🔹 Revenue: $410.4M (Est. $357.8M) 🟢; UP +7.8% YoY
🔹 Adj EPS: $0.90 (Est. $0.62) 🟢; UP +38% YoY
🔹 Adj Net Income: $117.3M (Est. $85.5M) 🟢; UP +33% YoY
🔹 Non-GAAP Gross Margin: 49.2%
Guidance (Q4’25):
🔹 Revenue: $310M–$350M (includes 140–160 MWh IQ Batteries; excludes safe-harbor)
🔹 Non-GAAP Gross Margin: 42%–45% (includes ~5 pp tariff impact)
🔹 Non-GAAP OpEx: $77M–$81M
Segment:
🔹 Microinverters shipped: ~1.77M units (784.6 MWdc)
🔹 IQ® Batteries shipped: 195.0 MWh (record)
🔹 U.S. manufacturing: ~1.53M microinverters; 67.5 MWh IQ Batteries
🔹 IQ® Meter Collar approved by 39 U.S. utilities
Other Metrics:
🔹 Cash & Marketable Securities: $1.48B
🔹 Free Cash Flow: $5.9M
QoQ regional mix:
🔹 U.S. revenue UP ~29%;
🔹Europe DOWN ~38%
CEO Commentary:
🔸 “We delivered $410.4 million in revenue, shipped ~1.77 million microinverters, and a record 195.0 MWh of IQ Batteries in Q3.”
