collar Simplifies and speeds up installs, while improving quality Enables storage for meter-main-combo homes without rewiring Pre-installed CTs reduces installation errors Requires utility approval Meter Collar 44 Rating Compliance Communication CANUL414200A © 2021 Enphase Energy, Inc. THE ENPHASE ENERGY SYSTEM KEY SPECIFICATIONS This is an example of a meter collar between the meter and the meter socket which typically takes less than 30 minutes to install

EVs globally growing nearly 30% per year till 2025 Smart charging will be a requirement (source, rate, duration) Bi-directional V2H and V2G adds resiliency to home and grid Ongoing debate on charging via the EV's AC or DC port Integration into Ensemble™ will enhance customer experience Power Grid Compliance Bi-Directional AC/DC portIEEE15479.6KW Integration Ensemble EV Charger 45© 2021 Enphase Energy, Inc. 1 1 US and EU data for all EVs calculated from S&P Global Platts THE ENPHASE ENERGY SYSTEM KEY SPECIFICATIONS Adding an EV increases home consumption typically by ~15KWh/day

Solid Oxide Fuel Cell with IQ8™ power management Resiliency Adder: Energy device tops up IQ™ batteries Easy install, modular, and scalable Ongoing focus to optimize cost and power Power Cycles Fuel efficiency 2–3x2501.25KW AC Fuel Cell 46© 2021 Enphase Energy, Inc. Cold Zone Air Exhaust Power output Air Intake Mid Zone Hot Zone Fuel Intake 1 Compared to a standard ICE engine. Upstart internal data THE ENPHASE ENERGY SYSTEM KEY SPECIFICATIONS 67% reduction in CO2 emissions and 99.9% reduction in CO emissions1 1

60% increased demand due to EV and electrification Intelligent and connected DERs Distributed cloud architecture more scalable, safer, and less expensive Grid Services 47© 2021 Enphase Energy, Inc. 1 1 Enphase internal assumptions THE ENPHASE ENERGY SYSTEM

We Have It All Over 300 patents Home energy systems and digital platform Simple and Universal Great Technology ProductsArchitecture InnovativeAC 48© 2021 Enphase Energy, Inc.

49© 2021 Enphase Energy, Inc. Suleman Khan Chief Executive Officer Swell

About Us Launched in 2015 as a Residential Energy Storage Platform • Sales, installation & financing of ES / PV+ES systems (via DTC & Channel) • VPP Aggregator-Operator interfacing between homeowners and utilities 100+ employees across four business units • Customer Acquisition • Project Fulfillment • Project Finance • Grid Services Swell enables aggregated virtual power plants (“VPPs”) that provide capacity and grid balancing services for utilities • Swell currently has utility grid services contracts to deploy DER systems to 15,000 homes (341 MWh) across 9 VPPs in 3 states Signed multi-year partnership agreement with Enphase to provide solar + storage solutions together with Swell’s VPP programs 50© 2021 Enphase Energy, Inc. Customer sited DERs are aggregated to provide grid services Grid service revenue enables further adoption of DERs by consumers III. Project finance I. Customer acquisition IV. Grid services II. Project fulfillment SWELL

51 A platform for the mass deployment and management of DERs providing VPP enablement services to utilities and partners powered by an end-to-end technology platform. Enhanced retail consumer experience Energy procurement cost management Grid/network cost management+ + Swell VPP technology platform + Wholesale energy cost arbitrage Wholesale demand charge mitigation • Compass (host engagement) • Wave (sales & fulfillment) • Armada (Fleet mgmt.) Distribution network CapEx deferral Integration of renewable assets Enhanced reliability & energy security Optimized PV self- consumption GridRevenue (VPP participation) Swell VPP managed services • Customer acquisition • Project fulfillment • Project finance • Grid services + + = Capacity/RA Transmission congestion mgmt. GridSavings (bill management) Utility value delivered Consumer value delivered Ancillary services / market participation Energy Storage Rooftop Solar Smart Home EV Charging DER Programs Swell provides a turnkey DER deployment & management platform that optimizes utility value while enhancing customer experience. © 2021 Enphase Energy, Inc. SWELL

