Enphase Energy Reports Financial Results for the Fourth Quarter of 2024
Enphase Energy (ENPH) reported Q4 2024 financial results with revenue of $382.7 million, up slightly from $380.9 million in Q3 2024. The company achieved a non-GAAP gross margin of 53.2% with IRA benefits, and shipped 2.01 million microinverters and 152.4 megawatt hours of IQ Batteries.
U.S. revenue increased 6% quarter-over-quarter due to higher microinverter sales, while European revenue declined 25%. The company generated $159.2 million in free cash flow and ended the quarter with $1.72 billion in cash and equivalents. During Q4, ENPH repurchased 2.88 million shares for approximately $199.7 million.
For Q1 2025, Enphase forecasts revenue between $340.0-$380.0 million, including 150-170 megawatt hours of IQ Battery shipments and approximately $50.0 million in safe harbor revenue.
Enphase Energy (ENPH) ha riportato i risultati finanziari del Q4 2024 con un fatturato di $382,7 milioni, in leggero aumento rispetto ai $380,9 milioni del Q3 2024. L'azienda ha raggiunto un margine lordo non-GAAP del 53,2% grazie ai benefici dell'IRA, e ha spedito 2,01 milioni di microinverter e 152,4 megawattora di batterie IQ.
Il fatturato degli Stati Uniti è aumentato del 6% rispetto al trimestre precedente grazie a un incremento delle vendite di microinverter, mentre il fatturato europeo è diminuito del 25%. L'azienda ha generato $159,2 milioni di flusso di cassa libero e ha concluso il trimestre con $1,72 miliardi in contante e equivalenti. Durante il Q4, ENPH ha riacquistato 2,88 milioni di azioni per circa $199,7 milioni.
Per il Q1 2025, Enphase prevede un fatturato compreso tra $340,0-$380,0 milioni, inclusi 150-170 megawattora di spedizioni di batterie IQ e circa $50,0 milioni di fatturato in safe harbor.
Enphase Energy (ENPH) informó sobre los resultados financieros del Q4 2024 con ingresos de $382.7 millones, un ligero aumento desde $380.9 millones en el Q3 2024. La empresa logró un margen bruto no-GAAP del 53.2% gracias a los beneficios del IRA, y envió 2.01 millones de microinversores y 152.4 megavatios-hora de baterías IQ.
Los ingresos en EE.UU. aumentaron un 6% trimestre a trimestre debido a un mayor volumen de ventas de microinversores, mientras que los ingresos europeos cayeron un 25%. La empresa generó $159.2 millones en flujo de caja libre y finalizó el trimestre con $1.72 mil millones en efectivo y equivalentes. Durante el Q4, ENPH recompró 2.88 millones de acciones por aproximadamente $199.7 millones.
Para el Q1 2025, Enphase prevé ingresos entre $340.0-$380.0 millones, incluyendo 150-170 megavatios-hora de envíos de baterías IQ y aproximadamente $50.0 millones en ingresos de puerto seguro.
Enphase Energy (ENPH)는 Q4 2024 재무 결과를 보고하며 수익이 $382.7백만에 달하고, 이는 Q3 2024의 $380.9백만에서 소폭 증가한 수치입니다. 이 회사는 IRA 혜택을 통해 비GAAP 총마진 53.2%를 달성했으며, 201만 개의 마이크로 인버터 및 152.4 메가와트시의 IQ 배터리를 출하했습니다.
미국 매출은 마이크로 인버터 판매 증가로 인해 전 분기 대비 6% 증가했지만, 유럽 매출은 25% 감소했습니다. 이 회사는 $159.2백만의 자유 현금 흐름을 창출했으며, 분기를 $1.72억의 현금 및 현금등가물로 마감했습니다. Q4 동안 ENPH는 약 $199.7백만에 288만 주의 자사주를 재구매했습니다.
2025년 Q1에 대해 Enphase는 $340.0-$380.0백만의 수익을 예상하며, 여기에는 150-170 메가와트시의 IQ 배터리 출하 및 약 $50.0백만의 안전항구 수익이 포함됩니다.
Enphase Energy (ENPH) a annoncé ses résultats financiers pour le Q4 2024 avec un chiffre d'affaires de $382,7 millions, en légère hausse par rapport aux $380,9 millions du Q3 2024. L'entreprise a atteint une marge brute non-GAAP de 53,2% grâce aux avantages de l'IRA et a expédié 2,01 millions de micro-inverseurs ainsi que 152,4 mégawattheures de batteries IQ.
