Enphase(US:ENPH)2025-02-04 21:07Financial Performance - Revenue for Q4 2024 was $382.7 million, a slight increase from $380.9 million in Q3 2024 and a significant increase from $302.6 million in Q4 2023[2][4] - Non-GAAP gross margin for Q4 2024 was 53.2%, up from 48.1% in Q3 2024, while GAAP gross margin was 51.8%[2][5] - Operating income for Q4 2024 was $54.8 million (GAAP) and $120.4 million (non-GAAP), compared to $49.8 million and $101.4 million in Q3 2024, respectively[2][6] - Net income for Q4 2024 was $62.2 million (GAAP) and $125.9 million (non-GAAP), compared to $45.8 million and $88.4 million in Q3 2024[2][6] - Enphase Energy reported net revenues of $382.7 million for Q4 2024, a 26.5% increase from $302.6 million in Q4 2023[34] - The gross profit for Q4 2024 was $198.3 million, resulting in a gross margin of 51.8%[34] - Net income for Q4 2024 was $62.2 million, translating to a diluted net income per share of $0.45, compared to $0.15 in Q4 2023[34] - Non-GAAP income from operations for the year ended December 31, 2024, was $321,919,000, compared to $697,210,000 in the previous year, reflecting a decline of 53.8%[41] - Non-GAAP net income for the three months ended December 31, 2024, was $125,862,000, an increase from $73,474,000 in the same period last year, representing a growth of 71.5%[41] Cash Flow and Assets - Free cash flow for Q4 2024 was $159.2 million, with total cash and equivalents at $1.72 billion[3][7] - Cash and cash equivalents increased to $369.1 million in Q4 2024, up from $288.7 million in Q4 2023[37] - Net cash provided by operating activities for the three months ended December 31, 2024, was $167,292,000, slightly down from $170,138,000 in the previous quarter[39] - Cash and cash equivalents at the end of the period totaled $464,116,000, an increase from $288,748,000 at the end of the previous year[39] - Net cash provided by operating activities for the year ended December 31, 2024, was $513.693 million, down from $696.780 million in 2023[42] - Free cash flow for the year ended December 31, 2024, was $480.089 million, compared to $586.379 million in 2023[42] Product and Market Developments - The company shipped approximately 2.01 million microinverters and 152.4 megawatt hours of IQ Batteries in Q4 2024[2][9] - The company is expanding into Southeast Asia, entering the solar markets in Vietnam and Malaysia with IQ8P Microinverters[11] - New product launches include the IQ PowerPack 1500 and the IQ EV Charger 2, enhancing the company's product offerings in the energy sector[10][11] - The company expects to ship IQ Batteries by megawatt hours and anticipates a net IRA benefit impacting gross margin in Q1 2025[28] Expenses and Liabilities - Enphase Energy's operating expenses for Q4 2024 totaled $143.5 million, a decrease from $156.9 million in Q4 2023[34] - Total current assets decreased to $2.33 billion in Q4 2024 from $2.44 billion in Q4 2023[37] - Total liabilities stood at $2.42 billion in Q4 2024, slightly up from $2.40 billion in Q4 2023[37] - Operating expenses (GAAP) for the three months ended December 31, 2024, were $143,489,000, a decrease of 8.5% from $156,893,000 in the same quarter last year[41] Government Grants and Benefits - Income-based government grants (GAAP) for Q4 2024 totaled $68.040 million, significantly higher than $46.552 million in Q3 2024 and $32.887 million in Q4 2023[42] - Net IRA benefit (Non-GAAP) for Q4 2024 was $51.917 million, up from $35.156 million in Q3 2024 and $25.775 million in Q4 2023[42] Shareholder Information - Basic GAAP net income per share for Q4 2024 was $0.46, up from $0.34 in Q3 2024 and $0.15 in Q4 2023[42] - Non-GAAP net income per share for Q4 2024 was $0.94, compared to $0.65 in Q3 2024 and $0.54 in Q4 2023[42] - Diluted GAAP net income per share for Q4 2024 was $0.45, compared to $0.33 in Q3 2024 and $0.15 in Q4 2023[42]