🔹 EPS: $0.94 (Est. $0.75) 🟢; DOWN -30% YoY
🔹 Revenue: $382.7M (Est. $378.37M) 🟢; UP +26% YoY
🔹 GAAP Gross Margin: 51.8% (Prev. 48.5%) 🟢
🔹 Non-GAAP Gross Margin: 53.2% (Prev. 50.3%) 🟢
🔹 GAAP Operating Income: $54.8M (Prev. -$10.2M) 🟢
🔹 Non-GAAP Operating Income: $120.4M (Prev. $65.6M) 🟢
🔹 GAAP Net Income: $62.2M (Prev. $20.9M) 🟢
🔹 Free Cash Flow: $159.2M
Segment & Regional Breakdown:
🔹 Microinverter Shipments: 2.01M units (878 MW DC)
🔹 IQ Battery Shipments: 152.4 MWh
🔹 U.S. Revenue: UP +6% QoQ, driven by higher microinverter sales 🟢
🔹 Europe Revenue: DOWN -25% QoQ, due to softening demand 🔴
🔹 U.S. Manufacturing: 1.69M microinverters shipped
Q1'25 Guidance:
🔹 Revenue: $340M-$380M (Est. $341M) 🟡
🔹 GAAP Gross Margin: 46.0%-49.0%
🔹 Non-GAAP Gross Margin: 48.0%-51.0% (Ex-IRA Benefit: 38.0%-41.0%)
🔹 Net IRA Benefit: $36M-$39M (1.2M U.S. manufactured microinverter units)
🔹 GAAP Operating Expenses: $143M-$147M
🔹 Non-GAAP Operating Expenses: $81M-$85M
Business & Product Updates:
🔸 Launched IQ® PowerPack 1500, a portable energy system
🔸 Expanded IQ Battery 5P™ shipments to Germany, Austria, Switzerland
🔸 Expanded IQ8P™ Microinverters to Vietnam, Malaysia, and Latin America
🔸 Collaborated with Octopus Energy (UK) for smart tariff integrations
🔸 Entered radioactive waste solar project (Belgium) with 2.2 MW solar installation
Stock Buyback & Capital Updates:
🔹 Stock Repurchase: 2.88M shares at $69.25/share ($199.7M total)
🔹 Cash & Marketable Securities: $1.72B
CEO Badri Kothandaraman's Commentary:
🔸 “We saw continued strength in the U.S. market but softness in Europe. We remain focused on innovation, launching advanced battery and microinverter products while expanding global market presence.”