Le chiffre d'affaires aux États-Unis a augmenté de 6% d'un trimestre à l'autre grâce à une hausse des ventes de micro-inverseurs, tandis que le chiffre d'affaires européen a diminué de 25%. L'entreprise a généré $159,2 millions de flux de trésorerie libre et a terminé le trimestre avec 1,72 milliard de dollars en espèces et équivalents. Au cours du Q4, ENPH a racheté 2,88 millions d'actions pour environ $199,7 millions.
Pour le Q1 2025, Enphase prévoit un chiffre d'affaires compris entre $340,0-$380,0 millions, y compris 150-170 mégawattheures de livraison de batteries IQ et environ $50,0 millions de revenus en refuge sécurisé.
Enphase Energy (ENPH) hat die finanziellen Ergebnisse für das Q4 2024 veröffentlicht, mit einem Umsatz von $382,7 Millionen, ein leichter Anstieg im Vergleich zu $380,9 Millionen im Q3 2024. Das Unternehmen erreichte eine non-GAAP-Bruttomarge von 53,2% dank der IRA-Vorteile und versendete 2,01 Millionen Mikroinverter sowie 152,4 Megawattstunden IQ-Batterien.
Der Umsatz in den USA stieg im Vergleich zum Vorquartal um 6% aufgrund höherer Verkäufe von Mikroinvertern, während der Umsatz in Europa um 25% zurückging. Das Unternehmen erwirtschaftete $159,2 Millionen an freiem Cashflow und schloss das Quartal mit $1,72 Milliarden an Bargeld und Äquivalenten. Im Q4 hat ENPH 2,88 Millionen Aktien für etwa $199,7 Millionen zurückgekauft.
Für das Q1 2025 prognostiziert Enphase einen Umsatz zwischen $340,0-$380,0 Millionen, einschließlich 150-170 Megawattstunden an IQ-Batterielieferungen und etwa $50,0 Millionen an sicheren Hafenumsätzen.
- Revenue increased 6% in the U.S. market quarter-over-quarter
- Strong free cash flow generation of $159.2 million in Q4
- Non-GAAP gross margin improved to 53.2% from 48.1% in Q3
- Significant share repurchase of $199.7 million executed in Q4
- Healthy cash position of $1.72 billion at quarter end
- European revenue declined 25% quarter-over-quarter
- Q1 2025 revenue guidance suggests potential sequential decline
- Battery shipments decreased to 152.4 MWh from 172.9 MWh in Q3
- Annual revenue declined to $1.33B in 2024 from $2.29B in 2023
Insights
Enphase's Q4 2024 results reveal a complex picture of regional divergence and operational resilience. The
The battery segment shows some weakness with shipments declining to 152.4 MWh from 172.9 MWh quarter-over-quarter. However, the expansion of certified installers from 9,000 to over 10,300 suggests strong channel development that could drive future growth. The U.S. manufacturing ramp-up is particularly notable, with 1.69 million microinverters produced domestically, maximizing IRA benefits.
Capital allocation deserves attention - the
The expansion into new markets (Vietnam, Malaysia, Latin America) and product innovations (IQ Battery 5P, FlexPhase technology) demonstrate strategic diversification, but may take time to materially impact revenues. The balance sheet remains extremely strong with
The divergent regional performance in Q4 2024 highlights shifting market dynamics in the solar sector. The European market contraction suggests broader industry challenges beyond company-specific factors, potentially linked to reduced incentives and economic pressures in key markets. Conversely, U.S. operations benefit from IRA tailwinds and domestic manufacturing advantages.
Strategic expansion into Southeast Asia and Latin America represents a calculated diversification play, targeting markets with high solar potential and less competitive saturation. The integration with Octopus Energy's smart tariffs in the UK demonstrates focus on value-added services and grid integration capabilities, critical for mature market differentiation.
