Financial Performance - Net revenues for Q2 2025 reached $363.2 million, a 20% increase from $303.5 million in Q2 2024[167] - Total net revenues for the first half of 2025 were $719.2 million, up 27% from $566.8 million in the same period of 2024[167] - Net revenues increased by $59.7 million, or 20%, to $359.5 million in Q2 2025, driven by a 9% increase in microinverter units sold and a 59% increase in IQ Batteries MWh shipped[168] - In the U.S., net revenues were $271.3 million in Q2 2025, up $72.6 million, or 37%, compared to Q2 2024, primarily due to $40.4 million of microinverter shipments associated with prepaid orders[170] - International net revenues decreased by $12.9 million, or 12%, to $91.8 million in Q2 2025, attributed to softening demand in Europe due to policy changes and lower utility rates[170] - For the six months ended June 30, 2025, net revenues increased by $152.4 million, or 27%, driven by a 10% increase in microinverter units sold and an 84% increase in IQ Batteries MWh shipped[171] Profitability and Expenses - Gross profit for Q2 2025 was $170.5 million, a 24% increase from $137.2 million in Q2 2024, with a gross margin of 46.9%[173] - Research and development expenses decreased by $3.5 million, or 7%, in Q2 2025, primarily due to restructuring initiatives that reduced personnel-related expenses[181] - Sales and marketing expenses decreased by $1.1 million, or 2%, in Q2 2025, mainly due to lower professional services and advertising costs[184] - General and administrative expenses increased by $0.5 million, or 1%, in Q2 2025, primarily due to higher professional services costs[187] - Restructuring and asset impairment charges were $3.3 million in Q2 2025, consisting of $1.5 million in asset impairment charges and $1.0 million in employee-related expenses[190] - The income tax provision increased significantly to $22.3 million for the six months ended June 30, 2025, compared to $5.0 million in the same period of 2024, driven by higher profitability[202] Cash Flow and Debt - Cash, cash equivalents, and marketable securities decreased by $116.2 million to $1.53 billion for the six months ended June 30, 2025, primarily due to stock repurchases and debt payments[204] - Total debt decreased by $95.3 million to $1.20 billion for the six months ended June 30, 2025, mainly due to the payout of the Notes due 2025[205] - Net cash provided by operating activities was $75.0 million for the six months ended June 30, 2025, a decrease of $101.2 million compared to $176.3 million in the same period of 2024[210] - Net cash used in financing activities was approximately $241.7 million for the six months ended June 30, 2025, compared to $201.5 million in the same period of 2024, reflecting increased stock repurchases[214] - The company repurchased 702,948 shares for an aggregate amount of $30.0 million during the three months ended June 30, 2025, with approximately $268.7 million remaining under the share repurchase program[208] - As of June 30, 2025, the aggregate principal of convertible notes obligations was $1.21 billion, primarily consisting of Notes due 2026 and 2028[209] - As of June 30, 2025, the company settled all outstanding Notes due 2025 for $102.2 million in cash[216] - The Notes due 2026 are now classified as current debt on the condensed consolidated balance sheet as they mature in less than a year[216] Product and Market Developments - Approximately 83.1 million microinverters have been shipped, with over 4.9 million systems deployed in more than 160 countries[141] - The new IQ Battery 10C is designed to be 30% more energy-dense and occupy 60% less wall space compared to previous models[162] - The IQ8 Microinverters support a peak output power of 480 W, designed for residential and small-commercial markets[157] - The IQ Energy Management solution was introduced in France, integrating with solar and battery systems for smart energy management[163] - The IQ EV Charger 2 supports up to 22 kW of three-phase charging and is now available in multiple countries, including Australia and New Zealand[164] - The demand environment for products has been challenged, with a slowdown beginning in Q2 2023 in the U.S. and Q3 2023 in Europe[155] Regulatory and Compliance - The One Big Beautiful Bill Act of 2025 introduces changes to clean energy tax credits, impacting the Investment Tax Credit for residential solar systems[146] - The company has relocated a significant portion of contract manufacturing to the U.S. while still sourcing critical components from China[152] Accounting and Risk Management - There have been no changes to the company's critical accounting policies as described in the Form 10-K[218] - The company prepares its financial statements in accordance with U.S. GAAP, requiring assumptions and estimates that could materially impact reported amounts[217] - There have been no material changes in market risk compared to the disclosures in the Form 10-K[220]

