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Sep 30, 2021
Enphase Q3 2021 Earnings Report
Enphase reported record revenue driven by strong demand for microinverter and storage systems while navigating global supply constraints.
Key Takeaways
Enphase Energy reported record quarterly revenue of $351.5 million in Q3 2021, with a non-GAAP gross margin of 40.8%. The company shipped approximately 2,599,575 microinverters (913 MW DC) and 65 MWh of Enphase Storage systems.
Record revenue of $351.5 million.
GAAP gross margin of 39.9%; non-GAAP gross margin of 40.8%.
GAAP operating income of $37.4 million; non-GAAP operating income of $85.9 million.
Cash flow from operations of $113.4 million.
Forward Guidance
For the fourth quarter of 2021, Enphase Energy estimates revenue to be within a range of $390 million to $410 million, which includes shipments of 90 to 100 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%, excluding stock-based compensation expenses.
Positive Outlook
- Revenue to be within a range of $390 million to $410 million
- Shipments of 90 to 100 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%, excluding stock-based compensation expenses
- Increased investments in new products, software, and marketing
Challenges Ahead
- GAAP operating expenses to be within a range of $119.0 million to $122.0 million, including $52.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
- Non-GAAP operating expenses to be within a range of $67.0 million to $70.0 million, excluding $52.0 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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