Press release
Enphase Energy Reports Financial Results for the Third Quarter of 2023
FREMONT, Calif., Oct. 26, 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., Oct. 26, 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 third quarter of 2023, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $551.1 million in the third quarter of 2023, along with 48.4% for non-GAAP gross margin. We shipped 3,905,239 microinverters, or approximately 1,585.6 megawatts DC, and 86.2 megawatt hours of IQ™ Batteries. Financial highlights for the third quarter of 2023 are listed below: Quarterly revenue of $551.1 millionGAAP gross margin of 47.5%; non-GAAP gross margin of 48.4%, inclusive of net IRA benefit of 2.6%GAAP operating income of $118.0 million; non-GAAP operating income of $167.6 millionGAAP net income of $114.0 million; non-GAAP net income of $141.8 millionGAAP diluted earnings per share of $0.80; non-GAAP diluted earnings per share of $1.02Free cash flow of $122.0 million; ending cash, cash equivalents, and marketable securities of $1.78 billion Our revenue and earnings for the third quarter of 2023 are provided below, compared with the prior quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q3 2023 Q2 2023 Q3 2022 Q3 2023 Q2 2023 Q3 2022Revenue$551,082 $711,118 $634,713 $551,082 $711,118 $634,713 Gross margin 47.5% 45.5% 42.2% 48.4% 46.2% 42.9%Operating expenses$144,024 $153,022 $132,475 $99,027 $98,162 $78,587 Operating income$117,989 $170,320 $135,441 $167,593 $230,468 $193,962 Net income$113,953 $157,191 $114,812 $141,849 $205,599 $175,513 Basic EPS$0.84 $1.15 $0.85 $1.04 $1.51 $1.29 Diluted EPS$0.80 $1.09 $0.80 $1.02 $1.47 $1.25 Total revenue for the third quarter of 2023 was $551.1 million, compared to $711.1 million in the second quarter of 2023. Due to macroeconomic conditions, our revenue in the United States for the third quarter of 2023 decreased approximately 16%, compared to the second quarter of 2023. Our revenue in Europe decreased approximately 34%, compared to the second quarter of 2023 due to high inventory at our distribution partners along with a softening in demand in our key markets – the Netherlands, France, and Germany. Our non-GAAP gross margin was 48.4% in the third quarter of 2023, compared to 46....