[Form 4] Enphase Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Enphase Energy (ENPH): CEO insider purchase reported. President & CEO Badri Kothandaraman bought 5,000 shares of common stock on 11/10/2025 at a weighted average price of $30.6877, coded “P” for open-market purchase. The filing notes multiple trades between $30.57 and $30.79. Following the transaction, beneficial ownership stands at 1,635,632 shares held indirectly by a trust and 70,820 shares held directly.

Insights

Insider Transactions Analyst

CEO made an open-market buy; small size but a clear positive signal of alignment.

On 11/10/2025, Enphase’s President & CEO and Director purchased 5,000 common shares in the open market (transaction code "P"). The weighted average price was $30.6877, with individual trades between $30.57 and $30.79. Following this transaction, reported beneficial ownership stands at 1,635,632 shares held indirectly by a trust and 70,820 shares held directly.

This filing signals incremental insider alignment because it is a net purchase, not an option exercise or award. The buy was executed via a trust, which still counts toward the reporting person's beneficial ownership. The size is modest relative to total reported holdings, so the economic impact is limited, but directionally favorable.

Items to watch: any subsequent Form 4 activity that confirms a pattern of buying or shifts to sales, and whether additional indirect or direct holdings change. The disclosed purchase price range provides a reference point for future insider trades around Q4 2025. The absence of derivative transactions here keeps the signal straightforward: a cash outlay to increase equity exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kothandaraman Badrinarayanan

(Last) (First) (Middle)

C/O ENPHASE ENERGY, INC.

47281 BAYSIDE PARKWAY

(Street)

FREMONT CA 94538

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Enphase Energy, Inc. [ ENPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/10/2025		P		5,000	A	$30.6877(1)	1,635,632	I	By Trust(2)
Common Stock								70,820	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents a weighted average purchase price per share. These shares were purchased in multiple transactions at prices ranging from $30.57 to $30.79. The reporting person has provided to the issuer, and undertakes to provide to the staff of the Commission or any security holder of the issuer, upon request, full information regarding the number of shares purchased at each separate price within the range.

2. These shares are held directly by the Trust of which the Reporting Person serves as a trustee.

Remarks:

	/s/ Lisan Hung, Attorney-in-Fact for Badri Kothandaraman	11/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did ENPH report?

The President & CEO, Badri Kothandaraman, purchased 5,000 shares of common stock, coded “P” for open-market purchase.

When did the ENPH CEO buy shares?

The purchase occurred on 11/10/2025.

What was the price paid for the ENPH shares?

A $30.6877 weighted average price; trades ranged from $30.57 to $30.79.

How many ENPH shares does the CEO own after the trade?

Beneficial ownership is 1,635,632 shares indirectly by trust and 70,820 shares directly.

Was the ENPH CEO’s trade part of multiple transactions?

Yes. The filing states purchases were made in multiple transactions within the $30.57–$30.79 price range.

What role does the insider hold at ENPH?

Badri Kothandaraman is President & CEO and a Director.