Press release
Enphase Energy Reports Financial Results for the Second Quarter of 2023
FREMONT, Calif., July 27, 2023 (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 27, 2023 (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 2023, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $711.1 million in the second quarter of 2023, along with 46.2% for non-GAAP gross margin. We shipped 5,198,441 microinverters, or approximately 2,121.3 megawatts DC, and 82.3 megawatt hours of IQ™ Batteries. Financial highlights for the second quarter of 2023 are listed below: Quarterly revenue of $711.1 millionGAAP gross margin of 45.5%; non-GAAP gross margin of 46.2%GAAP operating income of $170.3 million; non-GAAP operating income of $230.5 millionGAAP net income of $157.2 million; non-GAAP net income of $205.6 millionGAAP diluted earnings per share of $1.09; non-GAAP diluted earnings per share of $1.47Free cash flow of $225.2 million; ending cash, cash equivalents, and marketable securities of $1.8 billion Our revenue and earnings for the second quarter of 2023 are provided below, compared with the prior quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q2 2023 Q1 2023 Q2 2022 Q2 2023 Q1 2023 Q2 2022Revenue$711,118 $726,016 $530,196 $711,118 $726,016 $530,196 Gross margin 45.5% 45.0% 41.3% 46.2% 45.7% 42.2%Operating expenses$153,022 $158,708 $124,969 $98,162 $98,375 $71,169 Operating income$170,320 $167,663 $94,036 $230,468 $233,562 $152,412 Net income$157,191 $146,873 $76,976 $205,599 $192,319 $149,852 Basic EPS$1.15 $1.07 $0.57 $1.51 $1.41 $1.11 Diluted EPS$1.09 $1.02 $0.54 $1.47 $1.37 $1.07 Total revenue for the second quarter of 2023 was $711.1 million, compared to $726.0 million in the first quarter of 2023. Our revenue in the United States for the second quarter of 2023 decreased over 12% due to macroeconomic conditions, while our revenue in Europe increased approximately 25%, compared to the first quarter of 2023. Our non-GAAP gross margin was 46.2% in the second quarter of 2023, compared to 45.7% in the first quarter of 2023, driven by increased IQ8™ product mix and improved logistics. Our non-GAAP operating expenses were $98.2 million in the second quarter of 2023, compared to $98.4 million in the first quarter...