ENPH · 10-K filed 17 Feb 2026 · year to 31 Dec 2025

Enphase Energy

36 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Unnamed largest customer

earns from · approximately 39%, 48% and 40%named as a risk

In the years ended December 31, 2025, 2024 and 2023, one customer accounted for approximately 39%, 48% and 40%, respectively, of our net revenues.Business (Item 1)

Also named by CYRX

Third-party ownership (TPO) providers

earns fromnamed as a risk

With the enactment of the OBBBA, these models may become predominant, reducing demand for direct purchases from installers.Risk factors (Item 1A)

Suppliers

Contract manufacturer purchase obligations

depends on · approximately $252.3 millionnamed as a risk

As of December 31, 2025, our related purchase obligations (including amounts related to component inventory procured by our primary contract manufacturers on our behalf) were approximately $252.3 million.Risk factors (Item 1A)

Flex Ltd.

depends onnamed as a risk

We utilize Flex Ltd. and affiliates (“Flex”), Salcomp Manufacturing India PVT and Sunwoda Electric Co. Ltd. to assemble and test certain of our IQ microinverters, IQ Battery storage systems, EV chargers and IQ Gateway products.Business (Item 1)

Also named by FFIV, TER

Salcomp Manufacturing India PVT

depends onnamed as a risk

Sunwoda Electric Co. Ltd.

depends onnamed as a risk

DHL

depends on

DHL, Flex and other service providers also provide receiving, kitting, storage, transportation, inventory visibility and other value-added logistics services.Business (Item 1)

Also named by FDX, RVTY, TMO

Competitors

Huawei Technologies Co. Ltd.

competes withnamed as a risk

Competitors in the inverter market include, among others, SolarEdge Technologies, Inc. (“SolarEdge”), Huawei Technologies Co. Ltd., (“Huawei”), Tesla, Inc. (“Tesla”), Sungrow Power Supply Co., Ltd., Growatt New Energy Co., Ltd and other companies offering microinverters and/or string inverters with and without solar optimizers.Business (Item 1)

Also named by CSCO, EXTR, LITE, MXL, ONTO

SolarEdge Technologies, Inc.

competes withnamed as a risk

Tesla, Inc.

competes withnamed as a risk

Competitors in the storage market include Tesla, SolarEdge, Huawei, BYD Company Limited (“BYD”), Franklin Solar Battery and other producers of battery cells and integrated storage systems.Business (Item 1)

Places

India

operates in · approximately 61% of our total employeesnamed as a risk

As of December 31, 2025, approximately 61% of our total employees were located in India, where we primarily conduct our research and development activities, procurement, customer support services, and other general and administrative support functions.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Europe

earns from · approximately 14% of our net revenuesnamed as a risk

In addition, during 2025, we continued to expand our operations into new European countries, although revenue from our operations in Europe declined year over year, with approximately 14% of our net revenues derived from Europe for the year ended December 31, 2025, as compared to approximately 23% of our net revenues from the same region for the year ended December 31, 2024.Risk factors (Item 1A)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

United States

concentrated in · 81%, 70% and 64% of our net revenues

Our revenue generated from the United States market has represented 81%, 70% and 64% of our net revenues for the years ended on December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

California

concentrated innamed as a risk

These types of modifications to NEM policies have impacted and could further harm our business, both in California, where we have derived a significant portion of historical revenues in the United States, and in other jurisdictions if similar changes are adopted.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

China

depends onnamed as a risk

For example, lithium iron phosphate ("LFP") battery cells used in our energy storage systems are still supplied exclusively by two vendors located in China.Business (Item 1)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

South Carolina

operates in

We are currently shipping both residential and commercial IQ Microinverters and IQ Batteries with higher domestic content from the U.S.-based manufacturing facilities in South Carolina and Texas, where we have added several new production lines across the two sites.Business (Item 1)

Also named by ENS, FCNCA, GNRC, IMKTA, PNFP, SSB

Arlington, Texas

operates in

In November 2025, we commenced Enphase manufacturing at our Arlington, Texas facility previously operated by Salcomp Manufacturing USA Corp.Business (Item 1)

Also named by L

Hazards

Fremont, California earthquake

operates innamed as a risk

For example, our corporate headquarters in Fremont, California is located near major earthquake fault lines and our Petaluma, California facility is near fault lines and the sites of recent catastrophic wildfires.Risk factors (Item 1A)

