Enphase Energy Inc

ENPH: XNAS (USA)

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Enphase Earnings: US Policy Changes to Weigh on 2026 Demand; Lowering Fair Value to $37 From $40

Brett Castelli

Jul 23, 2025

Enphase Energy reported second-quarter revenue of $363 million (in line) and gross margin of 47% (above guidance). Third-quarter guidance is for revenue to slightly decline sequentially due to a lack of safe harbor revenue, while gross margin is expected to fall to 42.5%.

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Enphase Energy Inc

Enphase Earnings: US Policy Changes to Weigh on 2026 Demand; Lowering Fair Value to $37 From $40

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