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Jun 30, 2022
Enphase Q2 2022 Earnings Report
Enphase reported record revenue driven by strong demand for Enphase Energy Systems.
Key Takeaways
Enphase Energy reported record quarterly revenue of $530.2 million in the second quarter of 2022. The company shipped 3,348,553 microinverters, totaling approximately 1,213 megawatts DC, and 132.4 megawatt hours of Enphase IQ Batteries.
Record quarterly revenue of $530.2 million.
GAAP gross margin of 41.3%; non-GAAP gross margin of 42.2%.
GAAP operating income of $94.0 million; non-GAAP operating income of $152.4 million.
Free cash flow of $192.0 million; ending cash, cash equivalents, and marketable securities of $1.25 billion.
Forward Guidance
For the third quarter of 2022, Enphase Energy estimates revenue to be within a range of $590 million to $630 million, which includes shipments of 130 to 145 megawatt hours of Enphase IQ Batteries. GAAP gross margin to be within a range of 38.0% to 41.0%; non-GAAP gross margin to be within a range of 39.0% to 42.0%, excluding stock-based compensation expenses and acquisition related amortization. Non-GAAP operating expenses to be within a range of $77.0 million to $81.0 million, excluding $60.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization.
Positive Outlook
- Revenue to be within a range of $590 million to $630 million
- Shipments of 130 to 145 megawatt hours of Enphase IQ Batteries
- GAAP gross margin to be within a range of 38.0% to 41.0%
- Non-GAAP gross margin to be within a range of 39.0% to 42.0%, excluding stock-based compensation expenses and acquisition related amortization
- Non-GAAP operating expenses to be within a range of $77.0 million to $81.0 million, excluding $60.0 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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