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Enphase Energy Reports Financial Results for the Second Quarter of 2022
FREMONT, Calif., July 26, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., July 26, 2022 (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 second quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman. We reported record quarterly revenue of $530.2 million in the second quarter of 2022, along with 42.2% for non-GAAP gross margin. We shipped 3,348,553 microinverters, or approximately 1,213 megawatts DC, and 132.4 megawatt hours of Enphase® IQ™ Batteries. Financial highlights for the second quarter of 2022 are listed below. Record quarterly revenue of $530.2 millionGAAP gross margin of 41.3%; non-GAAP gross margin of 42.2%GAAP operating income of $94.0 million; non-GAAP operating income of $152.4 millionGAAP net income of $77.0 million; non-GAAP net income of $149.9 millionGAAP diluted earnings per share of $0.54; non-GAAP diluted earnings per share of $1.07Free cash flow of $192.0 million; ending cash, cash equivalents, and marketable securities of $1.25 billion Our revenue and earnings for the second quarter of 2022 are provided below, compared with the prior quarter and the year ago quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q2 2022 Q1 2022 Q2 2021 Q2 2022 Q1 2022 Q2 2021Revenue$530,196 $441,292 $316,057 $530,196 $441,292 $316,057 Gross margin 41.3% 40.1% 40.4% 42.2% 41.0% 40.8%Operating expenses$124,969 $115,149 $68,401 $71,169 $66,250 $51,696 Operating income$94,036 $61,824 $59,400 $152,412 $114,529 $77,165 Net income$76,976 $51,821 $39,351 $149,852 $109,670 $74,676 Basic EPS$0.57 $0.39 $0.29 $1.11 $0.82 $0.55 Diluted EPS$0.54 $0.37 $0.28 $1.07 $0.79 $0.53 Our total revenue increased 20%, compared to the first quarter of 2022. Our microinverter shipments were up 18%, compared to the first quarter of 2022. Our IQ Battery shipments were up 10%, compared to the first quarter of 2022. Our non-GAAP gross margin was 42.2% in the second quarter of 2022, compared to 41.0% in the first quarter of 2022, driven by a favorable product mix. Our non-GAAP operating expenses were $71.2 million in the second quarter of 2022, compared to $66.3 million in the first quarter of 2022, primarily due to increased investment in R&D, customer service, sales, and IT infr...