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Enphase Energy (NASDAQ: ENPH) posts $291.9M Q2 revenue, sets Q3 outlook

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(High)
Filing Sentiment
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Form Type
8-K

Rhea-AI Filing Summary

Enphase Energy reported second‑quarter 2026 revenue of $291.9 million, up from $282.9 million in Q1 but below Q2 2025. GAAP gross margin was 60.0%, boosted by $45.4 million of tariff refunds, while non‑GAAP gross margin was 46.8%. GAAP net income was $36.1 million (diluted EPS $0.27), and non‑GAAP net income was $61.5 million (diluted EPS $0.46). Free cash flow was $25.9 million, and cash, cash equivalents and marketable securities totaled $937.7 million at quarter end.

The company shipped about 1.59 million IQ Microinverters and 113.8 MWh of IQ Batteries, with U.S. revenue down ~3% and Europe up ~35% sequentially. Enphase highlighted progress on its IQ Solid‑State Transformer for AI data centers and new IQ9‑series microinverters, batteries and EV charger. For Q3 2026, it forecasts revenue of $290–$320 million, IQ Battery shipments of 130–150 MWh, GAAP gross margin of 42–45%, non‑GAAP gross margin of 44–47%, and non‑GAAP operating expenses of $76–$80 million.

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Filing Explained

Second-quarter GAAP profit included $45.4 million of tariff-refund benefit; June 30 liquidity was $937.7 million alongside $572,836 thousand of long-term debt.

The July 28, 2026 Form 8-K reports completed second-quarter results for the period ended June 30, 2026 under Item 2.02, and its company-level consequence is updated earnings and liquidity information rather than a new transaction structure. The release highlights 60.0% GAAP gross margin, but the filing says $45.4 million of tariff refunds increased GAAP gross profit and lifted GAAP gross margin by 15.6 percentage points.

The company says $43.4 million of the refund-related tariff costs had been recorded in prior periods and was excluded from non-GAAP measures; the filing therefore separates this benefit from its ongoing-performance presentation. The refund package also included $1.6 million of interest income and $5.0 million capitalized into inventory as of June 30, 2026.

At June 30, 2026, the balance sheet reported $529,344 thousand of cash and cash equivalents and $408,364 thousand of marketable securities, alongside $572,836 thousand of non-current debt and no current debt. Year to date, Enphase says it executed agreements with third-party owners totaling approximately $1.08 billion, including $202.4 million under the 5% ITC Safe Harbor and $878.6 million under the Physical Work Test; Q2 revenue included $84.3 million of safe-harbor revenue. The next stated checkpoint is the Q3 outlook, which includes approximately $75.0 million of safe-harbor shipments; that amount remains a forecast rather than completed revenue.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $291.9 million Total revenue for the second quarter of 2026
Q2 2026 GAAP Gross Margin 60.0% GAAP gross margin for the second quarter of 2026
Q2 2026 Non-GAAP Gross Margin 46.8% Non-GAAP gross margin for the second quarter of 2026
Q2 2026 GAAP Diluted EPS $0.27 GAAP diluted earnings per share for the second quarter of 2026
Q2 2026 Non-GAAP Diluted EPS $0.46 Non-GAAP diluted earnings per share for the second quarter of 2026
Cash and Investments $937.7 million Cash, cash equivalents and marketable securities at June 30, 2026
Q3 2026 Revenue Outlook $290.0–$320.0 million Forecast revenue range for the third quarter of 2026
Q2 2026 Free Cash Flow $25.9 million Non-GAAP free cash flow for the second quarter of 2026
safe harbor revenue financial
"Second-quarter revenue included $84.3 million of safe harbor revenue"
reciprocal tariffs regulatory
"Reciprocal tariffs reduced gross margin by approximately 2.0 percentage points"
Reciprocal tariffs are import taxes one country imposes in direct response to tariffs set by another country, essentially a tit-for-tat trade measure. Investors should watch them because they can raise costs for companies that import or export goods, disrupt supply chains and sales, and shift competitive advantages — like two neighbors charging each other fees for borrowing tools, raising everyone’s costs and changing who buys from whom.
Advanced Manufacturing Production Tax Credit (AMPTC) financial
"sell its Advanced Manufacturing Production Tax Credit (AMPTC) generated in 2025"
free cash flow financial
"Free cash flow of $25.9 million; ending cash, cash equivalents and marketable securities"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
non-GAAP gross margin financial
"Non-GAAP gross margin was 46.8% in the second quarter"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
IQ® Solid-State Transformer (IQ SST) technical
"accelerated development of the IQ® Solid-State Transformer (IQ SST) for next-generation AI data centers"
Revenue $291.9 million vs Q1 2026 $282.9 million and Q2 2025 $363.2 million
GAAP diluted EPS $0.27 vs Q1 2026 $(0.06) and Q2 2025 $0.28
Non-GAAP diluted EPS $0.46 vs Q1 2026 $0.47 and Q2 2025 $0.69
Non-GAAP gross margin 46.8% vs Q1 2026 43.9% and Q2 2025 48.6%
Cash, cash equivalents and marketable securities $937.7 million Balance at June 30, 2026
Guidance

