Enphase Q3营收/EPS双不及预期，Q4营收指引中值2.4亿美元环比再降约18%，盘后暴跌约11%

Supporting Materials:
Enphase Energy Reports Financial Results for Q3’26
327.3 KB
FREMONT, Calif.
,
Oct. 27, 2026
(GLOBE NEWSWIRE) --
Enphase Energy, Inc.
(NASDAQ: ENPH), a global energy technology company, announced today financial results for the third quarter of 2026, which included the summary below from its President and CEO,
Badri Kothandaraman
.
We reported quarterly revenue of
$293.3 million
in the third quarter of 2026 and shipped approximately 1.42 million IQ
®
Microinverters, or 655.2 megawatts DC, and 129.9 megawatt hours (MWh) of IQ
®
Batteries.
Highlights for the third quarter of 2026 are listed below:
Successfully demonstrated 13.8 kV AC to 800 VDC conversion using our IQ
®
SST technology
Developing IQ SST solutions for the AI data center needs of two global technology leaders
Revenue of
$293.3 million
GAAP gross margin of 43.3%; non-GAAP gross margin of 45.0%
GAAP operating income of
$6
.5 million; non-GAAP operating income of
$53
.6 million
GAAP net income of
$23
.4 million; non-GAAP net income of
$54
.0 million
GAAP diluted earnings per share (EPS) of
$0.17
; non-GAAP diluted EPS of
$0.41
GAAP and non-GAAP diluted EPS reduced by
$0.15
and
$0.14
, due to impairment in investments
Cash, cash equivalents and marketable securities of
$931.8 million
Our revenue and earnings for the third quarter of 2026 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAP
Non-GAAP
Q3 2026
Q2 2026
Q3 2025
Q3 2026
Q2 2026
Q3 2025
Revenue
$
293,329
$
291,854
$
410,427
$
293,329
$
291,854
$
410,427
Gross margin
43.3
%
60.0
%
47.8
%
45.0
%
46.8
%
49.2
%
Operating expenses
$
120,652
$
123,495
$
130,080
$
78,437
$
79,820
$
78,538
Operating income
$
6,466
$
51,519
$
66,159
$
53,575
$
56,697
$
123,402
Net income
$
23,387
$
36,079
$
66,638
$
54,000
$
61,515
$
117,300
Basic EPS
$
0.18
$
0.27
$
0.51
$
0.41
$
0.47
$
0.90
Diluted EPS
$
0.17
$
0.27
$
0.50
$
0.41
$
0.46
$
0.90
Total revenue for the third quarter of 2026 was
$293.3 million
, compared to
$291.9 million
in the second quarter. Third-quarter revenue included
$85.0 million
of safe harbor revenue, compared to
$84.3 million
in the second quarter. Revenue in
the United States
increased approximately 3%, a smaller than anticipated increase due to soft residential solar demand. Revenue in
Europe
decreased approximately 11%, due to summer seasonality and continued weakness in certain solar markets.
Global sell-through increased approximately 1% sequentially in the third quarter of 2026, below our expectation of 10% growth, contributing to revenue at the low end of our guidance range.
U.S
. sell-through increased 5% sequentially, but declined 35% year-over-year, broadly in line with third-party reports of
U.S
. residential solar market trends. European sell-through declined 12% sequentially in the third quarter, reflecting seasonality and softer demand, particularly in
France
.
Non-GAAP gross margin was 45.0% in the third quarter, compared to 46.8% in the second quarter. The decrease in gross margin was driven by product mix. Reciprocal tariffs reduced gross margin by approximately 1.3 percentage points, down from approximately 2.0 percentage points in the second quarter.
Non-GAAP operating expenses were
$78.4 million
in the third quarter, compared to
$79.8 million
in the second quarter. Non-GAAP operating income decreased to
$53.6 million
, compared to
$56.7 million
in the second quarter.
We exited the third quarter of 2026 with
$931.8 million
in cash, cash equivalents and marketable securities, and generated approximately
$0.1 million
in cash flow from operations. Capital expenditures were
$11.5 million
, compared to
$14.4 million
in the second quarter.
