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Jun 30, 2024
Enphase Q2 2024 Earnings Report
Reported revenue of $303.5 million with non-GAAP gross margin of 47.1%.
Key Takeaways
Enphase Energy announced financial results for the second quarter of 2024, reporting a revenue of $303.5 million and a non-GAAP gross margin of 47.1%. The company shipped 1,402,602 microinverters and 120.2 megawatt hours of IQ Batteries.
Reported quarterly revenue of $303.5 million.
Achieved a GAAP gross margin of 45.2% and a non-GAAP gross margin of 47.1%.
GAAP operating income was $1.8 million, while non-GAAP operating income was $61.1 million.
Generated free cash flow of $117.4 million and ended the quarter with $1.65 billion in cash, cash equivalents, and marketable securities.
Forward Guidance
Enphase Energy estimates revenue to be within a range of $370.0 million to $410.0 million for the third quarter of 2024.
Positive Outlook
- Revenue to be within a range of $370.0 million to $410.0 million.
- Shipments of 160 to 180 megawatt hours of IQ Batteries.
- GAAP gross margin to be within a range of 45.0% to 48.0% with net IRA benefit.
- Non-GAAP gross margin to be within a range of 47.0% to 50.0% with net IRA benefit and 39.0% to 42.0% excluding net IRA benefit.
- Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,100,000 units of U.S. manufactured microinverters.
Challenges Ahead
- GAAP operating expenses to be within a range of $138.0 million to $142.0 million.
- Non-GAAP operating expenses to be within a range of $79.0 million to $83.0 million, excluding $59.0 million estimated for stock-based compensation expense, acquisition related amortization and restructuring.
- GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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