Enphase Energy supplies solar microinverters, batteries and energy-management systems, primarily through distributors, installers and financing partners. It reports one operating segment; separate product profitability is not disclosed.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001463101-24-000024 | Feb 9, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001463101-25-000024 | Feb 10, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001463101-26-000013 | Feb 17, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Enphase’s latest reported results show a business still facing weaker demand, despite new products and improving European revenue sequentially. First-half 2026 revenue was $574.8 million, versus $719.2 million a year earlier, and GAAP net income fell to $28.7 million from $66.8 million. Second-quarter profitability benefited substantially from tariff refunds, while stronger operating cash flow depended partly on selling manufacturing tax credits rather than stronger earnings. After repaying its 2026 notes, Enphase held $529.3 million in cash and $408.4 million in marketable securities at June 30, against $575 million of remaining note principal due in 2028. Third-party-owner agreements support future deliveries, but their headline value is neither guaranteed revenue nor cash. Product launches offer opportunities; the data-center transformer remained developmental.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28
Microinverters convert electricity at individual solar panels; batteries, controls and software extend Enphase’s offering into storage and energy management. Hardware revenue generally follows transfer of control, usually shipment—not homeowner installation. Domestic manufacturing supports production-credit eligibility, but adds inventory, equipment and factory-utilization demands. Manufacturing credits reduce cost of revenue rather than constitute customer sales: their net first-half 2026 benefit was $100.6 million.
Following expiration of the Section 25D residential credit on December 31, 2025, third-party ownership is an important channel response. Agreements through the safe-harbor deadline covered approximately $1.081 billion of products, not guaranteed backlog. At June 30, related deferred amounts included $105.8 million for third- and fourth-quarter 2026 deliveries and $45.6 million under arrangements potentially extending through the second quarter of 2031. These amounts overlap with agreement values and must not be added together. Cancellation, refund and enforceable remaining-purchase terms are not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The July 28 filings reported second-quarter 2026 revenue of $291.9 million, versus $363.2 million a year earlier. Management attributed the decline mainly to 40% lower battery shipment capacity and lower prices, partly offset by higher microinverter volume. Sequential revenue improved from $282.9 million, but safe-harbor revenue increased from $34.5 million to $84.3 million, so that improvement does not establish broad demand recovery. European revenue increased approximately 35% sequentially while U.S. revenue declined approximately 3%; international revenue nevertheless remained below the prior-year quarter.
Second-quarter GAAP gross margin reached 60.0%, including a $45.4 million tariff-refund benefit worth 15.6 percentage points. The 46.8% non-GAAP margin removed only refunds associated with earlier-period costs, leaving approximately $2 million of refund benefit in adjusted gross profit. Lower battery volumes hurt fixed-cost absorption, and reciprocal tariffs still reduced margin by approximately two points. GAAP net income was $36.1 million versus $37.1 million a year earlier: management attributed the higher tax burden partly to an annualized-rate catch-up and tax on refunds. First-half net income fell to $28.7 million from $66.8 million.
Adjusted earnings also exclude substantial stock compensation and other costs. First-half GAAP stock compensation was $92.5 million. The first quarter additionally excluded $18.905 million of costs from selling prior-year manufacturing credits; the prior-year rationale does not make future transfers costless. GAAP and adjusted EPS use different diluted-share calculations, including different treatment of hedged convertible notes. On July 28, management forecast third-quarter revenue of $290–320 million, including approximately $75 million of safe-harbor shipments, and GAAP/non-GAAP margins of 42–45%/44–47%. These remain forecasts; third-quarter actual results are not supplied.
Sources: EX-99.1 · 2026-04-28 · EX-99.1 · 2026-07-28 · 10-Q · 2026-06-30
First-half operating cash flow increased to $143.2 million from $75.0 million despite lower earnings. Management cited credit-sale receipts of $218.1 million in March and $34.9 million in June, offset partly by greater payments of operating liabilities. The March 31 agreement, filed April 6, sold $235 million face value of 2025 credits for contractual consideration of $218.55 million, with additional fees; reported receipts and fee timing are not fully reconciled. Separately, approximately $41 million of tariff refunds and related interest arrived in the second quarter and $11 million afterward—not all as second-quarter cash or profit.
