Company Reports

We will discontinue analyst coverage of Enphase Energy on or about Sept. 18.

Enphase's second-quarter revenue declined nearly 20% to $291.9 million, while non-GAAP adjusted EPS of $0.46 declined by 33%. Both figures were broadly in line with expectations. Management expects third-quarter non-GAAP gross margin of 45.5%, including a 200-basis-point reciprocal tariff impact.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

Enphase Energy's first-quarter revenue declined nearly 21% year on year to $282.9 million, while non-GAAP gross margin of 43.9% declined 500 basis points year on year. Management set second-quarter revenue guidance of $295 million and non-GAAP gross margin of 45.5% at the midpoint.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

Enphase reported fourth-quarter revenue of $343 million and gross margin of 46%. First-quarter revenue guidance of $285 million was consistent with our expectations, but management's confidence in a continued revenue recovery throughout 2026 sent shares sharply higher.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

Enphase reported second quarter revenue of $410 million and gross margin of 48%. Fourth quarter revenue guidance of $330 million came in weaker than expected due to seasonality and channel destocking. Shares fell more than 10% at the time of writing.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

The US residential solar market is expected to undergo a shift in 2026 as the tax credit for homeowner-owned systems expires at year-end, while the tax credit for third-party-owned systems remains.

On Aug. 15, the US Treasury released highly awaited new guidance on beginning construction requirements for renewable energy projects to qualify for tax credits. Shares of solar equities rose between 10% and 30% as the news was broadly better than feared.

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%.

Enphase Energy is the world leader in microinverter technology for rooftop solar systems.

On July 3, the US House narrowly passed the budget reconciliation bill, which is expected to be signed by President Trump. The final bill includes changes to current renewable energy incentives, but is more favorable than earlier drafts, sending shares of solar stocks higher by 5%-15%.

On July 1, the US Senate passed its version of the tax bill, with language tweaked to be more favorable toward renewable energy credits compared with the draft released over the previous weekend.

On June 16, Senate Republicans unveiled their tax bill proposal, which would maintain tax credits for nuclear and battery storage, phase out wind and solar tax credits on an accelerated timeline, and end rooftop solar incentives at year-end 2025.

Enphase is the world leader in microinverter technology for rooftop solar systems.

On May 22, the US House passed its highly anticipated tax bill, which included changes to clean energy tax credits relative to the initial draft. The revised draft would eliminate rooftop solar incentives at the end of this year, while accelerating the phaseout of broader renewables incentives.

On May 12 the House Ways and Means Committee released its long-awaited budget reconciliation bill. The bill includes updates to key clean energy incentives established or extended under the Inflation Reduction Act.