The battery segment's sequential decline (152.4 MWh vs 172.9 MWh) warrants attention, but the
FREMONT, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the fourth quarter of 2024, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of
Financial highlights for the fourth quarter of 2024 are listed below:
- Strong U.S. manufacturing: shipped 1.69 million microinverters and 6.7 megawatt hours of IQ Batteries
- Quarterly revenue of
$382.7 million - GAAP gross margin of
51.8% ; non-GAAP gross margin of53.2% with net IRA benefit - Non-GAAP gross margin of
39.7% , excluding net IRA benefit of13.5% - GAAP operating income of
$54.8 million ; non-GAAP operating income of$120.4 million - GAAP net income of
$62.2 million ; non-GAAP net income of$125.9 million - GAAP diluted earnings per share of
$0.45 ; non-GAAP diluted earnings per share of$0.94 - Free cash flow of
$159.2 million ; ending cash, cash equivalents, restricted cash and marketable securities of$1.72 billion
Our revenue and earnings for the fourth quarter of 2024 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
| GAAP | Non-GAAP | ||||||||||||||||||||||
| Q4 2024 | Q3 2024 | Q4 2023 | Q4 2024 | Q3 2024 | Q4 2023 | ||||||||||||||||||
| Revenue | $ | 382,713 | $ | 380,873 | $ | 302,570 | $ | 382,713 | $ | 380,873 | $ | 302,570 | |||||||||||
| Gross margin | 51.8 | % | 46.8 | % | 48.5 | % | 53.2 | % | 48.1 | % | 50.3 | % | |||||||||||
| Operating expenses | $ | 143,489 | $ | 128,383 | $ | 156,893 | $ | 83,322 | $ | 81,612 | $ | 86,551 | |||||||||||
| Operating income (loss) | $ | 54,804 | $ | 49,788 | $ | (10,231 | ) | $ | 120,434 | $ | 101,411 | $ | 65,587 | ||||||||||
| Net income | $ | 62,160 | $ | 45,762 | $ | 20,919 | $ | 125,862 | $ | 88,402 | $ | 73,474 | |||||||||||
| Basic EPS | $ | 0.46 | $ | 0.34 | $ | 0.15 | $ | 0.94 | $ | 0.65 | $ | 0.54 | |||||||||||
| Diluted EPS | $ | 0.45 | $ | 0.33 | $ | 0.15 | $ | 0.94 | $ | 0.65 | $ | 0.54 | |||||||||||
Our revenue and earnings for the fiscal year 2024 are provided below, compared with the prior year:
(In thousands, except per share and percentage data)
| GAAP | Non-GAAP | ||||||||||||||
| FY 2024 | FY 2023 | FY 2024 | FY 2023 | ||||||||||||
| Revenue | $ | 1,330,383 | $ | 2,290,786 | $ | 1,330,383 | $ | 2,290,786 | |||||||
| Gross margin | 47.3 | % | 46.2 | % | 48.9 | % | 47.1 | % | |||||||
| Operating expenses | $ | 551,846 | $ | 612,647 | $ | 329,227 | $ | 382,115 | |||||||
| Operating income | $ | 77,292 | $ | 445,741 | $ | 321,919 | $ | 697,210 | |||||||
| Net income | $ | 102,658 | $ | 438,936 | $ | 321,044 | $ | 613,241 | |||||||
| Basic EPS | $ | 0.76 | $ | 3.22 | $ | 2.37 | $ | 4.50 | |||||||
| Diluted EPS | $ | 0.75 | $ | 3.08 | $ | 2.37 | $ | 4.41 | |||||||
Total revenue for the fourth quarter of 2024 was
Our non-GAAP gross margin was
Our non-GAAP operating expenses were
We exited the fourth quarter of 2024 with
In the fourth quarter of 2024, we repurchased 2,883,438 shares of our common stock at an average price of
We shipped 152.4 megawatt hours of IQ Batteries in the fourth quarter of 2024, compared to 172.9 megawatt hours in the third quarter. More than 10,300 installers worldwide are certified to install our IQ Batteries, compared to more than 9,000 installers worldwide in the third quarter of 2024.
During the fourth quarter of 2024, we shipped approximately 1.69 million microinverters from our contract manufacturing facilities in the United States that we booked for 45X production tax credits. We also expanded our higher domestic content product offerings, and shipped our IQ8HC™ Microinverters, IQ8X™ Microinverters, IQ8P-3P™ Commercial Microinverters, and IQ® Battery 5Ps, all with higher domestic content than previous models and produced at our contract manufacturing facilities in the United States.
