What happened

Shares of Enphase Energy (ENPH -4.39%) climbed 18% on Wednesday after the provider of solar power components reported impressive second-quarter growth metrics.  

So what 

Enphase's revenue rose 20% sequentially to $530.2 million. The energy technology company shipped 18% more microinverters and 10% more battery systems compared to the first quarter. 

Enphase's growth in international markets was particularly strong. Revenue in its Europe segment soared 69%. Conflict in the region -- and Russia's decision to reduce natural gas shipments -- are driving many countries to seek out alternative energy sources. Due in part to this trend, international sales could comprise 50% of Enphase's total revenue in the coming years, up from 20% today, according to CEO Badri Kothandaraman. 

Moreover, Enphase is becoming more profitable as it scales its revenue base. Its adjusted gross margin improved to 42.2% from 41% in the first quarter. Its adjusted operating income, in turn, jumped 33% to $152.4 million.

Better still, Enphase continues to crank out boatloads of cash. It generated operating and free cash flow of $200.7 million and $192 million, respectively, during the second quarter.

Now what

Enphase's strong cash production is allowing it to scoop up smaller technology providers to bolster its installer platform. Enphase has acquired five companies over the past six quarters, allowing it to offer its installer partners a broader suite of solutions, such as lead-generation, design, permitting, and maintenance services.

The strategy appears to be working. Enphase expects its revenue to grow an additional 15%, to $590 million-$630 million, in the third quarter.