52 Swell OC VPP | VPP Homes: 2,000 The Need The decommissioning of the San Onofre nuclear plant led to diminished capacity for SCE in the Irvine, CA area. The Solution SCE has commissioned Swell to establish a 20 MWh Virtual Power Plant to restore a portion of this lost capacity. Swell 805 VPP | VPP Homes: 6,000 The Need The decommissioning of the Aliso Canyon gas storage facility led to diminished capacity for SCE in Ventura and Santa Barbara Counties, CA. SCE was directed by the California state senate to procure non-gas resources in order to re-establish this lost capacity. The Solution SCE has commissioned Swell to establish a 60 MWh Virtual Power Plant to restore a portion of this lost capacity. Swell Nalu VPP VPP Homes: 6,000 The Need Hawai’ian electric companies (HECO) sought to procure grid services from customer-sited renewable generation in response to orders from the Hawai’i Public Utilities Commission. Maui Hawai’i O’ahu Swell’s Virtual Power Plants enable utilities to benefit from customer-sited PV and Energy Storage to address critical capacity needs and growing distribution grid challenges. © 2021 Enphase Energy, Inc. Case Studies The Solution Using residential customer-sited DERs, Swell is offering three distinct grid services: capacity reduce (discharging during peak times), capacity build (charging from excess wind energy), and frequency regulation. SWELL

53© 2021 Enphase Energy, Inc. Lisan Hung General Counsel

54© 2021 Enphase Energy, Inc. Advancing a sustainable future for all Committing to a robust approach Aligning with our Investment Community Developing technology and products to make energy accessible and reliable Reducing environmental impact in our operations and designing products with smaller footprint Expanding our portfolio with products that reduce the home energy carbon footprint Continue responsible supply chain sourcing Focus on enhancing our people and our communities Increase transparency and accountability Board oversight Established ESG taskforce Hired Director of ESG Identified ESG guidelines and frameworks Published inaugural ESG report and launched ESG web page ESG Achieving Long-Term Outperformance

55© 2021 Enphase Energy, Inc. Eric Branderiz Chief Financial Officer

56© 2021 Enphase Energy, Inc. 1 Non–GAAP measures. Refer to Appendix for reconciliation to the most comparable GAAP measure 2 2021 assumes Q1'21 to Q3'21 actual and mid-point of Q4'21 guidance 48% Revenue CAGR Consistently profitable Retaining our baseline financial model based on current macro Revenue and Gross Margin Revenue Non-GAAP gross margin % 1 Non-GAAP operating income (loss) % 1 FINANCIALS

57© 2021 Enphase Energy, Inc. Strong cash position Access to capital markets when needed • Best terms in history for green convertible notes issued in March 2021 • 5-year term at zero coupon and 70% conversion premium Sustainable cash generation model Quick cash conversion cycle 1 Non–GAAP measures. Refer to Appendix for reconciliation to the most comparable GAAP measure 2 2021 assumes Q1'21 to Q3'21 actual and mid-point of Q4’21 guidance. 2021 cash balance excludes payments for acquisitions, if any. EBITDA, Free Cash Flow, Cash And Debt Adjusted EBITDA 1 Free cash flow 1 Cash, cash equivalents, restricted cash and marketable securities Total debt FINANCIALS

58© 2021 Enphase Energy, Inc. Simple Capital Allocation Due To Scalable Business Model Value Distributing Stable and Mature Business Value Creating High Growth Stage Invest in Organic Growth Sustain growth and retain competitiveness CapEx Lite: Invest in capacity, global supply chain diversification and cost reduction OpEx Lite: Invest in innovation, new products and new markets. Increased operating leverage through economies of scale. Mergers and Acquisitions Accelerate Growth Accretive bolt-on acquisitions such as the SunPower deal, Sofdesk, and DIN Performance measured by ROI, IRR and payback Debt Repayment Convertible notes of $102.2M due 2025, $632.5M due 2026 and $575M due 2028: can be settled in cash, shares or in combination Raise debt vs. equity for any additional capital required to optimize WACC Share Buyback When stock is undervalued vs. intrinsic value Executed $200M buyback in May 2021 for 1.7 million shares at $117/share $500M Share buyback authorization with execution subject to BOD approval 1. 2. 3. 4. FINANCIALS

