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Sep 30, 2022
Enphase Q3 2022 Earnings Report
Enphase reported record revenue driven by strong demand in North America and Europe.
Key Takeaways
Enphase Energy reported record quarterly revenue of $634.7 million in Q3 2022, with a non-GAAP gross margin of 42.9%. The company shipped 4,342,805 microinverters (approximately 1,709 MW DC) and 133.6 MWh of Enphase IQ Batteries.
Record quarterly revenue of $634.7 million.
GAAP gross margin of 42.2%; non-GAAP gross margin of 42.9%.
GAAP operating income of $135.4 million; non-GAAP operating income of $194.0 million.
Free cash flow of $179.1 million; ending cash, cash equivalents, and marketable securities of $1.42 billion.
Forward Guidance
For the fourth quarter of 2022, Enphase Energy estimates revenue to be within a range of $680 million to $720 million, which includes shipments of 120 to 135 megawatt hours of Enphase IQ Batteries. GAAP gross margin to be within a range of 39.0% to 42.0%; non-GAAP gross margin to be within a range of 40.0% to 43.0%, excluding stock-based compensation expenses and acquisition related amortization. Non-GAAP operating expenses to be within a range of $87.0 million to $91.0 million, excluding $65.0 million estimated for stock-based compensation expenses, restructuring charges for site consolidation, and acquisition related costs and amortization
Positive Outlook
- Revenue to be within a range of $680 million to $720 million
- Shipments of 120 to 135 megawatt hours of Enphase IQ Batteries
- GAAP gross margin to be within a range of 39.0% to 42.0%
- Non-GAAP gross margin to be within a range of 40.0% to 43.0%
- Non-GAAP operating expenses to be within a range of $87.0 million to $91.0 million, excluding $65.0 million estimated for stock-based compensation expenses, restructuring charges for site consolidation, and acquisition related costs and amortization
Challenges Ahead
- GAAP gross margin to be within a range of 39.0% to 42.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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