Enphase公布2026年二季度财报，收入和非GAAP EPS基本贴近一致预期

FREMONT, Calif.
,
July 28, 2026
(GLOBE NEWSWIRE) --
Enphase Energy, Inc.
(NASDAQ: ENPH), a global energy technology company, announced today financial results for the second quarter of 2026, which included the summary below from its President and CEO,
Badri Kothandaraman
.
We reported quarterly revenue of
$291.9 million
in the second quarter of 2026 and shipped approximately 1.59 million IQ
®
Microinverters, or 725.2 megawatts DC, and 113.8 megawatt hours (MWh) of IQ
®
Batteries.
Highlights for the second quarter of 2026 are listed below:
Strong progress on development of IQ
®
SST; achieved key technical milestones and deepened customer engagement with potential multi-gigawatt opportunities
Revenue of
$291.9 million
GAAP gross margin of 60.0%; non-GAAP gross margin of 46.8%
GAAP operating income of
$51.5 million
; non-GAAP operating income of
$56.7 million
GAAP net income of
$36
.1 million; non-GAAP net income of
$61.5 million
GAAP diluted earnings per share of
$0.27
; non-GAAP diluted earnings per share of
$0.46
Free cash flow of
$25.9 million
; ending cash, cash equivalents and marketable securities of
$937.7 million
Shipped 1.58 million microinverters and battery inverters from
Texas
and
South Carolina
facilities
Executed agreements year-to-date with third-party owners totaling approximately
$1.08
billion:
$202.4 million
under the 5% ITC Safe Harbor and
$878.6 million
under the Physical Work Test
Our revenue and earnings for the second quarter of 2026 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAP
Non-GAAP
Q2 2026
Q1 2026
Q2 2025
Q2 2026
Q1 2026
Q2 2025
Revenue
$
291,854
$
282,900
$
363,153
$
291,854
$
282,900
$
363,153
Gross margin
60.0
%
35.5
%
46.9
%
46.8
%
43.9
%
48.6
%
Operating expenses
$
123,495
$
130,036
$
133,486
$
79,820
$
76,954
$
77,781
Operating income (loss)
$
51,519
$
(29,643
)
$
37,007
$
56,697
$
47,270
$
98,613
Net income (loss)
$
36,079
$
(7,406
)
$
37,052
$
61,515
$
62,256
$
89,869
Basic EPS
$
0.27
$
(0.06
)
$
0.28
$
0.47
$
0.47
$
0.69
Diluted EPS
$
0.27
$
(0.06
)
$
0.28
$
0.46
$
0.47
$
0.69
Total revenue for the second quarter of 2026 was
$291.9 million
, compared to
$282.9 million
in the first quarter of 2026. Second-quarter revenue included
$84.3 million
of safe harbor revenue, compared to
$34.5 million
in the first quarter. Revenue in
the United States
decreased approximately 3%, while revenue in
Europe
increased approximately 35%.
Non-GAAP gross margin was 46.8% in the second quarter, up from 43.9% in the first quarter. Reciprocal tariffs reduced gross margin by approximately 2.0 percentage points, down from approximately 4.3 percentage points in the first quarter.
Non-GAAP operating expenses were
$79.8 million
in the second quarter, compared to
$77.0 million
in the first quarter, primarily due to increased investment in R&D. Non-GAAP operating income increased to
$56.7 million
, compared to
$47.3 million
in the first quarter.
We exited the second quarter of 2026 with
$937.7 million
in cash, cash equivalents and marketable securities, and generated
$40.3 million
in cash flow from operations. Capital expenditures were
$14.4 million
, compared to
$19.9 million
in the first quarter.
During the second quarter, we received approximately
$41.0 million
in refunds from
U.S. Customs and Border Protection
(CBP), followed by an additional
$11.0 million
after quarter end. The full
$52.0 million
impacted second-quarter GAAP results. Of this amount,
$45.4 million
was recognized as an increase to GAAP gross profit, improving GAAP gross margin by 15.6 percentage points;
$1.6 million
was recognized as GAAP interest income; and
$5.0 million
was capitalized as inventory as of
June 30, 2026
.