59© 2021 Enphase Energy, Inc. Increasing Our ‘Share Of Wallet’ Per Home 1 Enphase internal data and approximate estimates 2 Exiting 2021 based on mid-point of Q4’ 21 guidance 3 Refers to IQ7, IQ7+, IQ7X, IQ7A and IQ8, IQ8+, IQ8M, IQ8A, IQ8H with 20 micros per home 4 Assumes 10 kWh battery 2019 2021 2023+ IQ7TM family of microinverters3 $2,000 IQ7 TM family of microinverters3 +IQ BatteryTM $2,300 $6,200 - $7,200 IQ8TM family of microinverters3 +IQ Load controller, EV Charger, Fuel Cell, Grid Services, Software Premium for sunlight backup +IQ BatteryTM $6,200 - $7,200 Enphase potential per home1 Enphase potential per home1 $2,000 $9,000 Enphase potential per home1 $12,000 1 2 4 4 FINANCIALS

60© 2021 Enphase Energy, Inc. Residential Solar Projecting to ship ~10.2Mu microinverters, ~3.5GWdc in 20211 SAM assumed to grow at a baseline of 15% CAGR from 2021 through 20252 Expect to grow faster than market based on product differentiation Microinverter capacity available at > 5Mu/Q exiting 20213 Qualify additional CMs worldwide to ease logistics for customers Expect modest ASP decline through 2025 Expect improvement in supply chain and logistics constraints through the first half of 2022 Residential Storage Projecting to ship ~245MWh in 20211 2021 SAM 1.5GWh2 SAM at 55% CAGR from 2021 through 20252 Battery cell pack capacity available at 180MWh/Q exiting 20213 Sales reaching current cell pack capacity in the second half of 2022 Capacity upside with existing suppliers available as needed. Qualifying a third cell pack supplier in 2022 Expect ASP decline through 2025 IQ8TM enables smaller battery systems, accelerating market penetration Small Commercial Solar System IQ8DTM product launch in Q1 2022 to serve small commercial projects of 20KW to 500KW Minimal revenue contribution in 2022 due to new market segment SAM of $1.7B in 2023 and $2B in 20252 Premium pricing with software defined platform for asset managers Post product proliferation, expect 5% per year market share capture Portable Energy System SAM of $1.6B in 2023 and $2.5B in 20253 General availability in 2H’2022 Expect modest market share capture at launch Large market share capture opportunity with product differentiation: cloud connectivity, and Ensemble integration Direct-to-consumer product available on Enphase store in addition to stocking at our installers and distributor partners globally 1 2021 assumes Q1'21 to Q3'21 actual and mid-point of Q4’21 guidance 2 Wood Mackenzie data with Enphase estimate 3 Enphase internal data 4 Enphase/ClipperCreek internal data, based on S&P Global Platts for all EVs in US Global Revenue Growth Framework EV Charger Expect to acquire ClipperCreek at $110M cash at close plus $40M earn- outs in ENPH stock Projecting 2021 sales of ~21Ku sales in the U.S EV market4 Expect U.S EV market at 40% CAGR from 2021 through 20254 Expect our U.S sales growth in-line with the market CAGR Post-close synergies include moving manufacturing to Enphase CMs, leveraging our global installer and distribution network and entering new regions Will add cloud connectivity through Enphase App and V2X capabilities FINANCIALS

Great 61 Technology Products Market Innovative Massive Transformation Full home electrification is inevitable © 2021 Enphase Energy, Inc.

Q&A 62© 2021 Enphase Energy, Inc.

