The earnings call presented a mixed outlook. While Enphase reported strong financial performance and highlighted key innovations in its product lineup, challenges such as elevated inventory levels, regulatory tariffs, and potential future market demand declines were notable concerns. The company is actively working on strategies to mitigate these challenges.

Company Guidance -

Q3 2025

During the call, Enphase Energy provided guidance for the third quarter of 2025, projecting revenue in the range of $330 million to $370 million, with anticipated shipments of 190 to 210 megawatt hours of IQ Batteries. The company expects GAAP gross margin to be between 41% and 44%, including a 3% to 5% impact from reciprocal tariffs, while non-GAAP gross margin is expected to be in the range of 43% to 46% with net IRA benefits. They anticipate a net IRA benefit between $34 million and $38 million based on shipments of 1.2 million U.S. microinverters. Operating expenses are expected to range from $130 million to $134 million on a GAAP basis and $78 million to $82 million on a non-GAAP basis. The company is approximately 75% booked to the midpoint of its revenue guidance.

Revenue and Growth Metrics

Enphase reported quarterly revenue of $363.2 million, shipped 1.53 million microinverters and 190.9 megawatt hours of batteries. The U.S. revenue increased by 3% in Q2 compared to Q1, and international revenue increased by 11%.

Strong Gross Margin

Delivered 49% gross margin on a non-GAAP basis in Q2, showcasing strong operational efficiency.

Improved Customer Service Metrics

Global customer service NPS increased to 79% in Q2 from 77% in Q1, with reduced average call wait time to 1.8 minutes.

Innovative Product Roadmap

Launched fourth-generation battery systems with 30% more energy density and cost reductions, and preparing to launch IQ9 microinverters with advanced technology.

Enphase Energy (ENPH) Earnings, Revenues Date & History

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ENPH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q3)	0.62 / -	0.65	―	―	―
Jul 22, 2025	2025 (Q2)	0.62 / 0.69	0.43	60.47% (+0.26)	―
Apr 22, 2025	2025 (Q1)	0.71 / 0.68	0.35	94.29% (+0.33)	―
Feb 04, 2025	2024 (Q4)	0.73 / 0.94	0.54	74.07% (+0.40)	―
Oct 22, 2024	2024 (Q3)	0.78 / 0.65	1.02	-36.27% (-0.37)	―
Jul 23, 2024	2024 (Q2)	0.49 / 0.43	1.47	-70.75% (-1.04)	―
Apr 23, 2024	2024 (Q1)	0.41 / 0.35	1.37	-74.45% (-1.02)	―
Feb 06, 2024	2023 (Q4)	0.55 / 0.54	1.51	-64.24% (-0.97)	―
Oct 26, 2023	2023 (Q3)	1.01 / 1.02	1.25	-18.40% (-0.23)	―
Jul 27, 2023	2023 (Q2)	1.28 / 1.47	1.07	37.38% (+0.40)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ENPH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$42.50	$36.48	-14.16%
Apr 22, 2025	$53.43	$45.07	-15.65%
Feb 04, 2025	$66.25	$65.26	-1.49%
Oct 22, 2024	$92.23	$78.47	-14.92%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.