Exhibit 99.1 Enphase Energy Reports Financial Results for the Second Quarter of 2025 | | | | | GAAP | | | | | | Non-GAAP | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Q2 2025 | | | Q1 2025 | | Q2 2024 | | Q2 2025 | | Q1 2025 | | Q2 2024 | | Revenue | $ | 363,153 | $ | 356,084 | $ | 303,458 | $ | 363,153 | $ | 356,084 | $ | 303,458 | | Gross margin | | 46.9 % | | 47.2 % | | 45.2 % | | 48.6 % | | 48.9 % | | 47.1 % | | Operating expenses | $ | 133,486 | $ | 136,319 | ...

Core Insights - Enphase Energy reported a quarterly revenue of $363.2 million for Q2 2025, reflecting a 2% increase from Q1 2025 and a 20% increase from Q2 2024 [2][6][19] - The company achieved a non-GAAP gross margin of 48.6% in Q2 2025, slightly down from 48.9% in Q1 2025, while the GAAP gross margin was 46.9% [2][3][6] - Enphase shipped approximately 1.53 million microinverters and 190.9 MWh of IQ Batteries during the quarter, with significant growth in European markets [2][9][10] Financial Performance - Total revenue for Q2 2025 was $363.2 million, compared to $356.1 million in Q1 2025 and $303.5 million in Q2 2024 [2][6] - Non-GAAP operating income was $98.6 million, up from $94.6 million in Q1 2025, while GAAP operating income was $37.0 million [4][6] - Net income for Q2 2025 was $37.1 million (GAAP) and $89.9 million (non-GAAP), with diluted EPS of $0.28 (GAAP) and $0.69 (non-GAAP) [2][6][19] Operational Highlights - The company exited Q2 2025 with $1.53 billion in cash, cash equivalents, and marketable securities, generating $26.6 million in cash flow from operations [5][6] - Enphase repurchased 702,948 shares at an average price of $42.67 per share, totaling approximately $30 million [7] - The company began shipping its fourth-generation Enphase Energy System, which includes the IQ Battery 10C, designed to be 30% more energy-dense and occupy 62% less wall space [10][11] Product Developments - Enphase ramped shipments of the IQ Battery with FlexPhase into more European countries, enhancing flexibility for diverse home energy needs [11] - The IQEV Charger 2 is now shipping to 18 countries, designed to work with Enphase solar and battery systems [12] - The company continues to enhance its digital platform, Solargraf, with new features aimed at improving the installer experience [13] Market Trends - Revenue in the U.S. increased approximately 3% in Q2 2025 compared to Q1 2025, while revenue in Europe rose approximately 11% [2][6] - The company reported a negative impact of approximately two percentage points on margins due to reciprocal tariffs [3] - Enphase expects Q3 2025 revenue to be in the range of $330 million to $370 million, with anticipated shipments of 190 to 210 MWh of IQ Batteries [22]

This failure to exhibit Satoguna across the Guna Triads is the key reason the stock has remained under pressure in both Phase 17 and Phase 18, with no signs of a structural recovery. "A Lack of noticeable Satoguna in any of the triads leads to no Nirvana in Phase 18." —Adhishthana: The Principles That Govern Wealth, Time & Tragedy Monthly Chart: The Buddhi & Yajya Move Enphase Energy ENPH is currently in the final stretch of its 18-Phase Adhishthana Cycle—Phase 18 on the weekly chart. The stock has now been ...