63© 2021 Enphase Energy, Inc.

Appendix 64© 2021 Enphase Energy, Inc.

65© 2021 Enphase Energy, Inc. GAAP To Non-GAAP Reconciliation 1 2021 assumes Q1'21 to Q3'21 actual and mid-point of Q4’21 guidance $ in millions 2017 2018 2019 2020 2021 1 GAAP gross profit 56.0$ 94.4$ 221.2$ 346.0$ 545.1$ Stock-based compensation 1.1 1.1 1.7 3.7 9.0 Tariff refunds - - - (38.9) - Non-GAAP gross profit 57.1$ 95.5$ 222.9$ 310.8$ 554.1$ Non-GAAP gross margin % of revenue 20.0% 30.2% 35.7% 40.1% 40.5% $ in millions 2017 2018 2019 2020 2021 1 GAAP operating income (loss) (39.4)$ 1.6$ 102.7$ 186.4$ 191.6$ Stock-based compensation 6.8 11.4 19.5 42.5 129.9 Tariff refunds - - - (38.9) - Reserve for non-recurring legal matter - 1.8 - - - Restructuring and asset impairment charges 16.9 4.1 2.6 - - Acquisition related expenses and amortization - 1.6 2.2 2.5 11.3 Non-GAAP operating income (loss) (15.7)$ 20.5$ 127.0$ 192.5$ 332.8$ Non-GAAP operating income (loss) % of revenue -5.5% 6.5% 20.3% 24.9% 24.3% APPENDIX

66© 2021 Enphase Energy, Inc. GAAP To Non-GAAP Reconciliation 1 2021 assumes Q1'21 to Q3'21 actual and mid-point of Q4’21 guidance $ in millions 2017 2018 2019 2020 2021 1 GAAP net income (loss) (45.2)$ (11.6)$ 161.1$ 134.0$ 119.2$ Interest expense, net 7.9 9.6 7.2 18.8 45.5 Depreciation and amortization 9.0 9.7 14.1 18.1 26.7 Income tax provision (benefit) 0.1 1.4 (71.0) (14.6) (29.1) Stock-based compensation 6.8 11.4 19.5 42.5 129.9 Tariff refunds - - - (39.6) - Restructuring and asset impairment charges 16.9 4.1 2.6 - - Acquisition-related expenses - 0.7 - 0.3 5.5 Reserve for non-recurring legal matter - 1.8 - - - Non-recurring debt prepayment fees - - 6.0 - - Loss on partial settlement of convertible notes - - - 3.0 56.4 Change in fair value of derivatives - - - 44.3 - Adjusted EBITDA (4.5)$ 27.1$ 139.5$ 206.8$ 354.1$ $ in millions 2017 2018 2019 2020 2021 1 Cash flow from operations (28.4)$ 16.1$ 139.1$ 216.3$ 326.9$ Purchases of property and equipment (4.1) (4.1) (14.8) (20.5) (59.2) Deemed repayment of convertible notes due 2024 and notes due 2025 attributable to accreted debt discount - - - 3.1 15.6 Payments for acquisition reported in cash flows from operating activities - 10.0 - - - Free cash flow (32.5)$ 22.0$ 124.3$ 198.9$ 283.3$ APPENDIX

