Europe's energy crisis is prompting consumers to go solar, which is lifting Enphase's operations.
On Tuesday the bloc agreed to voluntarily reduce gas consumption by 15%.The region has also pledged to ramp up its renewable energy infrastructure.
To put the move in perspective, U.S. natural gas futures touched $9.75 per MMBtu on Tuesday, which was the highest level since 2008, but significantly below European prices."We are aggressively expanding the team. We expect this momentum to continue," he said on the company's earnings call. Total revenue for the company, which makes microinverters and backup energy storage for solar systems, jumped 20% quarter over quarter to a record $530 million. Gross margins increased quarter over quarter from 40.1% to 41.3%.
The industry broadly has faced a number of challenges in recent months, including supply chain issues, rising raw material costs and policy uncertainty.
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