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Enphase Energy (ENPH) investor relations material
Enphase Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $363.2M, up 20% year-over-year, with 1.53M microinverters and 190.9 MWh of batteries shipped; U.S. sales grew while Europe saw mixed results.
Gross margin was 46.9% (GAAP) and 48.6% (non-GAAP, with IRA benefit); net income was $37.1M (GAAP), non-GAAP net income $89.9M.
Free cash flow was $18.4M; cash, equivalents, and marketable securities totaled $1.53B at quarter end.
Launched new products including IQ Battery 10C, IQ Meter Collar, IQ Combiner 6C, and expanded EV charging solutions.
Restructuring and asset impairment charges of $3.3M recorded as part of ongoing cost reduction initiatives.
Financial highlights
Q2 2025 net revenues: $363.2M (up 20% year-over-year); gross profit: $170.5M; gross margin: 46.9% (GAAP), 48.6% (non-GAAP).
Non-GAAP operating income: $98.6M; non-GAAP EPS: $0.69; GAAP net income: $37.1M; GAAP EPS: $0.28.
Non-GAAP operating expenses: $77.8M; GAAP operating expenses: $133.5M.
Free cash flow: $18.4M; capital expenditures: $8.2M.
Repurchased 702,948 shares for $30M; $268.7M remains under repurchase authorization.
Outlook and guidance
Q3 2025 revenue expected between $330M and $370M, with 190–210 MWh of battery shipments.
GAAP gross margin guidance: 41–44% (with IRA benefit); non-GAAP: 43–46% with IRA, 33–36% excluding it.
Non-GAAP operating expenses expected at $78M–$82M; GAAP tax rate for 2025: 19–21%.
Management expects headwinds from reduced government incentives, regulatory changes, and supply chain risks.
No safe harbor revenue included in Q3 guidance; 25D demand expected to materialize in early Q4.
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