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Enphase
🇺🇸 NASDAQ:ENPH
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Mar 31, 2024

Enphase Q1 2024 Earnings Report

Enphase reported a revenue of $263.3 million and a non-GAAP gross margin of 46.2% for Q1 2024.

Key Takeaways

Enphase Energy announced financial results for the first quarter of 2024, reporting a revenue of $263.3 million. The company shipped 1,382,195 microinverters and 75.5 megawatt hours of IQ Batteries. The revenue decline compared to the previous quarter was attributed to seasonality and softening U.S. demand.

Reported quarterly revenue of $263.3 million.

Achieved a GAAP gross margin of 43.9% and a non-GAAP gross margin of 46.2%.

Generated $41.8 million in free cash flow and held $1.63 billion in cash, cash equivalents, and marketable securities.

Shipped 1,382,195 microinverters and 75.5 MWh of IQ Batteries.

Total Revenue
$263M
Previous year: $726M
-63.7%
EPS
$0.35
Previous year: $1.37
-74.5%
Microinverters Shipped
1.38M
Previous year: 4.83M
-71.4%
MW DC Shipped
603.6
Previous year: 1.96K
-69.2%
Gross Profit
$116M
Previous year: $326M
-64.6%
Cash and Equivalents
$254M
Previous year: $286M
-11.3%
Free Cash Flow
$41.8M
Previous year: $224M
-81.3%
Total Assets
$3.23B
Previous year: $3.38B
-4.4%

Enphase

Enphase

Forward Guidance

For the second quarter of 2024, Enphase Energy estimates revenue to be within a range of $290.0 million to $330.0 million, which includes shipments of 100 to 120 megawatt hours of IQ Batteries. GAAP gross margin is expected to be within a range of 42.0% to 45.0% with net IRA benefit, and non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 39.0% to 42.0% excluding net IRA benefit.

Positive Outlook

  • Revenue to be within a range of $290.0 million to $330.0 million.
  • Shipments of 100 to 120 megawatt hours of IQ Batteries.
  • GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit.
  • Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit.
  • Net IRA benefit to be within a range of $14.0 million to $17.0 million based on estimated shipments of 500,000 units of U.S. manufactured microinverters.

Challenges Ahead

  • Non-GAAP gross margin to be within a range of 39.0% to 42.0% excluding net IRA benefit.
  • GAAP operating expenses to be within a range of $134.0 million to $138.0 million.
  • Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million, excluding $56.0 million estimated for stock-based compensation expense and acquisition related amortization, and restructuring and asset impairment charges
  • Annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.
  • Second quarter guidance is subject to various risks and uncertainties.

Company Overview

Full financial data and analysis

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