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Dec 31, 2024
Enphase Q4 2024 Earnings Report
Enphase reported Q4 2024 earnings, with revenue of $382.7 million and non-GAAP gross margin of 53.2%.
Key Takeaways
Enphase Energy reported a revenue of $382.7 million for Q4 2024. The company shipped approximately 2.01 million microinverters and 152.4 megawatt hours of IQ Batteries. The non-GAAP diluted earnings per share was $0.94.
Quarterly revenue was $382.7 million.
GAAP gross margin was 51.8%, while non-GAAP gross margin was 53.2% with net IRA benefit.
GAAP diluted earnings per share was $0.45, and non-GAAP diluted earnings per share was $0.94.
Free cash flow was $159.2 million, and the company ended the quarter with $1.72 billion in cash, cash equivalents, restricted cash, and marketable securities.
Enphase
Enphase
Forward Guidance
For the first quarter of 2025, Enphase Energy estimates revenue to be within a range of $340.0 million to $380.0 million, which includes shipments of 150 to 170 megawatt hours of IQ Batteries.
Positive Outlook
- Revenue to be within a range of $340.0 million to $380.0 million.
- Shipments of 150 to 170 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 and 38.0% to 41.0% excluding net IRA benefit.
- Net IRA benefit to be within a range of $36.0 million to $39.0 million based on estimated shipments of 1,200,000 units of U.S. manufactured microinverters
Challenges Ahead
- GAAP operating expenses to be within a range of $143.0 million to $147.0 million
- Non-GAAP operating expenses to be within a range of $81.0 million to $85.0 million, excluding $62.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges
- Annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of 17.0% to 19.0%
- First quarter of 2025 financial outlook includes approximately $50.0 million of safe harbor revenue.
- Decline in revenue was the result of a further softening in European demand.