ENPHEnphase Energy Inc
Earnings Recap
• Reported GAAP EPS of $0.30 down -34.78% YoY • Reported revenue of $343.32M down -10.29% YoY • Enphase Energy expects Q1 2026 revenue between $270.0 million and $300.0 million, including 100-120 MWh of IQ Batteries. Non-GAAP gross margin is projected at 42.0% to 45.0%, with operating expenses of $77.0 million to $81.0 million.
Bullish
Enphase Energy experienced a 21% increase in U.S. sell-through demand, launched new IQ9N-3P commercial microinverters and IQ EV Charger 2, and introduced PowerMatch technology, improving battery performance by up to 40%.
Bearish
Enphase Energy experienced a revenue decline to $343.3 million in Q4 2025 due to decreased U.S. and European demand, alongside non-GAAP gross margin compression to 46.1% from tariffs, while facing risks related to meeting domestic content requirements.