Market ContractionManagement expects a 20% decrease in the U.S. total addressable market for residential solar, impacting demand for solar loans and cash purchases.
Market DynamicsENPH's market share has already eroded due to shifting market dynamics, particularly in the U.S., such as a trend towards TPO and NEM 3.0.
Revenue Guidance3Q revenue guidance of $330-$370MM missed consensus estimates due to exclusion of safe harbor revenue.