We shipped 129.9 MWh of IQ Batteries in the third quarter, compared to 113.8 MWh in the second quarter. More than 26,000 installers worldwide are now certified to install IQ Batteries, up from more than 25,000 in the second quarter.
We announced a major milestone in the development of the IQ
®
Solid-State Transformer (IQ SST), successfully demonstrating 13.8 kV AC to 800 VDC conversion at our R&D lab in
Austin, Texas
. The demonstration brought together 132 power modules, with 44 connected in series on each of three phases, operating as a single integrated system. Importantly, IQ SST maintained a stable 800 VDC output during rapid load changes that simulate the dynamic power demands of AI compute racks.
By converting medium-voltage AC directly to 800 VDC, IQ SST is designed to eliminate multiple stages of conventional power conversion, reduce energy losses, and deliver more usable power to AI compute. Our next milestones are to validate operation at 34.5 kV and demonstrate a megawatt-scale system by the end of 2026.
During the third quarter of 2026, we more than doubled our IQ SST customer and partner pipeline to over 50. We are actively engaged with a leading hyperscaler and a global AI computing leader, whose technical requirements are helping shape our product architecture and roadmap. These engagements reinforce our confidence in the market opportunity. We remain on track for customer pilots in 2027, with commercial shipments expected to begin in 2028.
Our core
U.S
. residential solar market continues to face headwinds from higher interest rates and the expiration of the Section 25D federal tax credit. We are addressing these near-term challenges while positioning Enphase for a new phase of growth, driven by five key growth drivers heading into 2027: our fifth-generation IQ
®
Battery G5 for global residential storage markets; the Propel prepaid lease program to drive
U.S
. residential solar and battery adoption; commercial solar with our IQ9
™
Commercial Microinverters and our upcoming IQ
®
Battery C80 in
the United States
; unidirectional and bidirectional EV chargers for global markets; and IQ SST for next-generation AI data centers. Together, we believe these opportunities expand our addressable market, leverage our power electronics expertise, and position Enphase for sustainable long-term growth.
BUSINESS HIGHLIGHTS
On
Oct. 27, 2026
,
Enphase Energy
announced that it successfully demonstrated 13.8 kV AC to 800 VDC conversion with IQ SST at its
Austin, Texas
R&D lab.
On
Oct. 26, 2026
,
Enphase Energy
announced with Infineon Technologies that Enphase will deploy the world’s first 900 V GaN monolithic bidirectional switch devices in its IQ SST power modules.
On
Oct. 21, 2026
,
Enphase Energy
announced ISO 15118-20 support for its IQ
®
EV Charger 2 starting in 2027, in compliance with the EU's Alternative Fuels Infrastructure Regulation (AFIR).
On
Oct. 14, 2026
,
Enphase Energy
highlighted commercial and industrial (C&I) repowering projects across
the United States
that use Enphase IQ9 Commercial Microinverters.
On
Oct. 8, 2026
,
Enphase Energy
announced that it began production shipments of its new IQ
®
Gateway Fusion in
India
.
On
Sept. 21, 2026
,
Enphase Energy
announced that the Enphase IQ
®
Meter Collar is now approved for behind-the-meter installation by 80 utilities across
the United States
and
Canada
.
On
Sept. 14, 2026
,
Enphase Energy
announced its participation in AI Infra Summit 2026, showcasing its approach to next-generation AI data center power infrastructure, including IQ SST.
On
Sept. 8, 2026
,
Enphase Energy
announced that power modules for its IQ SST are now being built in
the United States
to assemble and validate full-scale IQ SST racks.
On
Sept. 3, 2026
,
Enphase Energy
announced expanded metering compatibility for the Enphase IQ
®
EV Charger 2 across several European markets.
On
Sept. 1, 2026
,
Enphase Energy
announced that more than 7,500 homeowners across
the United States
have enrolled in Enphase
®
Care, the company’s premium support offering for Enphase solar and battery systems.
