Enphase Q4 2021 Earnings Report
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.
Enphase
Enphase
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
- 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