Business
Enphase Energy Reports Financial Results for the Third Quarter of 2022
FREMONT, Calif., Oct. 25, 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., Oct. 25, 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 third quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman. We reported record quarterly revenue of $634.7 million in the third quarter of 2022, along with 42.9% for non-GAAP gross margin. We shipped 4,342,805 microinverters, or approximately 1,709 megawatts DC, and 133.6 megawatt hours of Enphase® IQ™ Batteries. Financial highlights for the third quarter of 2022 are listed below. Record quarterly revenue of $634.7 millionGAAP gross margin of 42.2%; non-GAAP gross margin of 42.9%GAAP operating income of $135.4 million; non-GAAP operating income of $194.0 millionGAAP net income of $114.8 million; non-GAAP net income of $175.5 millionGAAP diluted earnings per share of $0.80; non-GAAP diluted earnings per share of $1.25Free cash flow of $179.1 million; ending cash, cash equivalents, and marketable securities of $1.42 billion Our revenue and earnings for the third 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 Q3 2022 Q2 2022 Q3 2021 Q3 2022 Q2 2022 Q3 2021Revenue$634,713 $530,196 $351,519 $634,713 $530,196 $351,519 Gross margin 42.2% 41.3% 39.9% 42.9% 42.2% 40.8%Operating expenses$132,475 $124,969 $103,007 $78,587 $71,169 $57,341 Operating income$135,441 $94,036 $37,351 $193,962 $152,412 $85,932 Net income$114,812 $76,976 $21,809 $175,513 $149,852 $84,157 Basic EPS$0.85 $0.57 $0.16 $1.29 $1.11 $0.62 Diluted EPS$0.80 $0.54 $0.15 $1.25 $1.07 $0.60 Our total revenue increased 20%, compared to the second quarter of 2022. Demand was strong in our markets worldwide, particularly in North America and Europe. Our revenue in Europe for the third quarter of 2022 increased approximately 70%, compared to the second quarter of 2022, as countries in the region are accelerating their efforts to address rising energy prices and reliance on fossil fuels. Our IQ Battery shipments increased 1%, compared to the second quarter of 2022. Our non-GAAP gross margin was 42.9% in the third quarter of 2022, compared to 42.2% in the second quarter of 2022, driv...