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Jun 30, 2021
Enphase Q2 2021 Earnings Report
Announced financial results for the second quarter of 2021.
Key Takeaways
Enphase Energy reported a revenue of $316.1 million for Q2 2021. The company shipped approximately 2,362,401 microinverters, totaling 796 MW DC, and 43 MWh of Enphase Storage systems. The company's GAAP diluted earnings per share was $0.28, while the non-GAAP diluted earnings per share was $0.53.
Reported quarterly revenue of $316.1 million in the second quarter of 2021.
GAAP gross margin of 40.4%; non-GAAP gross margin of 40.8%.
GAAP diluted earnings per share of $0.28; non-GAAP diluted earnings per share of $0.53.
Exited the second quarter of 2021 with $1.3 billion in cash and generated $65.6 million in cash flow from operations.
Forward Guidance
For the third quarter of 2021, Enphase Energy estimates revenue to be within a range of $335.0 million to $355.0 million, which includes shipments of 60 to 70 megawatt hours of Enphase Storage systems. GAAP gross margin is expected to be within a range of 37.0% to 40.0%, while non-GAAP gross margin is expected to be within a range of 38.0% to 41.0%.
Positive Outlook
- Revenue to be within a range of $335.0 million to $355.0 million
- Shipments of 60 to 70 megawatt hours of Enphase Storage systems
- 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%
- Increased investments in new products, software, and marketing
Challenges Ahead
- GAAP operating expenses to be within a range of $105.0 million to $108.0 million, including $48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
- Non-GAAP operating expenses to be within a range of $57.0 million to $60.0 million, excluding $48.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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