Q3 2026 guidance: revenue $290.0–$320.0 million including about $75.0 million of safe harbor shipments; IQ Battery shipments 130–150 MWh; GAAP gross margin 42–45%; non-GAAP gross margin 44–47%; GAAP operating expenses $120.0–$124.0 million; non-GAAP operating expenses $76.0–$80.0 million.

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FAQ

What were Enphase Energy (ENPH) Q2 2026 revenues and margins?
Enphase reported $291.9 million Q2 2026 revenue, up from $282.9 million in Q1. GAAP gross margin was 60.0%, boosted by tariff refunds, while non-GAAP gross margin was 46.8%, up from 43.9% in the prior quarter.

How profitable was Enphase Energy (ENPH) in Q2 2026?
Enphase generated Q2 2026 GAAP net income of $36.1 million, or $0.27 diluted EPS. On a non-GAAP basis, net income was $61.5 million, or $0.46 diluted EPS, which excludes tariff refunds and other specified non‑recurring and non‑cash items.

What cash position and free cash flow did ENPH report for Q2 2026?
Enphase ended Q2 2026 with $937.7 million in cash, cash equivalents and marketable securities. It generated $40.3 million in cash from operations and spent $14.4 million on capital expenditures, resulting in $25.9 million of non‑GAAP free cash flow for the quarter.

What is Enphase Energy’s (ENPH) Q3 2026 financial outlook?
For Q3 2026, Enphase expects $290.0–$320.0 million in revenue, including about $75.0 million of safe harbor shipments. It guides GAAP gross margin to 42–45%, non‑GAAP gross margin to 44–47%, and non‑GAAP operating expenses to $76.0–$80.0 million.

What operational highlights did Enphase Energy (ENPH) report for Q2 2026?
Enphase shipped about 1.59 million IQ Microinverters and 113.8 MWh of IQ Batteries in Q2 2026. It executed agreements totaling approximately $1.08 billion with third‑party owners and advanced its IQ Solid‑State Transformer and new IQ9 microinverters, battery and EV charging products.
0001463101false00014631012026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________
FORM 8-K
________________________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026
________________________________________________
enpha06.jpg
ENPHASE ENERGY, INC.
(Exact name of registrant as specified in its charter)
________________________________________________
Delaware 001-35480 20-4645388
(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

47281 Bayside Parkway
Fremont, CA 94538
(Address of principal executive offices, including zip code)
(707) 774-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par value per shareENPHNasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On July 28, 2026, Enphase Energy, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report. Information on the Company’s website is not, and will not be deemed, a part of this report or incorporated into this or any other filings that the Company makes with the Securities and Exchange Commission.
The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and shall not be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits. 
Exhibit NumberDescription
99.1
Press release dated July 28, 2026, entitled “Enphase Energy Reports Financial Results for the Second Quarter of 2026"
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:July 28, 2026ENPHASE ENERGY, INC.
 By:/s/ Mandy Yang
  Mandy Yang
  Executive Vice President and Chief Financial Officer
(Principal Financial Officer)




Exhibit 99.1
enpha06a.jpg
Enphase Energy Reports Financial Results for the Second Quarter of 2026
FREMONT, Calif., July 28, 2026 - Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, announced today financial results for the second quarter of 2026, which included the summary below from its President and CEO, Badri Kothandaraman.
We reported quarterly revenue of $291.9 million in the second quarter of 2026 and shipped approximately 1.59 million IQ® Microinverters, or 725.2 megawatts DC, and 113.8 megawatt hours (MWh) of IQ® Batteries.
Highlights for the second quarter of 2026 are listed below:
•Strong progress on development of IQ® SST; achieved key technical milestones and deepened customer engagement with potential multi-gigawatt opportunities
•Revenue of $291.9 million
•GAAP gross margin of 60.0%; non-GAAP gross margin of 46.8%
•GAAP operating income of $51.5 million; non-GAAP operating income of $56.7 million
•GAAP net income of $36.1 million; non-GAAP net income of $61.5 million
•GAAP diluted earnings per share of $0.27; non-GAAP diluted earnings per share of $0.46
•Free cash flow of $25.9 million; ending cash, cash equivalents and marketable securities of $937.7 million
•Shipped 1.58 million microinverters and battery inverters from Texas and South Carolina facilities
•Executed agreements year-to-date with third-party owners totaling approximately $1.08 billion: $202.4 million under the 5% ITC Safe Harbor and $878.6 million under the Physical Work Test
Our revenue and earnings for the second quarter of 2026 are provided below, compared with the prior quarter:
(In thousands, except per share and percentage data)
GAAPNon-GAAP
Q2 2026Q1 2026Q2 2025Q2 2026Q1 2026Q2 2025
Revenue$291,854 $282,900 $363,153 $291,854 $282,900 $363,153 
Gross margin60.0 %35.5 %46.9 %46.8 %43.9 %48.6 %
Operating expenses$123,495 $130,036 $133,486 $79,820 $76,954 $77,781 
Operating income (loss)$51,519 $(29,643)$37,007 $56,697 $47,270 $98,613 
Net income (loss)$36,079 $(7,406)$37,052 $61,515 $62,256 $89,869 
Basic EPS$0.27 $(0.06)$0.28 $0.47 $0.47 $0.69 
Diluted EPS$0.27 $(0.06)$0.28 $0.46 $0.47 $0.69 

