Enphase Energy Reports Q3 Results

FREMONT, California – Enphase Energy, Inc. (NASDAQ:ENPH) shares dropped 6.7% in after-hours trading on Tuesday after the solar microinverter maker reported third-quarter results that fell short of analyst expectations and provided weaker-than-expected guidance.

The company reported adjusted earnings per share of $0.65, missing the consensus estimate of $0.78. Revenue came in at $380.9 million, below analyst projections of $392.1 million and down 30.9% YoY.

For the fourth quarter, Enphase forecast revenue between $360 million and $400 million, well below the $435.2 million analysts were expecting.

> "We reported quarterly revenue of $380.9 million in the third quarter of 2024, along with 48.1% for non-GAAP gross margin," said Badri Kothandaraman, President and CEO of Enphase Energy.

The company shipped 1.73 million microinverters, or approximately 730 megawatts DC, and 172.9 megawatt hours of IQ Batteries in Q3. Battery shipments increased from 120.2 megawatt hours in Q2.

Enphase said its U.S. revenue increased about 43% sequentially as inventory returned to normal levels. However, European revenue declined approximately 15% due to softening demand.

> "We are now shipping our third generation of IQ Batteries, the IQ Battery 5P, to the United States, Puerto Rico, Mexico, Canada, Australia, the United Kingdom, Italy, France, the Netherlands, Luxembourg, and Belgium," Kothandaraman noted.

The company generated $161.6 million in free cash flow during the quarter and ended the period with $1.77 billion in cash and marketable securities.

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