Enphase Energy Inc

Latest Results (14.11.2025):

Enphase Energy Inc's financial results for the third quarter of 2025 show robust performance with record revenue and improved margins. The company reported quarterly revenue of $410.4 million—the highest in two years—and strong non-GAAP gross margins at 49.2%. In addition to impressive earnings figures, Enphase also highlighted significant shipments of microinverters and IQ Batteries, showcasing operational strength and a solid cash position heading into the next quarter.

Record Revenue & Margins

The third quarter of 2025 saw Enphase Energy Inc achieve $410.4 million in revenue, marking the highest level in two years. Non-GAAP gross margin was 49.2% (despite a 4.9% tariff impact), and GAAP gross margin was 47.8%, underscoring strong profitability despite external challenges.

Earnings & Profitability

Earnings were robust with GAAP operating income of $66.2 million and non-GAAP operating income of $123.4 million. GAAP net income reached $66.6 million compared to non-GAAP net income of $117.3 million, while diluted EPS stood at $0.50 on a GAAP basis and $0.90 on a non-GAAP basis, reflecting improved efficiency and profitability.

Operational Strength

Operational highlights include the shipment of approximately 1.77 million microinverters (784.6 MW DC booked) and a record 195.0 MWh of IQ Batteries. U.S. manufacturing proved strong with about 1.53 million microinverters shipped and record battery performance, further supported by an increasing number of certified installers worldwide.

Solid Financial Position & Future Outlook

Enphase ended the quarter with $1.48 billion in cash, cash equivalents, and marketable securities, and a modest free cash flow of $5.9 million. Looking ahead to the fourth quarter of 2025, the guidance includes revenue between $310.0 million and $350.0 million, with both GAAP and non-GAAP margins expected to face reciprocal tariff impacts, indicating a cautious yet positive outlook for the near future.