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Sep 30, 2023
Enphase Q3 2023 Earnings Report
Enphase reported a decrease in revenue due to macroeconomic conditions, but non-GAAP gross margin increased driven by increased net IRA benefit.
Key Takeaways
Enphase Energy reported Q3 2023 revenue of $551.1 million. The company shipped 3,905,239 microinverters (1,585.6 MW DC) and 86.2 MWh of IQ Batteries. Non-GAAP gross margin was 48.4%, and the company exited the quarter with $1.78 billion in cash, cash equivalents, and marketable securities.
Quarterly revenue was $551.1 million.
GAAP gross margin was 47.5%; non-GAAP gross margin was 48.4%, inclusive of net IRA benefit of 2.6%.
GAAP net income was $114.0 million; non-GAAP net income was $141.8 million.
Free cash flow was $122.0 million; ending cash, cash equivalents, and marketable securities were $1.78 billion.
Forward Guidance
Enphase Energy estimates for Q4 2023 revenue to be within a range of $300.0 million to $350.0 million, which includes shipments of 80 to 100 megawatt hours of IQ Batteries. GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit and 38.0% to 41.0% before net IRA benefit.
Positive Outlook
- Revenue to be within a range of $300.0 million to $350.0 million
- Shipments of 80 to 100 megawatt hours of IQ Batteries
- GAAP gross margin to be within a range of 46.0% to 49.0% with net IRA benefit
- Non-GAAP gross margin to be within a range of 48.0% to 51.0% with net IRA benefit
- Net IRA benefit to be within a range of $26.0 to $28.0 million
Challenges Ahead
- GAAP gross margin to be within a range of 38.0% to 41.0% before net IRA benefit
- Non-GAAP gross margin to be within a range of 40.0% to 43.0% before net IRA benefit
- GAAP operating expenses to be within a range of $142.0 million to $146.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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