Enphase(US:ENPH) ZACKS·2026-02-04 16:16Core Insights - Enphase Energy, Inc. (ENPH) reported a fourth-quarter 2025 adjusted earnings of 71 cents per share, a decrease of 24.5% from 94 cents in the prior-year quarter, but exceeded the Zacks Consensus Estimate of 54 cents by 31.5% [1] - The company's GAAP earnings were 29 cents per share, down from 45 cents in the year-ago quarter [1] Revenue Performance - ENPH's fourth-quarter revenues were $343.3 million, surpassing the Zacks Consensus Estimate of $335 million by 2.6%, but down 10.3% from $382.7 million in the prior-year quarter due to weaker sales in the U.S. and Europe [3][7] - For the full year 2025, revenues reached $1.47 billion, an increase from $1.33 billion in 2024 [3] Operational Metrics - The company shipped approximately 1.55 million microinverters and 150.1 megawatt-hours (MWh) of Enphase IQ Batteries during the fourth quarter [4][7] - Adjusted gross margin decreased by 710 basis points year over year to 46.1% [4][7] - Adjusted operating expenses fell by 5.3% year over year to $78.8 million, with adjusted operating income totaling $79.4 million, down 34.1% from the year-ago quarter [4] Financial Position - As of December 31, 2025, Enphase Energy had $474.3 million in cash and cash equivalents, up from $369.1 million a year earlier [5] - The net cash flow from operating activities was $136.5 million in 2025, compared to $513.7 million at the end of 2024 [5] Future Guidance - For Q1 2026, ENPH expects revenues between $270 million and $300 million, with the Zacks Consensus Estimate at $260 million [6] - The company anticipates shipping IQ batteries in the range of 100-120 MWh in the first quarter [6] Cost Projections - Adjusted operating expenses are projected to be between $77 million and $81 million, excluding approximately $60 million for stock-based compensation and other costs [8] - The adjusted gross margin is expected to be in the range of 42-45%, excluding stock-based compensation and acquisition-related amortization [8]