On
Aug. 25, 2026
,
Enphase Energy
announced an expanded homeowner outreach effort in
the Netherlands
to help solar-only customers prepare for the end of net metering on
Jan. 1, 2027
.
On
Aug. 20, 2026
,
Enphase Energy
announced the availability of the Enphase
®
AI Assistant in the Enphase
®
App for homeowners.
On
Aug. 18, 2026
,
Enphase Energy
announced that it opened
U.S
. pre-orders for the IQ Battery C80, its first commercial battery storage system.
On
Aug. 13, 2026
,
Enphase Energy
announced that Italian homeowners can now build a complete home energy system with Enphase, combining solar, storage, backup, and EV charging on a single platform.
On
Aug. 10, 2026
,
Enphase Energy
announced expanded support in
the United States
and
Canada
that allows homeowners with existing non-Enphase solar systems to add the IQ
®
Battery 10C and whole-home backup.
FOURTH QUARTER 2026 FINANCIAL OUTLOOK
For the fourth quarter of 2026,
Enphase Energy
estimates both GAAP and non-GAAP financial results as follows:
Revenue to be within a range of
$225.0 million
to
$255.0 million
, which includes shipments of 100 to 120 MWh of IQ Batteries. This outlook includes approximately
$51.2 million
of safe harbor revenue and assumes sell-through will be down 10%, compared with the third quarter of 2026.
GAAP gross margin to be within a range of 38.0% to 41.0%, including approximately 2.0 percentage points of reciprocal tariff impact.
Non-GAAP gross margin to be within a range of 40.0% to 43.0%, including approximately 2.0 percentage points of reciprocal tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
GAAP operating expenses to be within a range of
$119.0 million
to
$123.0 million
.
Non-GAAP operating expenses to be within a range of
$76.0 million
to
$80.0 million
, excluding
$43.0 million
estimated for stock-based compensation expense and acquisition related amortization.
Follow Enphase Online
Read the Enphase
blog
.
Follow @Enphase on
X
.
Visit us on
Facebook
and
LinkedIn
.
Watch Enphase videos on
YouTube
.
Use of non-GAAP Financial Measures
Enphase Energy
has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in
the United States
(GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by
Enphase Energy
include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), and free cash flow.
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Enphase Energy
uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons.
Enphase Energy
believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Tariff refunds.
This item represents refunds received for tariffs previously imposed under the International Emergency Economic Powers Act, which were invalidated following the
United States Supreme Court
ruling in
Learning Resources, Inc.
v. Trump
.
Enphase Energy
received refunds and associated interest of approximately
$52.0 million
during the nine months ended
September 30, 2026
from
U.S. Customs and Border Protection
related to tariffs paid during fiscal 2025 and the first quarter of fiscal 2026, of which approximately
$1.6 million
and
$47.0 million
was recognized as a reduction to cost of revenues during the three and nine months ended
September 30, 2026
, respectively; approximately
$0.1 million
and
$1.7 million
was recognized as interest income in the three and nine months ended
September 30, 2026
, respectively; and approximately
$3.3 million
was capitalized as a cost of inventory as of
September 30, 2026
. Of the
$47.0 million
refunds recognized as a reduction to cost of revenues,
$43.3 million
of the tariff costs incurred were previously recorded as a cost of revenues in prior periods and are excluded from non‑GAAP measures, along with the associated
$1.7 million
interest earned from those payments, as they are related to prior periods and not reflective of Enphase Energy’s ongoing financial performance.
AMPTC adjustment.
In the first quarter of 2026,
Enphase Energy
decided to sell its Advanced Manufacturing Production Tax Credit (AMPTC) generated in 2025 and going forward in the tax credit transfer market.
Enphase Energy
sold
$235.0 million
of AMPTC generated in 2025 at 93% of face value, resulting in a discount of approximately
$16.5 million
.
Enphase Energy
also incurred approximately
$2.5 million
in transaction-related fees. Because these amounts relate to AMPTC generated in the prior fiscal year and do not reflect Enphase Energy’s ongoing operating performance,
Enphase Energy
excluded them from its non-GAAP financial measures for the first quarter of 2026.
