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๐ ๐๐๐ฌ๐ฎ๐ฅ๐ญ๐ฌ
โข Adj. EPS: $0.41 (Est. $0.50) โ, vs. $0.90 YoY.
โข Revenue: $293.3M (Est. $305.15M) โ, -29% YoY.
โข GAAP EPS: $0.17 (vs. $0.50 YoY).
โข Adj. Gross Margin: 45.0% (vs. 49.2% YoY).
โข GAAP Gross Margin: 43.3%.
โข Adj. Operating Income: $53.6M.
โข Battery Shipments: 129.9 MWh (vs. 113.8 MWh QoQ).
โข Operating Cash Flow: ~$0.1M.
โข Cash & Marketable Securities: $931.8M.
โ
๐ฏ ๐๐ฎ๐ข๐๐๐ง๐๐
โข Q4 2026 Revenue: $225Mโ$255M, midpoint $240M (Est. $300.51M) โ.
โข Q4 2026 Adj. Gross Margin: 40%โ43%.
โข Q4 2026 GAAP Gross Margin: 38%โ41%.
โข Q4 2026 Battery Shipments: 100โ120 MWh.
โข Q4 2026 Sell-Through: -10% QoQ.
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๐ ๐๐๐ฒ ๐๐๐ค๐๐๐ฐ๐๐ฒ๐ฌ
โข Q3 Adj. EPS missed consensus by 18%, while revenue fell ~3.9% below estimates.
โข Q3 earnings included a $0.14 per share non-GAAP impact from investment impairments.
โข Global sell-through increased just 1% QoQ versus management's 10% growth expectation.
โข U.S. residential solar sell-through declined 35% YoY, reflecting continued market weakness.
โข Q4 revenue guidance midpoint stands ~20.1% below consensus and implies an 18.2% sequential decline.
โข Enphase demonstrated its IQ solid-state transformer converting 13.8 kV AC to 800 VDC for AI data centers.
โข IQ SST customer and partner pipeline more than doubled to over 50, with pilots planned for 2027 and commercial shipments expected in 2028.
โข Management is developing IQ SST solutions for two global technology leaders.
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๐ฌ ๐๐๐ง๐๐ ๐๐ฆ๐๐ง๐ญ ๐๐จ๐ฆ๐ฆ๐๐ง๐ญ๐๐ซ๐ฒ
โOur core U.S. residential solar market continues to face headwinds from higher interest rates and the expiration of the Section 25D federal tax credit.โ