🔹 Revenue: $363.2M (Est. $361.9M) 🟢; +20% YoY
🔹 Adj. EPS: $0.69 (Est. $0.64) 🟢; +60% YoY
🔹 Net Income: $89.9M (Est. $84.1M) 🟢; +53% YoY
🔹 Gross Margin: 48.6% (incl. IRA); 37.2% ex-IRA
Q3 Guide:
🔹 Revenue: $330M–$370M (Est. $368.4M) 😐
🔹 Non-GAAP Gross Margin: 43%–46% incl. IRA; 33%–36% ex-IRA
🔹 Net IRA Benefit: $34M–$38M (based on ~1.2M U.S. units)
🔹 Non-GAAP OpEx: $78M–$82M
🔹 Battery Shipments Expected: 190–210 MWh
Operational Metrics
🔹 Microinverters Shipped: ~1.53M units / 675.4 MW DC
🔹 Batteries Shipped: 190.9 MWh (record); UP from 170.1 MWh in Q1
🔹 U.S. Manufacturing: 1.41M microinverters; 46.9 MWh batteries
🔹 Installers Certified for IQ Batteries: 11,700+
🔹 Operating Income: $98.6M; UP +61% YoY
🔹 Free Cash Flow: $18.4M
🔹 Cash & Equivalents: $1.53B
CEO Commentary & Strategic Updates
🔸 “We are pleased with our second quarter results and customer response to our new Enphase Energy System.” — CEO Badri Kothandaraman
🔸 IQ Battery 10C launched: 30% more energy-dense, 62% less wall space
🔸 IQ Meter Collar now approved by 29 U.S. utilities
🔸 Ramp-up of IQ Battery 5P with FlexPhase in Europe; supports both single- and three-phase homes
🔸 IQ EV Charger 2 shipping to 18 countries; IQ Balcony Solar Kits launched in Germany & Belgium