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.
Enphase expects Q4 2025 revenue to decline sequentially due to lower IQ Battery shipments and no safe harbor shipments, with margins impacted by tariffs.
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