Press release
Enphase Energy Reports Financial Results for the First Quarter of 2025
FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., April 22, 2025 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2025, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $356.1 million in the first quarter of 2025, along with 48.9% for non-GAAP gross margin. We shipped approximately 1.53 million microinverters, or 688.5 megawatts DC, and 170.1 megawatt hours (MWh) of IQ® Batteries. Highlights for the first quarter of 2025 are listed below: Completed IQ® Meter Collar testing with PG&E and four other U.S. utilitiesStrong U.S. manufacturing: shipped approximately 1.21 million microinverters and 44.1 MWh of IQ BatteriesRevenue of $356.1 millionGAAP gross margin of 47.2%; non-GAAP gross margin of 48.9% with net IRA benefitNon-GAAP gross margin of 38.3%, excluding net IRA benefit of 10.6%GAAP operating income of $31.9 million; non-GAAP operating income of $94.6 millionGAAP net income of $29.7 million; non-GAAP net income of $89.2 millionGAAP diluted earnings per share of $0.22; non-GAAP diluted earnings per share of $0.68Free cash flow of $33.8 million; ending cash, cash equivalents, restricted cash and marketable securities of $1.53 billion Our revenue and earnings for the first quarter of 2025 are provided below, compared with the prior quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024Revenue$356,084 $382,713 $263,339 $356,084 $382,713 $263,339 Gross margin 47.2% 51.8% 43.9% 48.9% 53.2% 46.2%Operating expenses$136,319 $143,489 $144,607 $79,423 $83,322 $82,587 Operating income (loss)$31,922 $54,804 $(29,099) $94,637 $120,434 $38,994 Net income (loss)$29,730 $62,160 $(16,097) $89,243 $125,862 $47,956 Basic EPS$0.23 $0.46 $(0.12) $0.68 $0.94 $0.35 Diluted EPS$0.22 $0.45 $(0.12) $0.68 $0.94 $0.35 Total revenue for the first quarter of 2025 was $356.1 million, compared to $382.7 million in the fourth quarter of 2024. Our revenue in the United States for the first quarter of 2025 decreased approximately 13%, compared to the fourth quarter. The decline was the result of seasonality and softening in U.S. demand, partially offset by safe harbor revenue of ...