Total revenue for the second quarter of 2026 was $291.9 million, compared to $282.9 million in the first quarter of 2026. Second-quarter revenue included $84.3 million of safe harbor revenue, compared to $34.5 million in the first quarter. Revenue in the United States decreased approximately 3%, while revenue in Europe increased approximately 35%.
Non-GAAP gross margin was 46.8% in the second quarter, up from 43.9% in the first quarter. Reciprocal tariffs reduced gross margin by approximately 2.0 percentage points, down from approximately 4.3 percentage points in the first quarter.
Non-GAAP operating expenses were $79.8 million in the second quarter, compared to $77.0 million in the first quarter, primarily due to increased investment in R&D. Non-GAAP operating income increased to $56.7 million, compared to $47.3 million in the first quarter.
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We exited the second quarter of 2026 with $937.7 million in cash, cash equivalents and marketable securities, and generated $40.3 million in cash flow from operations. Capital expenditures were $14.4 million, compared to $19.9 million in the first quarter.
During the second quarter, we received approximately $41.0 million in refunds from U.S. Customs and Border Protection (CBP), followed by an additional $11.0 million after quarter end. The full $52.0 million impacted second-quarter GAAP results. Of this amount, $45.4 million was recognized as an increase to GAAP gross profit, improving GAAP gross margin by 15.6 percentage points; $1.6 million was recognized as GAAP interest income; and $5.0 million was capitalized as inventory as of June 30, 2026.
We shipped 113.8 MWh of IQ Batteries in the second quarter, compared to 103.1 MWh in the first quarter. More than 25,000 installers worldwide are now certified to install IQ Batteries, up from more than 24,000 in the first quarter.
During the second quarter, we accelerated development of the IQ® Solid-State Transformer (IQ SST) for next-generation AI data centers. We are actively engaged with customers and ecosystem partners, with a few opportunities advancing to the RFI and RFP stages and representing a potential multi-gigawatt pipeline. We achieved important milestones across the IQ SST power module, medium-voltage transformer, and system-control architecture, including a 15-module series stack operating at 4.16 kV AC with droop control, and remain on track for a full-system demonstration later this year.
We expanded our commercial portfolio during the second quarter. In the United States, we began shipping our IQ9S-3P™ Commercial Microinverter, a GaN-based 548 W microinverter designed for 480 V three-phase systems. Together with the IQ9N-3P™ Commercial Microinverter, the IQ9S-3P broadens our offering for the U.S. commercial solar market.
We also launched our IQ9N™ Residential Microinverter in the United States and key European markets in June 2026, followed by Australia and New Zealand in July. Built with advanced GaN technology, the IQ9N is designed to pair with today’s high-power residential solar modules and help maximize energy harvest and system performance.
At Intersolar Europe in June 2026, we showcased our upcoming IQ® Battery G5. This AC-coupled battery is designed to provide higher energy density and flexible capacity through stackable 5 kWh modules that can scale up to 30 kWh. It uses 100 Ah prismatic cells and is expected to deliver approximately 50% higher energy density than the fourth-generation IQ® Battery 10C, while reducing cost by approximately 40%.
We also showcased our IQ® Bidirectional EV Charger at Intersolar Europe. Built on our GaN power platform and designed to support modern 800 V DC electric vehicle architectures, the charger is engineered to move power efficiently and bidirectionally between the grid-facing AC system and the vehicle. We are collaborating with several leading global automotive manufacturers to support the adoption of this product.
BUSINESS HIGHLIGHTS
•On July 27, 2026, Enphase Energy announced the publication of a new technical white paper titled "The Enphase Kestrel ASIC: A Purpose-Built Platform for Intelligent Power Conversion."
•On July 21, 2026, Enphase Energy announced that homeowners across Europe with existing second-generation Enphase IQ Batteries can now enjoy home backup when they add an IQ® System Controller and expand their energy storage while keeping the batteries they already own.
•On July 16, 2026, Enphase Energy highlighted the safety and reliability of its IQ® EV Charger 2 across Europe’s diverse climates.
•On July 13, June 23, and June 11, 2026, Enphase Energy announced the launch of the new IQ9N Microinverter for residential solar systems in Australia and New Zealand, the United States, and key European markets, respectively.
•On July 9, 2026, Enphase Energy announced that it opened pre-orders for the 20th anniversary limited edition IQ® PowerPack 1500, a smart, portable power station designed to provide reliable power at home, at work, and outdoors.
