1. Enphase relocated 85% of microinverter production to the U.S., reducing tariff risks and securing $37.9 million in IRA benefits, boosting Q1 FY25 gross margins to 48.9%; 2. Launched IQ Battery 10C and IQ9 microinverter targeting commercial markets, while expanding in Europe and emerging markets with $25B+ growth potential; 3. Anticipated 6–8% gross margin dip in Q3 due to Chinese cell pack tariffs, with mitigation plans by Q2 FY26.