We shipped 113.8 MWh of IQ Batteries in the second quarter, compared to 103.1 MWh in the first quarter. More than 25,000 installers worldwide are now certified to install IQ Batteries, up from more than 24,000 in the first quarter.
During the second quarter, we accelerated development of the IQ
®
Solid-State Transformer (IQ SST) for next-generation AI data centers. We are actively engaged with customers and ecosystem partners, with a few opportunities advancing to the
RFI
and RFP stages and representing a potential multi-gigawatt pipeline. We achieved important milestones across the IQ SST power module, medium-voltage transformer, and system-control architecture, including a 15-module series stack operating at 4.16 kV AC with droop control, and remain on track for a full-system demonstration later this year.
We expanded our commercial portfolio during the second quarter. In
the United States
, we began shipping our IQ9S-3P
™
Commercial Microinverter, a GaN-based 548 W microinverter designed for 480 V three-phase systems. Together with the IQ9N-3P
™
Commercial Microinverter, the IQ9S-3P broadens our offering for the
U.S
. commercial solar market.
We also launched our IQ9N
™
Residential Microinverter in
the United States
and key European markets in
June 2026
, followed by
Australia and New Zealand
in July. Built with advanced GaN technology, the IQ9N is designed to pair with today’s high-power residential solar modules and help maximize energy harvest and system performance.
At Intersolar Europe in
June 2026
, we showcased our upcoming IQ
®
Battery G5. This AC-coupled battery is designed to provide higher energy density and flexible capacity through stackable 5 kWh modules that can scale up to 30 kWh. It uses 100 Ah prismatic cells and is expected to deliver approximately 50% higher energy density than the fourth-generation IQ
®
Battery 10C, while reducing cost by approximately 40%.
We also showcased our IQ
®
Bidirectional EV Charger at Intersolar Europe. Built on our GaN power platform and designed to support modern 800 V DC electric vehicle architectures, the charger is engineered to move power efficiently and bidirectionally between the grid-facing AC system and the vehicle. We are collaborating with several leading global automotive manufacturers to support the adoption of this product.
BUSINESS HIGHLIGHTS
On
July 27, 2026
,
Enphase Energy
announced the publication of a new technical white paper titled "The Enphase Kestrel ASIC: A Purpose-Built Platform for Intelligent Power Conversion."
On
July 21, 2026
,
Enphase Energy
announced that homeowners across
Europe
with existing second-generation Enphase IQ Batteries can now enjoy home backup when they add an IQ
®
System Controller and expand their energy storage while keeping the batteries they already own.
On
July 16, 2026
,
Enphase Energy
highlighted the safety and reliability of its IQ
®
EV Charger 2 across Europe’s diverse climates.
On
July 13
,
June 23
, and
June 11, 2026
,
Enphase Energy
announced the launch of the new IQ9N Microinverter for residential solar systems in
Australia and New Zealand
,
the United States
, and key European markets, respectively.
On
July 9, 2026
,
Enphase Energy
announced that it opened pre-orders for the 20th anniversary limited edition IQ
®
PowerPack 1500, a smart, portable power station designed to provide reliable power at home, at work, and outdoors.
On
July 8, 2026
,
Enphase Energy
announced it opened pre-orders for a smart thermostat with live solar, battery, and home power display.
On
June 30, 2026
,
Enphase Energy
announced that it has joined the
Open Compute Project Foundation
as a Platinum member to help advance open standards for next-generation AI data center power infrastructure.
On
June 18, 2026
,
Enphase Energy
announced that it began production shipments of its IQ9S-3P Commercial Microinverter, the company's most powerful microinverter currently available across
the United States
.
On
June 17, 2026
,
Enphase Energy
announced plans to showcase the IQ Battery G5, IQ9N Microinverter, IQ Bidirectional EV Charger, and IQ
®
Energy Management platform at Intersolar Europe in
Munich, Germany
.
On
May 21, 2026
,
Enphase Energy
announced it published a technical white paper on its adoption of gallium ni