During the fourth quarter of 2024, we made great strides with the IQ® Meter Collar, fourth-generation IQ Battery, and new IQ® Combiner products. We launched the IQ® PowerPack 1500, a 1.5 kWh smart, portable energy system for home, work, and on-the-go use. In Europe, we introduced the IQ® EV Charger 2, a next-generation smart charger that integrates with our solar and battery systems seamlessly or works as a standalone. In January 2025, we began shipping the IQ® Battery 5P™ with FlexPhase to Germany, Austria, and Switzerland, delivering reliable backup power for both single- and three-phase installations.
BUSINESS HIGHLIGHTS
On Jan. 30, 2025, Enphase Energy announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia with IQ8P™ Microinverters.
On Jan. 27, 2025, Enphase Energy announced integration with Octopus Energy’s smart tariffs in the UK, such as “Intelligent Octopus Flux” (IO Flux), which can help customers save money on electricity bills.
On Jan. 23, 2025, Enphase Energy announced that its IQ8™ Microinverters for residential and commercial applications, are now in compliance with the Build America, Buy America (BABA) Act.
On Jan. 13, 2025, Enphase Energy announced shipments of its most powerful and versatile battery yet, the IQ Battery 5P with FlexPhase, for customers in Germany, Austria, and Switzerland. With reliable backup power and support for single- and three-phase systems, it offers unmatched flexibility for home energy needs.
On Jan. 9, 2025, Enphase Energy announced that it is expanding into Latin America with IQ8P Microinverters, bringing solar solutions to Colombia, Panama, and Costa Rica for residential and commercial use.
On Jan. 7, 2025, Enphase Energy announced that IQ8 Microinverters were selected for a 2.2 MW solar project at the Belgoprocess radioactive waste facility in Dessel, Belgium.
On Dec. 17, 2024, Enphase Energy announced initial shipments of its most powerful home battery to-date, the IQ Battery 5P, for customers in India.
On Dec. 5 and Dec. 9, 2024, Enphase Energy announced collaborations with two energy providers in the Netherlands, Frank Energie and NextEnergy, to enable participation in the grid imbalance energy marketplace.
On Dec. 3, 2024, Enphase Energy announced the launch of Busbar Power Control software that empowers homeowners to install larger solar and battery systems without costly main electrical panel upgrades.
On Nov. 11, 2024, Enphase Energy announced an AI-powered do-it-yourself (DIY) permitting feature on Solargraf®, to automate the complex solar permitting process for installers in the USA.
On Nov. 4, 2024, Enphase Energy announced the launch of its most powerful Enphase Energy System to-date, featuring the IQ Battery 5P and IQ8 Microinverters, for customers in Romania.
FIRST QUARTER 2025 FINANCIAL OUTLOOK
For the first quarter of 2025, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
- 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. The first quarter of 2025 financial outlook includes approximately$50.0 million of safe harbor revenue. We define safe harbor revenue as any sales made to customers who plan to install the inventory over more than one year. - GAAP gross margin to be within a range of
46.0% to49.0% with net IRA benefit - Non-GAAP gross margin to be within a range of
48.0% to51.0% with net IRA benefit and38.0% to41.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization - 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 - 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
For 2025, GAAP and non-GAAP annualized effective tax rate with IRA benefit, excluding discrete items, is expected to be within a range of
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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), net IRA benefit, 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:
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 expenses incurred related to Enphase Energy’s business acquisitions, which are non-recurring in nature, 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 charges. Enphase Energy excludes restructuring and asset impairment charges 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 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 2025, Notes due 2026, and 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.
Net IRA benefit. This item represents the advanced manufacturing production tax credit (AMPTC) from the IRA for manufacturing microinverters in the United States, partially offset by the incremental manufacturing cost incurred in the United States relative to manufacturing in Mexico, India, and China. The AMPTC is accounted for by Enphase Energy as an income-based government grants that reduces cost of revenues in the condensed consolidated statements of operations.
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 fourth quarter 2024 results and first quarter 2025 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 (877) 344-7529; replay access code 3831590, 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 first quarter of 2025 financial outlook, including revenue, shipments of IQ Batteries by megawatt hours, gross margin with net IRA benefit and excluding net IRA benefit, estimated shipments of U.S. manufactured microinverters, operating expenses, and annualized effective tax rate with IRA benefit; its expectations regarding the expected net IRA benefit; its expectations on the timing and introduction of new products and updates to existing products, including the IQ Meter Collar, fourth-generation IQ Battery, and new IQ Combiner products; its expectations regarding higher domestic content product offerings; and the capabilities, advantages, features, and performance of its technology and products. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Enphase Energy’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, 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, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.
