Enphase Energy Reports Financial Results for Q3 2025

Enphase Energy, Inc., a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, has released its financial results for the third quarter of 2025. The company reported significant growth in revenue and profitability, marking its highest revenue level in two years.

Financial Highlights

For the third quarter of 2025, Enphase Energy reported:

• Revenue of $410.4 million, a notable increase from $363.2 million in the second quarter of 2025.
• GAAP gross margin of 47.8% and non-GAAP gross margin of 49.2%, including a 4.9% tariff impact.
• GAAP operating income of $66.2 million and non-GAAP operating income of $123.4 million.
• GAAP net income of $66.6 million and non-GAAP net income of $117.3 million.
• GAAP diluted earnings per share (EPS) of $0.50 and non-GAAP diluted EPS of $0.90.
• Free cash flow of $5.9 million, with ending cash, cash equivalents, and marketable securities totaling $1.48 billion.

Business and Operational Highlights

Enphase Energy achieved several operational milestones during the third quarter of 2025:

• Shipped approximately 1.77 million microinverters, equivalent to 784.6 megawatts DC.
• Recorded shipments of 195.0 megawatt hours (MWh) of IQ® Batteries, a new high.
• U.S. manufacturing facilities shipped approximately 1.53 million microinverters and a record 67.5 MWh of IQ Batteries.
• The IQ® Meter Collar received approval from 39 U.S. utilities.

Strategic Initiatives and Corporate Developments

Enphase Energy continued to advance its strategic initiatives:

• Announced a complete off-grid solar and battery solution for the U.S. market.
• Introduced the IQ Battery 5P with FlexPhase for India and Australia.
• Collaborated with Essent, a major residential energy provider in the Netherlands.
• Enhanced the Solargraf platform with new third-party ownership (TPO) financing integrations and faster proposals.

Management's Perspective

Badri Kothandaraman, President and CEO of Enphase Energy, commented on the results: "Our revenue and earnings for the third quarter of 2025 reflect strong demand and the impact of safe harbor revenue. We continue to see growth in the U.S. market, although European demand has softened. Our focus remains on innovation and expanding our product offerings to meet the evolving needs of our customers."

Future Outlook

For the fourth quarter of 2025, Enphase Energy provided the following guidance:

• Revenue is expected to be within the range of $310.0 million to $350.0 million, including shipments of 140 to 160 MWh of IQ Batteries.
• GAAP gross margin is projected to be between 40.0% and 43.0%, with a non-GAAP gross margin of 42.0% to 45.0%.
• GAAP operating expenses are estimated to be between $130.0 million and $134.0 million, while non-GAAP operating expenses are expected to range from $77.0 million to $81.0 million.

Original SEC Filing: Enphase Energy, Inc. [ ENPH ] - 8-K - Oct. 28, 2025