2Moยท

Enphase Energy Q1'25 Earnings Highlights

$ENPH (+0,8ย %)


๐Ÿ”น Adj. EPS: $0.68 (Est: $0.70) ๐Ÿ”ด

๐Ÿ”น Revenue: $356.1M (Est: $357.75M) ๐Ÿ”ด


๐Ÿ”ธ Q2 guidance includes ~2% margin drag from new tariffs; total FY gross margin outlook reflects IRA/tariff dynamics.


Q2 Guidance

๐Ÿ”น Revenue: $340Mโ€“$380M (Est: $377.74M) ๐ŸŸก

๐Ÿ”น Non-GAAP Gross Margin:

โ€ƒโ€ƒโ€ข 44.0%โ€“47.0% with IRA benefit

โ€ƒโ€ƒโ€ข 35.0%โ€“38.0% ex-IRA benefit (incl. ~200bps tariff headwind)

๐Ÿ”น Battery Shipments: 160โ€“180 MWh

๐Ÿ”น Non-GAAP Operating Expenses: $78Mโ€“$82M

๐Ÿ”น Net IRA Benefit: $30Mโ€“$33M


Shipments & Segment Metrics

๐Ÿ”น Microinverters Shipped: ~1.53M units (~688.5 MW DC); U.S. Shipments: ~1.21M units

๐Ÿ”น IQ Battery Shipments: 170.1 MWh (โ–ฒ from 152.4 MWh QoQ)

๐Ÿ”น Certified Battery Installers: >10,900 globally


Strategic / Capital Updates

๐Ÿ”น Paid off $102.2M in convertible senior notes

๐Ÿ”น Repurchased 1.59M shares for ~$100M

๐Ÿ”น Continued rollout of IQ Battery 5P with FlexPhase in EU

๐Ÿ”น Expanded EV charger availability to 14 European markets

๐Ÿ”น Upcoming launches: IQ Battery 10C, IQ Meter Collar, IQ Balcony Solar Kit in Germany/Belgium


Other Key Metrics:

๐Ÿ”น Non-GAAP Gross Margin: 48.9% (vs. Est: ~49.5%)

โ€ƒโ€ƒโ€ข Ex-IRA Benefit: 38.3%

๐Ÿ”น Non-GAAP Operating Income: $94.6M (โ–ผ from $120.4M QoQ)

๐Ÿ”น Non-GAAP Net Income: $89.2M

๐Ÿ”น Free Cash Flow: $33.8M

๐Ÿ”น Ending Cash & Investments: $1.53B


CEO Commentary

๐Ÿ”ธ โ€œWe reported solid shipments and continued growth in Europe, while U.S. demand remains soft due to seasonality. Our new products are positioned to drive better customer outcomes and enable grid services.โ€ โ€“ Badri Kothandaraman, CEO

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I'm really thinking about selling now. This time the miss is not so bad, but I think the estimates have been consistently missed for three years. Sleep on it for a night so it's not too emotionally driven, but I think I've been a shareholder in ENPH for the longest time...
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