©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, 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 | Year Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Net revenues | $ | 382,713 | $ | 380,873 | $ | 302,570 | $ | 1,330,383 | $ | 2,290,786 | |||||||||
| Cost of revenues | 184,420 | 202,702 | 155,908 | 701,245 | 1,232,398 | ||||||||||||||
| Gross profit | 198,293 | 178,171 | 146,662 | 629,138 | 1,058,388 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 50,390 | 47,843 | 55,291 | 201,315 | 227,336 | ||||||||||||||
| Sales and marketing | 51,799 | 49,671 | 53,409 | 206,552 | 231,792 | ||||||||||||||
| General and administrative | 31,901 | 30,192 | 33,379 | 130,825 | 137,835 | ||||||||||||||
| Restructuring and asset impairment charges | 9,399 | 677 | 14,814 | 13,154 | 15,684 | ||||||||||||||
| Total operating expenses | 143,489 | 128,383 | 156,893 | 551,846 | 612,647 | ||||||||||||||
| Income (loss) from operations | 54,804 | 49,788 | (10,231 | ) | 77,292 | 445,741 | |||||||||||||
| Other income, net | |||||||||||||||||||
| Interest income | 18,417 | 19,977 | 20,493 | 77,306 | 69,728 | ||||||||||||||
| Interest expense | (2,252 | ) | (2,237 | ) | (2,268 | ) | (8,905 | ) | (8,839 | ) | |||||||||
| Other income (expense), net | (1,270 | ) | (16,785 | ) | 4,233 | (25,534 | ) | 6,509 | |||||||||||
| Total other income, net | 14,895 | 955 | 22,458 | 42,867 | 67,398 | ||||||||||||||
| Income before income taxes | 69,699 | 50,743 | 12,227 | 120,159 | 513,139 | ||||||||||||||
| Income tax (provision) benefit | (7,539 | ) | (4,981 | ) | 8,692 | (17,501 | ) | (74,203 | ) | ||||||||||
| Net income | $ | 62,160 | $ | 45,762 | $ | 20,919 | $ | 102,658 | $ | 438,936 | |||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.46 | $ | 0.34 | $ | 0.15 | $ | 0.76 | $ | 3.22 | |||||||||
| Diluted | $ | 0.45 | $ | 0.33 | $ | 0.15 | $ | 0.75 | $ | 3.08 | |||||||||
| Shares used in per share calculation: | |||||||||||||||||||
| Basic | 133,815 | 135,329 | 136,092 | 135,167 | 136,376 | ||||||||||||||
| Diluted | 138,128 | 139,914 | 139,205 | 140,004 | 143,290 | ||||||||||||||
| ENPHASE ENERGY, INC. | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | |||||
| (Unaudited) | |||||
| December 31, 2024 | December 31, 2023 | ||||
| ASSETS | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 369,110 | $ | 288,748 | |
| Restricted cash | 95,006 | — | |||
| Marketable securities | 1,253,480 | 1,406,286 | |||
| Accounts receivable, net | 223,749 | 445,959 | |||
| Inventory | 165,004 | 213,595 | |||
| Prepaid expenses and other assets | 220,735 | 88,930 | |||
| Total current assets | 2,327,084 | 2,443,518 | |||
| Property and equipment, net | 147,514 | 168,244 | |||
| Operating lease, right of use asset, net | 24,617 | 19,887 | |||
| Intangible assets, net | 42,398 | 68,536 | |||
| Goodwill | 211,571 | 214,562 | |||
| Other assets | 180,925 | 215,895 | |||
| Deferred tax assets, net | 315,567 | 252,370 | |||
| Total assets | $ | 3,249,676 | $ | 3,383,012 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 90,032 | $ | 116,164 | |
| Accrued liabilities | 196,887 | 261,919 | |||
| Deferred revenues, current | 237,225 | 118,300 | |||
| Warranty obligations, current | 34,656 | 36,066 | |||
| Debt, current | 101,291 | — | |||
| Total current liabilities | 660,091 | 532,449 | |||
| Long-term liabilities: | |||||
