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Enphase Energy Reports Financial Results for the Second Quarter of 2025
Globenewswire· 2025-07-22 20:05
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]