Enphase Q3 2020 Earnings Report
Key Takeaways
Enphase Energy reported revenue of $178.5 million in Q3 2020, with a GAAP gross margin of 53.2% and a non-GAAP gross margin of 41.0%. The company shipped approximately 478 megawatts DC, equivalent to 1,442,743 microinverters. GAAP net income was $39.4 million, and non-GAAP net income was $41.8 million.
Revenue was $178.5 million.
Cash flow from operations was $67.5 million, with an ending cash balance of $661.8 million.
GAAP gross margin was 53.2%, and non-GAAP gross margin was a record 41.0%.
GAAP diluted earnings per share was $0.28, and non-GAAP diluted earnings per share was $0.30.
Enphase
Enphase
Forward Guidance
For the fourth quarter of 2020, Enphase Energy estimates revenue to be within a range of $245.0 million to $260.0 million. GAAP gross margin is expected to be between 37.0% and 40.0%, while non-GAAP gross margin is expected to be between 38.0% and 41.0%. GAAP operating expenses are projected to be between $51.0 million and $54.0 million, and non-GAAP operating expenses are expected to be between $35.0 million and $38.0 million.