Core Insights - The global economy is rapidly moving towards decarbonization, electrification, and clean energy independence, positioning companies like GE Vernova (GEV) and Enphase Energy (ENPH) as key players in the green energy transition [1][3] - Investor interest in GEV and ENPH is increasing due to supportive government climate policies, rising energy demand, and the adoption of distributed generation and digital energy solutions [1] Company Overview - GE Vernova is focused on decarbonizing power generation with segments in gas power, wind energy, and grid solutions, aiming to lead in grid modernization and renewable infrastructure [2] - Enphase Energy specializes in solar microinverter systems, energy storage, and residential energy management, positioning itself as a strong player in the decentralized clean energy market [2] Financial Stability & Growth Drivers - As of March 31, 2025, GEV has cash and cash equivalents of $8.11 billion and no debt, allowing it to invest $5 billion in R&D through 2028 [4][5] - Enphase Energy has cash and cash equivalents of $1.53 billion, with total debt of $1.2 billion, indicating a solid solvency position to support product innovation and market opportunities [6] - GEV is gaining traction through strategic collaborations, including a contract to supply gas turbines in Puerto Rico and agreements for nuclear energy projects in Finland and Sweden [7][8] - Enphase is expanding globally with innovative product launches, such as the IQ Battery 5P and IQ EV Charger 2, enhancing its customer base in Europe and Australia [9][10] Stock Performance & Valuation - GEV has seen a stock surge of 244.6% over the past year, while ENPH has declined by 62.2% [10] - GEV's forward P/E ratio is 58.68X, significantly higher than ENPH's 14.29X, indicating a more attractive valuation for ENPH [19] - ENPH demonstrates better Return on Equity (ROE) compared to GEV, suggesting greater capital efficiency [22] Earnings Estimates - The Zacks Consensus Estimate for GEV's 2025 sales and EPS indicates improvements of 6.7% and 32.3%, respectively [15] - For ENPH, the 2025 sales estimate suggests an 8.9% increase, while EPS is expected to rise by 3.8% [16] Investment Appeal - GEV's strong recent performance and earnings estimate revisions reflect market optimism, but its high valuation and challenges in offshore wind may limit efficiency [24] - ENPH offers a more attractive valuation and superior capital efficiency, despite its recent stock lag, indicating potential for recovery [24] - Investors seeking growth may prefer GEV, while those focused on value might find better opportunities in ENPH [25]

Group 1: Trade Cycles Overview - Trade Cycles is a new trading strategy developed by TradeSmith, which identifies seasonal market trends with high accuracy [1][2] - The tool has become essential for quantitative analysis, helping to pinpoint optimal buying times based on historical data [2][3] Group 2: Seasonal Recommendations - The back-to-school season is projected to significantly boost sales for retailers, with companies like Carter's Inc. (CRI) potentially seeing a 30% increase, while Target Corp. (TGT) may experience a 5% revenue boost [6] - Despite the seasonal potential, Carter's and Target face challenges due to tariff threats, leading to negative sentiment and forecasts of profit declines [7] - Hanesbrands Inc. (HBI) is recommended as a more attractive investment opportunity, historically rising 5% on average during summer months, with a notable 60% surge between July and November in 2024 [8][9] Group 3: Enphase Energy Insights - Enphase Energy Inc. (ENPH) has shown a significant seasonal pattern, with stock surging 42% during summer months in the past, but facing a decline during President Biden's term [15][16] - Current market conditions suggest a favorable environment for Enphase, with shares trading at 16X forward earnings, significantly lower than the Biden-era average of 45X [17] - The company is well-positioned to benefit from increasing solar demand, with 69% of new electric generating capacity expected to be solar by 2025 [18][19] Group 4: Vail Resorts Analysis - Vail Resorts Inc. (MTN) typically sees stock price increases of 7.4% during the winter months, but the best buying opportunity is in September when season passes are sold at peak prices, leading to an average increase of 10.5% from September to November [22][23]

Core Viewpoint - Enphase Energy, Inc. is expected to report its second-quarter 2025 results on July 22, 2025, with a consensus estimate for earnings per share (EPS) at 62 cents, indicating a year-over-year growth of 44.2% [6][8]. Group 1: Revenue and Product Launches - Enphase Energy has launched several new products in various countries, including the IQ Battery 5P in multiple European nations and IQ8 Microinverters in Japan, which are anticipated to boost quarterly revenues [1][2]. - The Zacks Consensus Estimate for Enphase's second-quarter sales is $356.3 million, reflecting a year-over-year growth of 17.4% [4]. Group 2: Regional Performance - In the United States, lower demand for microinverters may negatively impact overall revenues, while strong sales are expected in the UK and Germany, although reduced demand in France could adversely affect European sales [3]. Group 3: Impact of Tariffs - Newly announced U.S. import tariffs, including a 145% tariff on products from China, are expected to reduce Enphase's gross margin by approximately 2%, although the impact may be mitigated by the use of pre-tariff inventory batteries [5][8]. Group 4: Earnings Prediction - The current Earnings ESP for Enphase Energy is -4.24%, indicating that the model does not predict an earnings beat for this reporting cycle [7].

