🔹 Adj. EPS: $0.68 (Est: $0.70) 🔴
🔹 Revenue: $356.1M (Est: $357.75M) 🔴
🔸 Q2 guidance includes ~2% margin drag from new tariffs; total FY gross margin outlook reflects IRA/tariff dynamics.
Q2 Guidance
🔹 Revenue: $340M–$380M (Est: $377.74M) 🟡
🔹 Non-GAAP Gross Margin:
• 44.0%–47.0% with IRA benefit
• 35.0%–38.0% ex-IRA benefit (incl. ~200bps tariff headwind)
🔹 Battery Shipments: 160–180 MWh
🔹 Non-GAAP Operating Expenses: $78M–$82M
🔹 Net IRA Benefit: $30M–$33M
Shipments & Segment Metrics
🔹 Microinverters Shipped: ~1.53M units (~688.5 MW DC); U.S. Shipments: ~1.21M units
🔹 IQ Battery Shipments: 170.1 MWh (▲ from 152.4 MWh QoQ)
🔹 Certified Battery Installers: >10,900 globally
Strategic / Capital Updates
🔹 Paid off $102.2M in convertible senior notes
🔹 Repurchased 1.59M shares for ~$100M
🔹 Continued rollout of IQ Battery 5P with FlexPhase in EU
🔹 Expanded EV charger availability to 14 European markets
🔹 Upcoming launches: IQ Battery 10C, IQ Meter Collar, IQ Balcony Solar Kit in Germany/Belgium
Other Key Metrics:
🔹 Non-GAAP Gross Margin: 48.9% (vs. Est: ~49.5%)
• Ex-IRA Benefit: 38.3%
🔹 Non-GAAP Operating Income: $94.6M (▼ from $120.4M QoQ)
🔹 Non-GAAP Net Income: $89.2M
🔹 Free Cash Flow: $33.8M
🔹 Ending Cash & Investments: $1.53B
CEO Commentary
🔸 “We 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.” – Badri Kothandaraman, CEO