Commodities and inputs

Euro

exposed to its price · 14%, 21% and 28%named as a risk

Sales denominated in the euro as a percentage of net revenues was 14%, 21% and 28% during the years ended December 31, 2025, 2024 and 2023, respectively.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Copper

exposed to its pricenamed as a risk

The manufacturing and packaging processes used by us and our contract manufacturers depend on raw materials such as copper, aluminum, silicon and petroleum-based products.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Aluminum

exposed to its pricenamed as a risk

The manufacturing and packaging processes used by us and our contract manufacturers depend on raw materials such as copper, aluminum, silicon and petroleum-based products.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Natural gas

exposed to its pricenamed as a risk

Persistent low natural gas prices, lower prices of electricity produced from other energy sources, such as nuclear power or coal-fired plants, or improvements to the utility infrastructure could reduce the retail price of electricity from the utility grid, making the purchase of solar PV systems less economically attractive and depressing sales of our products.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Silicon

exposed to its pricenamed as a risk

The manufacturing and packaging processes used by us and our contract manufacturers depend on raw materials such as copper, aluminum, silicon and petroleum-based products.Risk factors (Item 1A)

Also named by MPWR

Lithium iron phosphate (LFP) battery cells

depends onnamed as a risk

Our LFP battery cells for our storage products are supplied solely via our two suppliers in China.Risk factors (Item 1A)

ASICs

depends onnamed as a risk

We depend on sole-source and limited-source suppliers for key components of our products, such as our ASICs and lithium-ion batteries.Risk factors (Item 1A)

Regulators

California Public Utilities Commission (CPUC)

subject tonamed as a risk

In December 2022, the California Public Utilities Commission (“CPUC”) approved a NEM policy, called Net Energy Metering 3.0 (“NEM 3.0”), which went into effect starting April 15, 2023.Business (Item 1)

Also named by EIX, KMI, PAGP, SRE, VZ, ZM

Laws and programs

Section 48E Investment Tax Credit

subject to · 45% domestic cost thresholdnamed as a risk

Projects commencing construction after June 16, 2025 must meet a 45% domestic cost threshold, up from 40%.Business (Item 1)

Also named by BE

California NEM 3.0

subject to · approximately $0.05/kWh to $0.08/kWhnamed as a risk

The average hourly export rate in California under NEM 3.0 is approximately $0.05/kWh to $0.08/kWh compared to the prior average of $0.25/kWh to $0.35/kWh under Net Energy Metering 2.0 (“NEM 2.0”).Business (Item 1)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

In July 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted, introducing material changes to certain federal clean energy tax credit programs that are significant to our business and may impact our financial condition, results of operations and future prospects.Business (Item 1)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. import tariffs

subject tonamed as a risk

A subset of our products is sourced from China and India, and certain components necessary to manufacture our products in the United States, including our microinverters, batteries and related accessories, are imported from China, India, Taiwan, Vietnam and Japan, among other countries.Risk factors (Item 1A)

Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more

Section 25D Investment Tax Credit

subject tonamed as a risk

Under the new law, the Section 25D credit expired on December 31, 2025.Business (Item 1)

Foreign Entity of Concern (FEOC) provisions

subject tonamed as a risk

If we are unable to meet the revised domestic content or FEOC requirements, our ability to qualify for these incentives could be impaired, which may adversely affect our revenue, gross margins, business operations and competitive position.Business (Item 1)

Section 45X Advanced Manufacturing Production Tax Credit

subject tonamed as a risk

If we are unable to meet these domestic content or non-FEOC compliance thresholds, our products may not qualify for applicable tax credits, including the AMPTC, which could reduce the attractiveness of our offerings to installers, developers and customers.Risk factors (Item 1A)

European NEM and feed-in tariff programs

subject tonamed as a risk

Outside the United States, several European countries, including Germany, Belgium, Austria and the Netherlands, have adopted reductions in or ended their NEM or FiT programs.Risk factors (Item 1A)

Inflation Reduction Act of 2022

subject to

Moving manufacturing to the United States allows us to benefit from certain incentives under the IRA, improve service to our customers by reducing delivery times, diversifying our supply chain and supporting solar projects to qualify for the Domestic Content Bonus Credit.Business (Item 1)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENS and 30 more

EU Waste Electrical and Electronic Equipment and RoHS regulations

subject to

In addition, our business and operations are currently subject to environmental laws in various jurisdictions around the world, including the Waste Electrical and Electronic Equipment and Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment regulations adopted by the EU.Business (Item 1)