| Deferred revenues, non-current | 341,982 | 369,172 | |||
| Warranty obligations, non-current | 158,233 | 153,021 | |||
| Other liabilities | 55,265 | 51,008 | |||
| Debt, non-current | 1,201,089 | 1,293,738 | |||
| Total liabilities | 2,416,660 | 2,399,388 | |||
| Total stockholders’ equity | 833,016 | 983,624 | |||
| Total liabilities and stockholders’ equity | $ | 3,249,676 | $ | 3,383,012 | |
| ENPHASE ENERGY, INC. | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||
| (In thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||||
| Net income | $ | 62,160 | $ | 45,762 | $ | 20,919 | $ | 102,658 | $ | 438,936 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 20,665 | 20,103 | 20,841 | 81,389 | 74,708 | ||||||||||||||
| Net accretion of discount on marketable securities | (7,490 | ) | (2,904 | ) | (2,950 | ) | (8,599 | ) | (15,561 | ) | |||||||||
| Provision for doubtful accounts | 2,206 | 2,704 | (129 | ) | 6,677 | 1,153 | |||||||||||||
| Asset impairment | 4,702 | 17,568 | 9,700 | 28,843 | 10,603 | ||||||||||||||
| Non-cash interest expense | 2,188 | 2,173 | 2,126 | 8,650 | 8,380 | ||||||||||||||
| Net loss (gain) from change in fair value of debt securities | (3,697 | ) | 741 | (2,670 | ) | (1,967 | ) | (8,078 | ) | ||||||||||
| Stock-based compensation | 51,830 | 45,940 | 55,222 | 211,360 | 212,857 | ||||||||||||||
| Deferred income taxes | (30,675 | ) | (5,276 | ) | (5,053 | ) | (58,319 | ) | (43,348 | ) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||
| Accounts receivable | 2,684 | 49,414 | 105,771 | 211,640 | (12,478 | ) | |||||||||||||
| Inventory | (6,167 | ) | 17,231 | (39,481 | ) | 48,591 | (63,887 | ) | |||||||||||
| Prepaid expenses and other assets | (16,487 | ) | (64,149 | ) | (2,401 | ) | (134,343 | ) | (59,777 | ) | |||||||||
| Accounts payable, accrued and other liabilities | (27,396 | ) | 32,088 | (139,277 | ) | (85,536 | ) | (22,149 | ) | ||||||||||
| Warranty obligations | 8,657 | 7,053 | 221 | 3,802 | 57,641 | ||||||||||||||
| Deferred revenues | 104,112 | 1,690 | 12,611 | 98,847 | 117,780 | ||||||||||||||
| Net cash provided by operating activities | 167,292 | 170,138 | 35,450 | 513,693 | 696,780 | ||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||||
| Purchases of property and equipment | (8,064 | ) | (8,533 | ) | (20,075 | ) | (33,604 | ) | (110,401 | ) | |||||||||
| Purchases of marketable securities | (93,138 | ) | (319,190 | ) | (337,757 | ) | (1,184,649 | ) | (2,081,431 | ) | |||||||||
| Maturities and sale of marketable securities | 351,843 | 215,241 | 433,869 | 1,346,520 | 1,840,477 | ||||||||||||||
| Investments in private companies | — | — | — | — | (15,000 | ) | |||||||||||||
| Net cash provided by (used in) investing activities | 250,641 | (112,482 | ) | 76,037 | 128,267 | (366,355 | ) | ||||||||||||
| Cash flows from financing activities: | |||||||||||||||||||
| Partial settlement of convertible notes | — | (5 | ) | — | (7 | ) | — | ||||||||||||
| Repurchase of common stock | (199,666 | ) | (49,794 | ) | (99,998 | ) | (391,364 | ) | (409,998 | ) | |||||||||
| Payment of excise tax on net stock repurchases | (2,773 | ) | — | — | (2,773 | ) | — | ||||||||||||
| Proceeds from issuance of common stock under employee equity plans | 4,719 | 14 | 12,555 | 12,688 | 13,870 | ||||||||||||||
