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Mar 31, 2023
Enphase Q1 2023 Earnings Report
Enphase reported strong financial results driven by increased demand for IQ8 Microinverters and improved logistics.
Key Takeaways
Enphase Energy reported a revenue of $726.0 million for Q1 2023. The company's non-GAAP gross margin was 45.7%. Enphase shipped 4,830,589 microinverters and 102.4 megawatt hours of Enphase IQ Batteries.
Reported quarterly revenue of $726.0 million.
Achieved a GAAP gross margin of 45.0% and a non-GAAP gross margin of 45.7%.
Generated GAAP operating income of $167.7 million and non-GAAP operating income of $233.6 million.
Produced $246.2 million in cash flow from operations.
Forward Guidance
For the second quarter of 2023, Enphase Energy estimates revenue to be within a range of $700.0 million to $750.0 million, which includes shipments of 80 to 100 megawatt hours of Enphase IQ Batteries. GAAP gross margin to be within a range of 41.0% to 44.0%. Non-GAAP gross margin to be within a range of 42.0% to 45.0%.
Positive Outlook
- Revenue to be between $700.0 million and $750.0 million.
- Shipments of 80 to 100 megawatt hours of Enphase IQ Batteries.
- GAAP gross margin to be within a range of 41.0% to 44.0%.
- Non-GAAP gross margin to be within a range of 42.0% to 45.0%.
- GAAP and non-GAAP annualized effective tax rate is expected to be within a range of 21.0% to 23.0%
Challenges Ahead
- GAAP operating expenses to be within a range of $155.0 million to $159.0 million
- Non-GAAP operating expenses to be within a range of $98.0 million to $102.0 million, excluding $57.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, and restructuring charges for site consolidation
Historical Earnings Impact
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Avg. Return Before/After Earnings
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