Stock-based compensation expense.
Enphase Energy
excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related expenses and amortization.
This item represents costs incurred in connection with acquisition-related activities, which are not indicative of normal, recurring operating expenses, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment
.
Enphase Energy
excludes restructuring and asset impairment due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense
.
This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for
Enphase Energy
except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment
. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP net income per share, diluted.
Enphase Energy
excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants.
Enphase Energy
believes these adjustments provide useful supplemental information to the ongoing financial performance.
Free cash flow
. This item represents net cash flows from operating activities less purchases of property and equipment.
Conference Call Information
Enphase Energy
will host a conference call for analysts and investors to discuss its third quarter 2026 results and fourth quarter 2026 business outlook today at
4:30 p.m. Eastern Time
(
1:30 p.m. Pacific Time
). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at
https://investor.enphase.com
. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 669-9658; replay access code 5536681, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its fourth quarter of 2026 financial performance and outlook, including revenue, shipments of IQ Batteries by MWh, gross margin, operating expenses, safe harbor revenue, reciprocal tariff impacts, and anticipated sell-through; anticipated demand for Enphase Energy’s microinverter, battery, energy management, and commercial products; the timing and availability of shipments of the IQ Battery C80; the capabilities, benefits, features, and performance of Enphase Energy’s technology and products, including the IQ Battery C80, IQ SST, and 900 V GaN monolithic BDS devices; the integration and production qualification of 900 V GaN monolithic BDS devices; Enphase Energy’s expectations regarding the development of its IQ SST, including the timing of future demonstrations, development milestones, customer pilot programs, and commercial shipments; Enphase Energy’s customer and partner engagements related to IQ SST and the potential market opportunity for IQ SST; and the expected benefits, market opportunities, and growth associated with Enphase Energy’s IQ Battery G5, Propel prepaid lease program, commercial solar and storage products, EV chargers, and IQ SST. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied by these forward‑looking statements. Such risks include, but are not limited to, fluctuations in market demand; changes in installer and customer purchasing behavior; changes in tax credits, tariffs, incentive programs, and regulatory policies, including the expiration of existing tariffs and potential imposition of replacement tariffs; energy pricing volatility; supply chain and manufacturing constraints; product performance and reliability; technological development, testing, validation, and qualification risks; the ability to convert customer and partner engagements into commercial opportunities; the ability to successfully expand into data center, commercial solar and international markets; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10‑K and Quarterly Report on Form 10-Q and other documents on file with the
SEC
from time to time and available on the SEC’s website at
www.sec.gov
.
Enphase Energy
undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at
https://investor.enphase.com
.
About
Enphase Energy, Inc.
Enphase Energy
is a global energy technology company advancing intelligent power systems for homes, businesses, and next-generation AI data centers. The company designs semiconductor-based energy technologies spanning solar, batteries, EV charging, energy management, and virtual power plants, and is developing solid-state transformer technology to address the rapidly growing power demands of AI data centers. Based in
Fremont, California
, Enphase is the world’s leading supplier of microinverter-based solar and battery systems. The company revolutionized the solar industry with its microinverter technology and has shipped approximately 90.8 million microinverters, with over 5.3 million Enphase-based systems deployed in more than 165 countries. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. For more information, visit
https://enphase.com/
.
©2026
Enphase Energy, Inc.
All rights reserved.
Enphase Energy
, Enphase, the “e” logo, IQ, and certain other marks listed at
https://enphase.com/trademark-usage-guidelines
are trademarks or service marks of
Enphase Energy, Inc.
Other names are for informational purposes and may be trademarks of their respective owners.
Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
ENPHASE ENERGY
, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
,
2026
June 30
,
2026
September 30
,
2025
September 30
,
2026
September 30
,
2025
Net revenues
$
293,329
$
291,854
$
410,427
$
868,083
$
1,129,664
Cost of revenues
166,211
116,840
214,188
465,558
594,691
Gross profit
127,118
175,014
196,239
402,525
534,973
Operating expenses:
Research and development
45,199
45,658
47,266
135,724
142,861
Sales and marketing
45,110
45,545
48,429
138,742
148,085
General and administrative
30,395
31,334
33,098
94,984
101,168
Restructuring and asset impairment
(52
)
958
1,287
4,733
7,771
Total operating expenses
120,652
123,495
130,080
374,183
399,885
Income from operations
6,466
51,519
66,159
28,342
135,088
Other income, net
Interest income
16,912
12,154
15,429
41,691
47,372
Interest expense
(327
)
(327
)
(830
)
(1,287
)
(3,692
)
Other expense, net
(26,622
)
(1,447
)
(3,739
)
(24,278
)
(12,651
)
Total other income (expense), net
(10,037
)
10,380
10,860
16,126
31,029
Income (loss) before income taxes
(3,571
)
61,899
77,019
44,468
166,117
Income tax benefit (provision)
26,958
(25,820
)
(10,381
)
7,592
(32,697
)
Net income
$
23,387
$
36,079
$
66,638
$
52,060
$
133,420
Net income per share:
Basic
$
0.18
$
0.27
$
0.51
$
0.39
$
1.02
Diluted
$
0.17
$
0.27
$
0.50
$
0.39
$
1.01
Shares used in per share calculation:
Basic
132,222
131,963
130,797
131,844
131,228
Diluted
135,198
135,122
132,995
135,001
133,439
ENPHASE ENERGY
, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
September 30
,
2026
December 31
,
2025
ASSETS
Current assets:
Cash and cash equivalents
$
380,398
$
474,318
Marketable securities
551,448
1,038,536
Accounts receivable, net
249,939
229,881
Inventory
243,707
288,047
Prepaid expenses and other current assets
457,335
576,078
Total current assets
1,882,827
2,606,860
Property and equipment, net
133,717
136,804
Intangible assets, net
8,603
22,288
Goodwill
213,087
214,760
Other assets
317,185
222,677
Deferred tax assets, net
321,619
306,403
Total assets
$
2,877,038
$
3,509,792
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
100,613
$
203,039
Accrued liabilities
161,931
217,366
Deferred revenues, current
170,565
180,524
Warranty obligations, current
26,990
29,038
Debt, current
—
632,183
Total current liabilities
460,099
1,262,150
Long-term liabilities:
Deferred revenues, non-current
355,141
337,923
Warranty obligations, non-current
177,021
185,005
Other liabilities
69,578
65,497
Debt, non-current
573,163
572,194
Total liabilities
1,635,002
2,422,769
Total stockholders’ equity
1,242,036
1,087,023
Total liabilities and stockholders’ equity
$
2,877,038
$
3,509,792
ENPHASE ENERGY
, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
,
2026
June 30
,
2026
September 30
,
2025
September 30
,
2026
September 30
,
2025
Cash flows from operating activities:
Net income
$
23,387
$
36,079
$
66,638
$
52,060
$
133,420
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
20,105
20,196
20,218
61,116
60,218
Discount from sale of AMPTC generated
—
—
—
16,450
—
Amortization (accretion) of investments purchased at a premium (discount)
(268
)
184
(765
)
5,024
1,513
Provision for credit losses
577
90
(30
)
718
162
Asset impairment
43
—
—
122
1,565
Non-cash interest expense