67© 2021 Enphase Energy, Inc. SAM Market Data 1 Wood Mackenzie and Enphase internal estimates and pricing assumptions 2 Excludes retrofit opportunities 3 Enphase internal estimates 4 S&P Platts, Harrison Research and ENPH/ClipperCreek internal estimates 5 Excludes estimated TLSA vehicles from Harrison Research APPENDIX 2021 2022 2023 2024 2025 CAGR 2021 2022 2023 2024 2025 SAM (MW) 13,215 15,779 19,266 22,245 24,158 16% SAM (MW) - 1,057 9,085 10,720 11,473 NA 4,629 5,249 5,769 6,923 7,961 15% NA - 852 892 877 935 LATAM 634 886 1,256 1,509 1,766 29% LATAM - 205 1,567 1,839 2,017 EUR 4,609 5,091 5,387 5,705 5,719 6% EUR - - 1,615 2,764 2,798 APAC 3,343 4,553 6,854 8,108 8,711 27% APAC - - 5,011 5,240 5,723 SAM ($ In millions) $4,192 $4,756 $5,520 $6,054 $6,244 10% SAM ($ In millions) - $204 $1,776 $1,994 $2,027 NA $1,451 $1,563 $1,632 $1,861 $2,033 9% NA - $162 $161 $150 $152 LATAM $202 $269 $362 $413 $459 23% LATAM - $43 $309 $344 $359 EUR $1,471 $1,544 $1,552 $1,561 $1,487 0% EUR - - $319 $518 $498 APAC $1,067 $1,381 $1,974 $2,219 $2,265 21% APAC - - $988 $982 $1,018 2021 2022 2023 2024 2025 CAGR 2021 2022 2023 2024 2025 SAM (MWh) 1,478 2,811 5,398 6,770 8,916 57% SAM (Mu) - 0.26 0.98 1.25 1.64 NA 831 1,905 2,817 2,990 3,648 45% NA - 0.19 0.53 0.66 0.88 LATAM 85 178 259 387 480 54% EUR - 0.06 0.32 0.42 0.54 EUR 418 552 1,012 1,622 1,948 47% LATAM - 0.00 0.05 0.07 0.09 APAC 143 176 1,310 1,772 2,839 111% APAC - 0.01 0.08 0.11 0.14 SAM ($ In millions) $1,005 $1,625 $2,807 $3,168 $3,843 40% SAM ($ In millions) - $452 $1,599 $1,948 $2,483 NA $565 $1,101 $1,465 $1,399 $1,572 29% NA - $328 $880 $1,046 $1,360 LATAM $58 $103 $135 $181 $207 38% EUR - $102 $504 $628 $784 EMEA $284 $319 $526 $759 $840 31% LATAM - - $85 $111 $141 APAC $97 $102 $681 $829 $1,224 88% APAC - $22 $130 $163 $198 2021 2022 2023 2024 2025 CAGR 2021 2022 2023 2024 2025 CAGR TAM (Mu) 1.8 2.3 3.1 4.1 5.2 30% TAM (Mu) 2.2 2.8 3.6 4.6 6.0 29% US 0.2 0.3 0.5 0.8 1.2 63% US 0.4 0.6 0.8 1.2 1.6 41% EUR 1.6 2.0 2.6 3.2 4.0 25% EUR 1.8 2.2 2.8 3.5 4.3 25% SAM (Mu) 0.2 0.3 3.1 4.1 5.2 137% US 0.2 0.3 0.5 0.8 1.2 63% EUR - - 2.6 3.2 4.0 SAM ($ In millions) $149 $245 $2,715 $4,254 $5,985 152% TAM ($ In millions) $1,946 $2,338 $3,125 $4,840 $6,845 37% US $149 $245 $476 $880 $1,354 74% US $373 $491 $717 $1,212 $1,865 50% EUR - - $2,239 $3,374 $4,631 EUR $1,573 $1,847 $2,407 $3,628 $4,979 33% Storage Retrofit $650 $650 $650 $650 Fuel Cell $87 $1,319 $1,336 $1,536 TOTAL SAM $5,346 $8,020 $16,386 $19,404 $22,768 Residential Solar1 Small Commercial Solar1 Residential Storage1,2 Portable Energy System3 NON-TLSA EV Charger4,5 EV Charger with TLSA4

© 2021 Enphase Energy. All rights reserved. Enphase, the "e" logo, IQ, IQ7, IQ7+, IQ7X, IQ7A, IQ8, IQ8+, IQ8M, IQ8A, IQ8D, IQ8H,IQ9, IQ9D, IQ9D-BAT Inverter, IQ Battery, IQ Battery 3T, IQ Gateway, Ensemble, Solargraf Pro, and certain other names and marks are registered trademarks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.