Press release
Enphase Energy Reports Financial Results for the Second Quarter of 2024
FREMONT, Calif., July 23, 2024 (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 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 second quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman. We reported quarterly revenue of $303.5 million in the second quarter of 2024, along with 47.1% for non-GAAP gross margin. We shipped 1,402,602 microinverters, or approximately 608.3 megawatts DC, and 120.2 megawatt hours of IQ® Batteries. Financial highlights for the second quarter of 2024 are listed below: Quarterly revenue of $303.5 millionGAAP gross margin of 45.2%; non-GAAP gross margin of 47.1% with net IRA benefitNon-GAAP gross margin of 41.0%, excluding net IRA benefit of 6.1%GAAP operating income of $1.8 million; non-GAAP operating income of $61.1 millionGAAP net income of $10.8 million; non-GAAP net income of $58.8 millionGAAP diluted earnings per share of $0.08; non-GAAP diluted earnings per share of $0.43Free cash flow of $117.4 million; ending cash, cash equivalents, and marketable securities of $1.65 billion Our revenue and earnings for the second quarter of 2024 are provided below, compared with the prior quarter: (In thousands, except per share and percentage data) GAAP Non-GAAP Q2 2024 Q1 2024 Q2 2023 Q2 2024 Q1 2024 Q2 2023Revenue$303,458 $263,339 $711,118 $303,458 $263,339 $711,118 Gross margin 45.2% 43.9% 45.5% 47.1% 46.2% 46.2%Operating expenses$135,367 $144,607 $153,022 $81,706 $82,587 $98,162 Operating income (loss)$1,799 $(29,099) $170,320 $61,080 $38,994 $230,468 Net income (loss)$10,833 $(16,097) $157,191 $58,824 $47,956 $205,599 Basic EPS$0.08 $(0.12) $1.15 $0.43 $0.35 $1.51 Diluted EPS$0.08 $(0.12) $1.09 $0.43 $0.35 $1.47 Total revenue for the second quarter of 2024 was $303.5 million, compared to $263.3 million in the first quarter of 2024. Our revenue in the United States for the second quarter of 2024 increased approximately 32%, compared to the first quarter of 2024. Our revenue in Europe for the second quarter of 2024 remained flat when compared to the first quarter of 2024. Our global channel inventory returned to normal levels as we exited the second quarter of 2024. Our non-GAAP gross margin was 47.1% in the second quarter of 2024, compared to 46...