As we progress in 2024, our primary focus revolves around three areas: customer Our 2024 experience, new products, and operational excellence. Transform the customer experience priorities “We plan to focus on key metrics At Enphase, we take pride in serving our customers. Our commitment to delivering which give us comprehensive an exceptional customer experience begins with shipping value-added products insight into the entire solar pipeline with the highest quality and helping our customers 24x7 with any issues they including proposals, permits, sell- encounter when using the products. We are striving to deliver world-class collateral through, and activations, improving to installers through a world-class website. We are aiming to provide a seamless our channel management.” installation and commissioning experience for our products. We also expect to improve the quality of our products by focusing relentlessly on the right metrics, identifying the root cause of returns, and implementing corrective actions. We are enabling better eet management by bolstering our cloud infrastructure. We plan to collect a great deal of data on the vitals of the product and stream them to our cloud platform. We are anticipating potential product problems by using our data warehouse to organize this data and applying ML/AI techniques to uncover key insights. We are making our products software-dened so that such problems can be solved over-the-air most of the time. Develop best-in-class new products New products are our lifeblood. We are working on the next two generations of microinverters – IQ9 and IQ10 to improve the power, form factor, and eciency of our microinverters to decrease the cost per watt for consumers. We are designing our fourth- and fth-generation of IQ Batteries to minimize the form- factor, increase the energy density, and reduce the cost for consumers. We are also working on streamlining the balance of system for our batteries, reducing the number of boxes on the wall, and ensuring we pay attention to both product and labor costs for installers. We are working on EV chargers – the IQ Smart EV chargers for Europe and IQ bi-directional EV chargers with V2G and V2H capability. Finally, we are developing AI-based software to manage NEM 3.0 taris in California and dynamic taris in Europe along with third-party EV chargers and heat pumps. Our IP Portfolio currently includes more than 405 issued patents, and many additional pending worldwide – a testament to our product innovation. Elevate operational excellence We expect to elevate our operational excellence in 2024. We plan to focus on key metrics which give us comprehensive insight into the entire solar pipeline including proposals, permits, sell-through, and activations, and improving our channel management. These metrics are instrumental in forecasting our business and strengthening our distributor and installer relationships. We are going to manage product costs, new product transitions, and inventory to best-in-class levels. We will maintain our pricing discipline and continue to price products based on value. While we plan to leverage the IRA by manufacturing in the United States, we will strike a balance with respect to worldwide manufacturing. Finally, embracing a lean and frugal mindset will help us remain as a high-performance organization. 3636 ENPHASE CEO LETTER TO SHAREHOLDERS 2023 37