Press release
Enphase Energy Reports Financial Results for the First Quarter of 2024
FREMONT, Calif., April 23, 2024 (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 23, 2024 (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 2024, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $263.3 million in the first quarter of 2024, along with 46.2% for non-GAAP gross margin. We shipped 1,382,195 microinverters, or approximately 603.6 megawatts DC, and 75.5 megawatt hours of IQ® Batteries. Financial highlights for the first quarter of 2024 are listed below: Quarterly revenue of $263.3 millionGAAP gross margin of 43.9%; non-GAAP gross margin of 46.2% with net IRA benefitNon-GAAP gross margin of 41.0%, excluding net IRA benefit of 5.2%GAAP operating loss of $29.1 million; non-GAAP operating income of $39.0 million, which excludes $60.8 million of stock-based compensation and $7.3 million for amortization of intangible assets and restructuringGAAP net loss of $16.1 million; non-GAAP net income of $48.0 millionGAAP diluted loss per share of $0.12; non-GAAP diluted earnings per share of $0.35Free cash flow of $41.8 million; ending cash, cash equivalents, and marketable securities of $1.63 billion Our revenue and earnings for the first quarter of 2024 are provided below, compared with the prior quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q1 2024 Q4 2023 Q1 2023 Q1 2024 Q4 2023 Q1 2023Revenue$263,339 $302,570 $726,016 $263,339 $302,570 $726,016 Gross margin 43.9% 48.5% 45.0% 46.2% 50.3% 45.7%Operating expenses$144,607 $156,893 $158,708 $82,587 $86,551 $98,375 Operating income (loss)$(29,099) $(10,231) $167,663 $38,994 $65,587 $233,562 Net income (loss)$(16,097) $20,919 $146,873 $47,956 $73,474 $192,319 Basic EPS$(0.12) $0.15 $1.07 $0.35 $0.54 $1.41 Diluted EPS$(0.12) $0.15 $1.02 $0.35 $0.54 $1.37 Total revenue for the first quarter of 2024 was $263.3 million, compared to $302.6 million in the fourth quarter of 2023. Our revenue in the United States for the first quarter of 2024 decreased approximately 34%, compared to the fourth quarter of 2023. Our revenue in Europe increased approximately 70%, compared to the fourth quarter of 2023. The decline in revenue for the first quarter of 2024 compared to the fourth...