The June 15 credit-transfer agreement, filed June 18, covers up to $150 million face value for at most $139.5 million in four conditional installments during 2026–2027. Only $37.5 million face value was reported sold by June 30. Eligibility, payment conditions and indemnification exposure prevent treating the ceiling as available cash. First-half cash capital expenditure increased to $34.3 million from $22.9 million, principally for manufacturing equipment, facilities and IT.
Enphase repaid $632.5 million of 2026 notes in cash on March 2 without issuing shares. June 30 cash and securities totaled $937.7 million, down from $1,512.9 million at year-end; cash alone was $529.3 million. Remaining notes have $575 million principal due March 1, 2028 and a $572.8 million carrying value. Purchase obligations of $236.1 million and lease liabilities of $40.5 million are separate commitments. Management expected liquidity and operations to cover twelve-month needs but warned debt financing could be more constrained. No shares were repurchased in the first half; July’s authorization extension to 2029 does not commit cash.
Sources: 8-K · 2026-03-31 · EX-99.1 · 2026-07-28 · 10-Q · 2026-06-30 · 8-K · 2026-06-15
Enphase also supplies financing to customers and investees. A residential solar-finance investee had drawn $29 million from an Enphase-provided facility at June 30; its ceiling increased conditionally to $50 million on July 3. Enphase is the lender, not the borrower. The facility matures April 30, 2027 and accrues 9% payment-in-kind interest, which increases principal without current cash interest receipts. Detailed collateral recovery and funding obligations are not established. Separately, senior SunPower financing ranks ahead of Enphase’s unsecured investment. An exchange of approximately $0.5 million of cash interest for restricted SunPower shares closed July 1, increasing equity-price and liquidity exposure.
Channel financial distress, pricing pressure and customer concentration remain material: one customer accounted for 39% of 2025 revenue, without identification as SunPower. Battery cells remained sourced solely from two Chinese vendors, exposing domestic assembly to supply, tariff and foreign-entity eligibility requirements. Warranty liabilities were $203.2 million at June 30; their decline partly reflected replacement-cost and valuation assumptions, not simply fewer failures. Securities and derivative litigation remained unresolved at the July 28 filing cutoff. Enphase disputed the allegations; management’s contingency assessment was not a dismissal or assurance against defense costs.
IQ9 product launches provide commercial expansion opportunities. The data-center solid-state transformer, however, remained in development, with a full-system demonstration targeted for later 2026; potential customers’ RFI/RFP activity was not contracted revenue. Governance events likewise do not establish commercial partnerships: Shanker Trivedi joined the board and Audit Committee effective June 11, reported June 15. The May 13 meeting, reported May 15, increased the equity-plan reserve by two million shares, not actual issuance. On August 10, the board, excluding Benjamin Kortlang, unanimously retained him following the May voting review; Joseph Malchow became governance-committee chair.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-07-28 · 8-K · 2026-05-13 · 8-K · 2026-06-11 · 8-K · 2026-08-10
USD 1.472985 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.472985 bn | 10.7% |
| 2024 | USD 1.330383 bn | -41.9% |
| 2023 | USD 2.290786 bn | — |
Consolidated revenue from products and services under U.S. GAAP.
Sources: 10-K · 2025-12-31
USD 172.133 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 172.133 m | 67.7% |
| 2024 | USD 102.658 m | -76.6% |
| 2023 | USD 438.936 m | — |
Consolidated GAAP net income, before diluted-EPS financing-cost adjustments.
Sources: 10-K · 2025-12-31
USD 136.54 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 136.54 m | -73.4% |
| 2024 | USD 513.693 m | -26.3% |
| 2023 | USD 696.78 m | — |
GAAP operating cash flow after noncash adjustments and operating asset and liability movements.
Sources: 10-K · 2025-12-31
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