The call highlighted Enphase's strong financial performance and strategic initiatives in global expansion and product innovation. However, challenges such as tariff impacts and inventory management, along with anticipated market contraction, were also discussed.

Company Guidance -

Q3 2025

During the Enphase Energy's Second Quarter 2025 Financial Results Call, the company provided guidance for the third quarter of 2025, forecasting revenue between $330 million and $370 million, with anticipated shipments of 190 to 210 megawatt hours of IQ Batteries. Enphase expects a GAAP gross margin of 41% to 44%, incorporating a 3% to 5% impact from reciprocal tariffs, and a non-GAAP gross margin between 43% and 46% when considering the net IRA benefit. The company plans to ship approximately 1.2 million microinverters from the U.S., with an estimated net IRA benefit of $34 million to $38 million. Operating expenses are projected to range from $130 million to $134 million on a GAAP basis and $78 million to $82 million on a non-GAAP basis. Enphase is also prepared to address potential market challenges in 2026, such as a 20% TAM reduction due to changes in the 25D tax credit, by focusing on expanding lease financing to the long tail, reducing installation costs through product innovations, and lowering lead generation costs.

Strong Financial Performance

Enphase reported quarterly revenue of $363.2 million, with a gross margin of 49% and operating income as a percentage of revenue at 27% on a non-GAAP basis.

Innovation and Product Development

Launched fourth-generation battery systems with a 30% increase in energy density and began development on the fifth generation, expected to deliver a 50% increase in energy density.

Global Expansion

Reported revenue growth in Europe by 11% and increased domestic battery production in Q2. The company is expanding its market presence in Australia, India, and Japan.

Customer Satisfaction

Increased global customer service NPS to 79% in Q2 from 77% in Q1, with average call wait time decreased to 1.8 minutes.

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)	0.63 / -	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.