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Sep 30, 2025
Enphase Q3 2025 Earnings Report
Enphase reported higher revenue and net income in Q3 2025, driven by strong U.S. demand and record battery shipments.
Key Takeaways
Enphase Energy delivered a strong Q3 2025 with revenue hitting a two-year high, supported by increased safe harbor revenue, robust U.S. microinverter shipments, and record IQ Battery volumes.
Revenue reached $410.4M, the highest in two years.
Record 195.0 MWh of IQ Batteries shipped during the quarter.
Shipped ~1.53 million microinverters from U.S. manufacturing.
Non-GAAP EPS came in at $0.90, indicating strong operational performance.
Forward Guidance
Enphase expects Q4 2025 revenue to decline sequentially due to lower IQ Battery shipments and no safe harbor shipments, with margins impacted by tariffs.
Positive Outlook
- Launch of IQ9N-3P Commercial Microinverter expected in Q4.
- IQ EV Charger 2 shipments to begin in the U.S.
- Ongoing 45X production tax credits for U.S.-made microinverters.
- IQ Meter Collar approved by more utilities, expanding reach.
- Product innovation continues with GaN-based inverters and integrated systems.
Challenges Ahead
- Revenue guidance for Q4 2025 lowered to $310M–$350M.
- No safe harbor revenue expected in Q4.
- Tariff impacts expected to reduce gross margin by ~5 points.
- GAAP operating expenses to remain elevated.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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