327
327
829
1,287
3,336
Decrease in fair value of debt securities and tax equity fund
27,217
2,494
3,174
29,793
12,315
Stock-based compensation
43,043
43,554
51,469
135,588
160,998
Deferred income taxes
(28,555
)
21,203
(1,826
)
(10,479
)
7,137
Changes in operating assets and liabilities:
Accounts receivable
21,839
(77,229
)
(57,980
)
(13,835
)
(47,539
)
Inventory
41,315
5,679
(15,636
)
44,340
(23,648
)
Prepaid expenses and other assets
(44,828
)
(125,984
)
(78,330
)
(15,472
)
(218,144
)
Accounts payable, accrued and other liabilities
(48,811
)
2,477
25,494
(164,460
)
116,938
Warranty obligations
805
(1,001
)
4,055
(10,032
)
17,252
Deferred revenues
(56,106
)
112,254
(3,392
)
11,064
(136,562
)
Net cash provided by operating activities
90
40,323
13,918
143,284
88,961
Cash flows from investing activities:
Purchases of property and equipment
(11,460
)
(14,394
)
(8,032
)
(45,752
)
(30,899
)
Issuance of secured revolving credit facility
(30,000
)
(29,000
)
—
(59,000
)
—
Receipts of secured revolving credit facility
34,604
—
—
34,604
—
Issuance of loan receivable
—
—
(48,500
)
(1,000
)
(48,500
)
Investment in debt securities
—
—
(6,300
)
—
(6,300
)
Investment in tax equity fund
—
—
(1,408
)
—
(9,752
)
Receipts of loan receivables
7,500
10,085
—
17,585
—
Purchases of marketable securities
(306,192
)
(29,006
)
(116,236
)
(335,198
)
(601,368
)
Maturities and sales of marketable securities
160,919
52,779
201,881
810,979
780,099
Net cash provided by (used in) investing activities
(144,629
)
(9,536
)
21,405
422,218
83,280
Cash flows from financing activities:
Settlement of Notes due 2026
—
—
—
(632,500
)
—
Settlement of Notes due 2025
—
—
—
—
(102,168
)
Repurchases of common stock
—
—
—
—
(129,957
)
Proceeds from issuances of common stock under employee equity plans
—
4,171
—
4,171
5,369
Payments of withholding taxes related to net share settlement of equity awards
(2,711
)
(2,540
)
(1,679
)
(23,937
)
(16,653
)
Net cash provided by (used in) financing activities
(2,711
)
1,631
(1,679
)
(652,266
)
(243,409
)
Effect of exchange rate changes on cash,     cash equivalents and restricted cash
(1,696
)
(620
)
(2,300
)
(7,156
)
8,932
Net increase (decrease) in cash, cash equivalents and restricted cash
(148,946
)
31,798
31,344
(93,920
)
(62,236
)
Cash, cash equivalents and restricted cash — Beginning of period
529,344
497,546
370,536
474,318
464,116
Cash and cash equivalents — End of period
$
380,398
$
529,344
$
401,880
$
380,398
$
401,880
ENPHASE ENERGY
, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30
,
2026
June 30
,
2026
September 30
,
2025
September 30
,
2026
September 30
,
2025
Gross profit (GAAP)
$
127,118
$
175,014
$
196,239
$
402,525
$
534,973
Tariff refunds
120
(43,411
)
—
(43,291
)
—
AMPTC adjustment
—
—
—
18,905
—
Stock-based compensation
3,646
3,666
4,105
10,897
12,655
Acquisition related amortization
1,128
1,248
1,596
3,718
4,766
Gross profit (Non-GAAP)
$
132,012
$
136,517
$
201,940
$
392,754
$
552,394
Gross margin (GAAP)
43.3
%
60.0
%
47.8
%
46.4
%
47.4
%
Tariff refunds
—
(14.9
)
—
(5.0
)
—
AMPTC adjustment
—
—
—
2.2
—
Stock-based compensation
1.2
1.3
1.0
1.2
1.1
Acquisition related amortization
0.5
0.4
0.4
0.4
0.4
Gross margin (Non-GAAP)
45.0
%
46.8
%
49.2
%
45.2
%
48.9
%
Operating expenses (GAAP)