Core Insights - Enphase Energy has begun initial shipments of the IQ Battery 5P, which features a higher domestic content than previous models, complying with new U.S. federal budget law requirements [1][2] - The new law mandates a 45% U.S.-sourced materials threshold for solar and battery products, increasing to 50% in 2026 and 55% in 2027, which the IQ Battery 5P is designed to meet [2] Company Overview - Enphase Energy is a global energy technology company based in Fremont, CA, recognized as the leading supplier of microinverter-based solar and battery systems [5] - The company has shipped approximately 81.5 million microinverters and deployed around 4.8 million Enphase-based systems in over 160 countries [5] Product Features - The IQ Battery 5P has a modular design with a capacity of 5 kWh and can be paired with Enphase IQ8™ Microinverters, providing reliable electricity for homeowners [3] - The product allows users to monitor performance and manage battery systems through the Enphase App, including a self-consumption feature to reduce grid electricity usage [3] Market Impact - The increased domestic content of the IQ Battery 5P supports American jobs and manufacturing, contributing to a more resilient domestic supply chain [2] - Installer partners of Enphase Energy are positioned to benefit from federal tax incentives due to the compliance of the IQ Battery 5P with the new domestic content requirements [4]

Core Insights - Enphase Energy, Inc. (ENPH) has commenced shipments of its IQ EV Charger 2 to Greece, Romania, Ireland, and Poland, following an initial rollout in March 2025 across 14 European countries, indicating the company's commitment to expanding its market presence in Europe [1][10] Company Developments - The IQ EV Charger 2 comes with a five-year warranty and 24/7 customer support, ensuring reliability for customers in the newly targeted markets [2] - Enphase Energy is capitalizing on the rising demand for electric vehicle (EV) charging solutions driven by increased EV adoption and government incentives, which are enhancing the efficiency and convenience of charging [3][10] Market Outlook - The global Electric Vehicle Charger Market is projected to grow at a CAGR of 18.6% from 2025 to 2032, which is favorable for Enphase Energy as it continues to launch new products and expand shipments [4] - Other companies in the sector, such as SolarEdge Technologies, Canadian Solar Inc., and TotalEnergies SE, are also expanding their offerings to benefit from the growing EV charger market [5] Competitive Landscape - SolarEdge Technologies is offering the Home EV Charger, which can charge up to 25% faster using solar energy, while Canadian Solar's EP Cube provides a versatile energy storage solution compatible with various systems [5][7] - TotalEnergies has established a public network of over 2,700 EV charge points in the UK and plans to expand to 1,000 fast-charging hubs across Europe by 2028 [8] Stock Performance - Enphase Energy's stock has increased by 15.3% over the past month, outperforming the industry growth of 13.4% [11]

Core Viewpoint - Morgan Stanley has adjusted ratings for several U.S. solar stocks due to market and policy changes, downgrading Enphase Energy and SolarEdge Technologies to "Neutral" while favoring Sunrun as a preferred stock [1][2]. Group 1: Enphase Energy - Morgan Stanley downgraded Enphase Energy's rating from "Overweight" to "Neutral" and reduced the target price from $64 to $37, reflecting downward pressure on stock prices and profit margins due to the industry's shift towards third-party systems [1]. - Despite the downgrade, the firm believes that Enphase remains one of the few consistently profitable solar companies with a net cash position [1]. - Analyst Mark Strouse noted that the recent "Inflation Reduction Act" may lead to a lack of positive momentum in the U.S. residential solar market, potentially impacting Enphase's market share and gross margins [1]. Group 2: SolarEdge Technologies - SolarEdge Technologies' rating was also downgraded from "Overweight" to "Neutral," with a target price set at $23, following a 34% increase in the stock's performance this month [2]. - Strouse maintains that SolarEdge holds a relatively favorable position in the U.S. residential inverter market, as the residential solar sector shifts towards third-party ownership models [2]. - New foreign entity regulatory frameworks have reduced competitive pressure in the market [2]. Group 3: Sunrun - Morgan Stanley is optimistic about Sunrun, assigning it an "Overweight" rating and raising the target price from $13 to $16, due to improved visibility in solar leasing and power purchase agreements [2]. - Sunrun is expected to meet the 48E tax credit eligibility by the end of 2027 and continue to benefit from storage incentives until the end of 2032 [2].