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Enphase Energy (ENPH) investor relations material
Enphase Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved Q3 2025 revenue of $410.4 million, the highest in two years, driven by strong U.S. demand, record battery shipments, and safe harbor revenue.
U.S. revenue rose 29% sequentially and 23% year-over-year, while international revenue, especially Europe, declined 38% due to challenging market conditions.
Shipped 1.77 million microinverters (784.6 MW DC) and a record 195.0 MWh of IQ Batteries, with channel inventory for microinverters normalized and battery inventory slightly elevated.
Expanded product portfolio with new microinverters, batteries, and EV chargers, and increased U.S. manufacturing to meet domestic content requirements.
Positive customer feedback for the 4th-generation system and expanded installer base, with over 19,500 certified IQ Battery installers worldwide.
Financial highlights
Q3 2025 revenue: $410.4 million (up 8% YoY), including $70.9 million of safe harbor revenue.
GAAP gross margin: 47.8%; non-GAAP gross margin: 49.2% (including 4.9% tariff impact).
GAAP net income: $66.6 million; non-GAAP net income: $117.3 million.
GAAP diluted EPS: $0.50; non-GAAP EPS: $0.90.
Free cash flow: $5.9 million; cash, cash equivalents, and marketable securities: $1.48 billion at quarter end.
Outlook and guidance
Q4 2025 revenue guidance: $310 million–$350 million; IQ battery shipments expected at 140–160 MWh.
Q4 non-GAAP gross margin guidance: 42%–45%, including ~5% tariff impact; GAAP gross margin: 40%–43%.
Q1 2026 preliminary revenue outlook: $250 million, anticipating a cycle trough post-25D tax credit expiration.
Expecting recovery in the second half of 2026, driven by rising power prices, lower interest rates, and new financing solutions.
2025 GAAP tax rate expected at 18–20%; non-GAAP tax rate at 14–16%.
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