$
120,652
$
123,495
$
130,080
$
374,183
$
399,885
Stock-based compensation
(1)
(39,397
)
(39,714
)
(47,364
)
(124,539
)
(147,755
)
Acquisition related expenses and amortization
(2,870
)
(3,003
)
(2,891
)
(9,699
)
(8,617
)
Restructuring and asset impairment
(1)
52
(958
)
(1,287
)
(4,733
)
(7,771
)
Operating expenses (Non-GAAP)
$
78,437
$
79,820
$
78,538
$
235,212
$
235,742
(1)
Includes stock-based compensation as follows:
Research and development
$
17,125
$
17,569
$
20,488
$
53,528
$
62,616
Sales and marketing
12,865
12,363
14,493
39,945
47,546
General and administrative
9,407
9,782
12,383
31,067
37,593
Restructuring and asset impairment
—
174
—
152
588
Total
$
39,397
$
39,888
$
47,364
$
124,692
$
148,343
Income from operations (GAAP)
$
6,466
$
51,519
$
66,159
$
28,342
$
135,088
Tariff refunds
120
(43,411
)
—
(43,291
)
—
AMPTC adjustment
—
—
—
18,905
—
Stock-based compensation
43,043
43,380
51,469
135,436
160,410
Acquisition related expenses and amortization
3,998
4,251
4,487
13,417
13,383
Restructuring and asset impairment
(52
)
958
1,287
4,733
7,771
Income from operations (Non-GAAP)
$
53,575
$
56,697
$
123,402
$
157,542
$
316,652
Net income (GAAP)
$
23,387
$
36,079
$
66,638
$
52,060
$
133,420
Tariff refunds
43
(45,029
)
—
(44,986
)
—
AMPTC adjustment
—
—
—
18,905
—
Stock-based compensation
43,043
43,380
51,469
135,436
160,410
Acquisition related expenses and amortization
3,998
4,251
4,487
13,417
13,383
Restructuring and asset impairment
(52
)
958
1,287
4,733
7,771
Non-cash interest expense
327
327
829
1,286
3,336
Non-GAAP income tax adjustment
(16,746
)
21,549
(7,410
)
(3,079
)
(21,908
)
Net income (Non-GAAP)
$
54,000
$
61,515
$
117,300
$
177,772
$
296,412
Net income per share, basic (GAAP)
$
0.18
$
0.27
$
0.51
$
0.39
$
1.02
Tariff refunds
—
(0.34
)
—
(0.34
)
—
AMPTC adjustment
—
—
—
0.14
—
Stock-based compensation
0.33
0.33
0.39
1.03
1.20
Acquisition related expenses and amortization
0.03
0.03
0.03
0.10
0.10
Restructuring and asset impairment
—
0.01
0.01
0.04
0.06
Non-cash interest expense
—
—
0.01
0.01
0.03
Non-GAAP income tax adjustment
(0.13
)
0.17
(0.05
)
(0.02
)
(0.15
)
Net income per share, basic (Non-GAAP)
$
0.41
$
0.47
$
0.90
$
1.35
$
2.26
Shares used in basic per share calculation GAAP and Non-GAAP
132,222
131,963
130,797
131,844
131,228
Net income per share, diluted (GAAP)
$
0.17
$
0.27
$
0.50
$
0.39
$
1.01
Tariff refunds
—
(0.34
)
—
(0.34
)
—
AMPTC adjustment
—
—
—
0.14
—
Stock-based compensation
0.32
0.33
0.39
1.02
1.22
Acquisition related expenses and amortization
0.04
0.03
0.04
0.10
0.10
Restructuring and asset impairment
—
0.01
0.01
0.04
0.06
Non-cash interest expense
—
—
0.01
0.01
0.03
Non-GAAP income tax adjustment
(0.12
)
0.16
(0.05
)
(0.02
)
(0.16
)
Net income per share, diluted (Non-GAAP)
$
0.41
$
0.46
$
0.90
$
1.34
$
2.26
Shares used in diluted per share calculation GAAP
135,198
135,122
132,995
135,001
133,439
Shares used in diluted per share calculation Non-GAAP
133,180
133,104
130,977
132,983
131,421
Net cash provided by operating activities (GAAP)
$
90
$
40,323
$
13,918
$
143,284
$
88,961
Purchases of property and equipment
(11,460
)
(14,394
)
(8,032
)
(45,752
)
(30,899
)
Free cash flow (Non-GAAP)
$
(11,370
)
$
25,929
$
5,886
$
97,532
$
58,062
Source: Enphase Energy, Inc.