| Payment of withholding taxes related to net share settlement of equity awards | (5,012 | ) | (6,286 | ) | (27,546 | ) | (78,813 | ) | (120,646 | ) | |||||||||
| Net cash used in financing activities | (202,732 | ) | (56,071 | ) | (114,989 | ) | (460,269 | ) | (516,774 | ) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (7,410 | ) | 2,638 | 2,175 | (6,323 | ) | 1,853 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | 207,791 | 4,223 | (1,327 | ) | 175,368 | (184,496 | ) | ||||||||||||
| Cash and cash equivalents—Beginning of period | 256,325 | 252,102 | 290,075 | 288,748 | 473,244 | ||||||||||||||
| Cash, cash equivalents and restricted cash—End of period | $ | 464,116 | $ | 256,325 | $ | 288,748 | $ | 464,116 | $ | 288,748 | |||||||||
| ENPHASE ENERGY, INC. | |||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (In thousands, except per share data and percentages) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Gross profit (GAAP) | $ | 198,293 | $ | 178,171 | $ | 146,662 | $ | 629,138 | $ | 1,058,388 | |||||||||
| Stock-based compensation | 3,678 | 2,948 | 3,582 | 14,538 | 13,357 | ||||||||||||||
| Acquisition related amortization | 1,784 | 1,904 | 1,894 | 7,469 | 7,580 | ||||||||||||||
| Gross profit (Non-GAAP) | $ | 203,755 | $ | 183,023 | $ | 152,138 | $ | 651,145 | $ | 1,079,325 | |||||||||
| Gross margin (GAAP) | 51.8 | % | 46.8 | % | 48.5 | % | 47.3 | % | 46.2 | % | |||||||||
| Stock-based compensation | 0.9 | 0.8 | 1.2 | 1.0 | 0.6 | ||||||||||||||
| Acquisition related amortization | 0.5 | 0.5 | 0.6 | 0.6 | 0.3 | ||||||||||||||
| Gross margin (Non-GAAP) | 53.2 | % | 48.1 | % | 50.3 | % | 48.9 | % | 47.1 | % | |||||||||
| Operating expenses (GAAP) | $ | 143,489 | $ | 128,383 | $ | 156,893 | $ | 551,846 | $ | 612,647 | |||||||||
| Stock-based compensation (1) | (47,884 | ) | (42,992 | ) | (51,640 | ) | (196,554 | ) | (199,500 | ) | |||||||||
| Acquisition related expenses and amortization | (2,884 | ) | (3,102 | ) | (3,888 | ) | (12,911 | ) | (15,317 | ) | |||||||||
| Restructuring and asset impairment charges (1) | (9,399 | ) | (677 | ) | (14,814 | ) | (13,154 | ) | (15,715 | ) | |||||||||
| Operating expenses (Non-GAAP) | $ | 83,322 | $ | 81,612 | $ | 86,551 | $ | 329,227 | $ | 382,115 | |||||||||
| (1) Includes stock-based compensation as follows: | |||||||||||||||||||
| Research and development | $ | 20,951 | $ | 19,790 | $ | 23,839 | $ | 85,501 | $ | 88,367 | |||||||||
| Sales and marketing | 15,893 | 14,237 | 16,472 | 65,092 | 65,703 | ||||||||||||||
| General and administrative | 11,041 | 8,965 | 11,329 | 45,962 | 45,430 | ||||||||||||||
| Restructuring and asset impairment charges | 267 | — | — | 267 | — | ||||||||||||||
| Total | $ | 48,152 | $ | 42,992 | $ | 51,640 | $ | 196,822 | $ | 199,500 | |||||||||
| Income (loss) from operations (GAAP) | $ | 54,804 | $ | 49,788 | $ | (10,231 | ) | $ | 77,292 | $ | 445,741 | ||||||||
| Stock-based compensation | 51,563 | 45,940 | 55,222 | 211,093 | 212,857 | ||||||||||||||
| Acquisition related expenses and amortization | 4,668 | 5,006 | 5,782 | 20,380 | 22,897 | ||||||||||||||
| Restructuring and asset impairment charges | 9,399 | 677 | 14,814 | 13,154 | 15,715 | ||||||||||||||
| Income from operations (Non-GAAP) | $ | 120,434 | $ | 101,411 | $ | 65,587 | $ | 321,919 | $ | 697,210 | |||||||||
| Net income (GAAP) | $ | 62,160 | $ | 45,762 | $ | 20,919 | $ | 102,658 | $ | 438,936 | |||||||||
