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Dec 31, 2021
Enphase Q4 2021 Earnings Report
Enphase reported record quarterly revenue and strong growth in battery shipments, successfully navigating supply constraints and logistics challenges.
Key Takeaways
Enphase Energy reported record revenue of $412.7 million for Q4 2021, with a GAAP gross margin of 39.6% and non-GAAP gross margin of 40.2%. The company shipped approximately 3,033,891 microinverters (1,082 MW DC) and 100.2 MWh of Enphase IQ Batteries. They exited the quarter with $1.0 billion in cash, cash equivalents and marketable securities.
Record revenue of $412.7 million.
GAAP gross margin of 39.6%; non-GAAP gross margin of 40.2%.
GAAP net income of $52.6 million; non-GAAP net income of $102.8 million.
Ended the quarter with $1.0 billion in cash, cash equivalents and marketable securities.
Forward Guidance
For the first quarter of 2022, Enphase Energy estimates revenue to be within a range of $420 million to $440 million, which includes shipments of 110 to 120 megawatt hours of Enphase IQ Batteries.
Positive Outlook
- Revenue to be within a range of $420 million to $440 million
- Shipments of 110 to 120 megawatt hours of Enphase IQ Batteries
- 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 and acquisition related amortization
- Non-GAAP operating expenses to be within a range of $67.5 million to $70.5 million, excluding $63.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
Challenges Ahead
- GAAP gross margin to be within a range of 37.0% to 40.0%
- GAAP operating expenses to be within a range of $130.5 million to $133.5 million, including $63.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization
Historical Earnings Impact
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Avg. Return Before/After Earnings
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