Enphase Energy Inc. · Q2 2022 earnings

Briefing

Enphase reported record revenue driven by strong demand for Enphase Energy Systems.

Enphase Energy reported record quarterly revenue of $530.2 million in the second quarter of 2022. The company shipped 3,348,553 microinverters, totaling approximately 1,213 megawatts DC, and 132.4 megawatt hours of Enphase IQ Batteries.

• Record quarterly revenue of $530.2 million.
• GAAP gross margin of 41.3%; non-GAAP gross margin of 42.2%.
• GAAP operating income of $94.0 million; non-GAAP operating income of $152.4 million.
• Free cash flow of $192.0 million; ending cash, cash equivalents, and marketable securities of $1.25 billion.

Headline financials

Revenue & EPS history

For the third quarter of 2022, Enphase Energy estimates revenue to be within a range of $590 million to $630 million, which includes shipments of 130 to 145 megawatt hours of Enphase IQ Batteries. GAAP gross margin to be within a range of 38.0% to 41.0%; non-GAAP gross margin to be within a range of 39.0% to 42.0%, excluding stock-based compensation expenses and acquisition related amortization. Non-GAAP operating expenses to be within a range of $77.0 million to $81.0 million, excluding $60.0 million estimated for stock-based compensation expenses and acquisition related costs and amortization.