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Mar 31, 2022
Enphase Q1 2022 Earnings Report
Enphase reported record quarterly revenue and strong growth in battery shipments.
Key Takeaways
Enphase Energy announced record quarterly revenue of $441.3 million for Q1 2022, with a non-GAAP gross margin of 41.0%. The company shipped approximately 2,838,693 microinverters (1,029 MW DC) and 120.4 MWh of Enphase IQ™ Batteries.
Record quarterly revenue of $441.3 million was achieved.
GAAP gross margin was 40.1%; non-GAAP gross margin was 41.0%.
GAAP net income was $51.8 million; non-GAAP net income was $109.7 million.
Cash flow from operations was $102.4 million.
Forward Guidance
For the second quarter of 2022, Enphase Energy estimates revenue to be within a range of $490 million to $520 million, which includes shipments of 130 to 140 megawatt hours of Enphase IQ™ Batteries. GAAP gross margin to be within a range of 37.0% to 40.0%; non-GAAP gross margin to be within a range of 38.0% to 41.0%.
Positive Outlook
- Revenue to be within a range of $490 million to $520 million
- Shipments of 130 to 140 megawatt hours of Enphase IQ™ Batteries
- GAAP gross margin to be within a range of 37.0% to 40.0%
- Non-GAAP gross margin to be within a range of 38.0% to 41.0%
- Non-GAAP operating expenses to be within a range of $70.5 million to $73.5 million
Challenges Ahead
- GAAP operating expenses to be within a range of $127.5 million to $130.5 million
- Stock-based compensation expenses and acquisition related costs and amortization of $57.0 million
- Uncertainties related to demand
Historical Earnings Impact
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Avg. Return Before/After Earnings
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