Enphase Q3 2021 Earnings Report
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.
Enphase
Enphase
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
- Global component supply constraints
- Logistics challenges
- Increased hiring