| Stock-based compensation | 51,563 | 45,940 | 55,222 | 211,093 | 212,857 | ||||||||||||||
| Acquisition related expenses and amortization | 4,668 | 5,006 | 5,782 | 20,380 | 22,897 | ||||||||||||||
| Restructuring and asset impairment charges | 9,399 | 677 | 14,814 | 13,154 | 15,715 | ||||||||||||||
| Non-cash interest expense | 2,188 | 2,173 | 2,126 | 8,650 | 8,380 | ||||||||||||||
| Non-GAAP income tax adjustment | (4,116 | ) | (11,156 | ) | (25,389 | ) | (34,891 | ) | (85,544 | ) | |||||||||
| Net income (Non-GAAP) | $ | 125,862 | $ | 88,402 | $ | 73,474 | $ | 321,044 | $ | 613,241 | |||||||||
| Net income per share, basic (GAAP) | $ | 0.46 | $ | 0.34 | $ | 0.15 | $ | 0.76 | $ | 3.22 | |||||||||
| Stock-based compensation | 0.39 | 0.34 | 0.40 | 1.56 | 1.56 | ||||||||||||||
| Acquisition related expenses and amortization | 0.03 | 0.04 | 0.08 | 0.15 | 0.17 | ||||||||||||||
| Restructuring and asset impairment charges | 0.07 | 0.01 | 0.11 | 0.10 | 0.12 | ||||||||||||||
| Non-cash interest expense | 0.02 | 0.02 | 0.02 | 0.06 | 0.06 | ||||||||||||||
| Non-GAAP income tax adjustment | (0.03 | ) | (0.10 | ) | (0.22 | ) | (0.26 | ) | (0.63 | ) | |||||||||
| Net income per share, basic (Non-GAAP) | $ | 0.94 | $ | 0.65 | $ | 0.54 | $ | 2.37 | $ | 4.50 | |||||||||
| Shares used in basic per share calculation GAAP and Non-GAAP | 133,815 | 135,329 | 136,092 | 135,167 | 136,376 | ||||||||||||||
| Net income per share, diluted (GAAP) | $ | 0.45 | $ | 0.33 | $ | 0.15 | $ | 0.75 | $ | 3.08 | |||||||||
| Stock-based compensation | 0.39 | 0.33 | 0.39 | 1.56 | 1.57 | ||||||||||||||
| Acquisition related expenses and amortization | 0.04 | 0.04 | 0.08 | 0.15 | 0.16 | ||||||||||||||
| Restructuring and asset impairment charges | 0.07 | 0.01 | 0.10 | 0.10 | 0.11 | ||||||||||||||
| Non-cash interest expense | 0.02 | 0.02 | 0.01 | 0.06 | 0.06 | ||||||||||||||
| Non-GAAP income tax adjustment | (0.03 | ) | (0.08 | ) | (0.19 | ) | (0.26 | ) | (0.57 | ) | |||||||||
| Net income per share, diluted (Non-GAAP) (2) | $ | 0.94 | $ | 0.65 | $ | 0.54 | $ | 2.37 | $ | 4.41 | |||||||||
| Shares used in diluted per share calculation GAAP | 138,128 | 139,914 | 139,205 | 140,004 | 143,290 | ||||||||||||||
| Shares used in diluted per share calculation Non-GAAP | 134,053 | 135,839 | 137,187 | 135,641 | 139,214 | ||||||||||||||
| Income-based government grants (GAAP) | $ | 68,040 | $ | 46,552 | $ | 32,887 | $ | 157,538 | $ | 53,470 | |||||||||
| Incremental cost for manufacturing in U.S. | (16,123 | ) | (11,396 | ) | (7,112 | ) | (38,351 | ) | (11,603 | ) | |||||||||
| Net IRA benefit (Non-GAAP) | $ | 51,917 | $ | 35,156 | $ | 25,775 | $ | 119,187 | $ | 41,867 | |||||||||
| Net cash provided by operating activities (GAAP) | $ | 167,292 | $ | 170,138 | $ | 35,450 | $ | 513,693 | $ | 696,780 | |||||||||
| Purchases of property and equipment | (8,064 | ) | (8,533 | ) | (20,075 | ) | (33,604 | ) | (110,401 | ) | |||||||||
| Free cash flow (Non-GAAP) | $ | 159,228 | $ | 161,605 | $ | 15,375 | $ | 480,089 | $ | 586,379 | |||||||||
| (2) Calculation of non-GAAP diluted net income per share for the year ended December 31, 2023 excludes convertible Notes due 2023 interest expense, net of tax of less than | |||||||||||||||||||
This press release was published by a CLEAR® Verified individual.
FAQ
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