•On July 8, 2026, Enphase Energy announced it opened pre-orders for a smart thermostat with live solar, battery, and home power display.
•On June 30, 2026, Enphase Energy announced that it has joined the Open Compute Project Foundation as a Platinum member to help advance open standards for next-generation AI data center power infrastructure.
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•On June 18, 2026, Enphase Energy announced that it began production shipments of its IQ9S-3P Commercial Microinverter, the company's most powerful microinverter currently available across the United States.
•On June 17, 2026, Enphase Energy announced plans to showcase the IQ Battery G5, IQ9N Microinverter, IQ Bidirectional EV Charger, and IQ® Energy Management platform at Intersolar Europe in Munich, Germany.
•On May 21, 2026, Enphase Energy announced it published a technical white paper on its adoption of gallium nitride (GaN) bi-directional switch technology for next-generation distributed power electronics for AI data centers.
•On May 18, 2026, Enphase Energy announced the launch of its PowerMatch™ battery software technology across North America and selected countries in Central America and the Caribbean.
•On May 7, 2026, Enphase Energy announced a new safe harbor agreement with a U.S. solar and battery financing company offering leases and PPAs to homeowners and businesses.
•On May 4, 2026, Enphase Energy announced it published a technical white paper titled “IQ Solid-State Transformer: Intelligent Power for AI.”
THIRD QUARTER 2026 FINANCIAL OUTLOOK
For the third quarter of 2026, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
•Revenue to be within a range of $290.0 million to $320.0 million, which includes shipments of 130 to 150 MWh of IQ Batteries. This outlook includes approximately $75.0 million of safe harbor shipments.
•GAAP gross margin to be within a range of 42.0% to 45.0%, including approximately 2 percentage points of reciprocal tariff impact.
•Non-GAAP gross margin to be within a range of 44.0% to 47.0%, including approximately 2 percentage points of reciprocal tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.
•GAAP operating expenses to be within a range of $120.0 million to $124.0 million.
•Non-GAAP operating expenses to be within a range of $76.0 million to $80.0 million, excluding $44.0 million estimated for stock-based compensation expense, acquisition related amortization, and restructuring and asset impairment charges.
Follow Enphase Online
•Read the Enphase blog.
•Follow @Enphase on X.
•Visit us on Facebook and LinkedIn.
•Watch Enphase videos on YouTube.
Use of non-GAAP Financial Measures
Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), and free cash flow.
These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance
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with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:
Tariff refunds. This item represents refunds received for tariffs previously imposed under the International Emergency Economic Powers Act, which were invalidated following the United States Supreme Court ruling in Learning Resources, Inc. v. Trump. The Company received refunds and associated interest of approximately $41.0 million and $11.0 million in the three months ended June 30, 2026 and in July 2026, respectively, from CBP related to tariffs paid during fiscal 2025 and the first quarter of fiscal 2026, of which $45.4 million was recognized as a reduction to cost of revenues during the three and six months ended June 30, 2026, $1.6 million was recognized as interest income in the three and six months ended June 30, 2026, and $5.0 million was capitalized as a cost of inventory as of June 30, 2026. Of the $45.4 million refunds recognized as a reduction to cost of revenues, $43.4 million of the tariff costs incurred were previously recorded as a cost of revenues in prior periods and are excluded from non‑GAAP measures, along with the associated $1.6 million interest earned from those payments, as they are related to prior periods and not reflective of the Company’s ongoing financial performance.
AMPTC adjustment. In the first quarter of 2026, the Company decided to sell its Advanced Manufacturing Production Tax Credit (AMPTC) generated in 2025 and going forward in the tax credit transfer market. The Company sold $235.0 million of AMPTC generated in 2025 at 93% of face value, resulting in a discount of approximately $16.5 million. The Company also incurred approximately $2.5 million in transaction-related fees. Because these amounts relate to AMPTC generated in the prior fiscal year and do not reflect the Company’s ongoing operating performance, the Company excluded them from its non-GAAP financial measures for the first quarter of 2026.
Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.
Acquisition related expenses and amortization. This item represents costs incurred in connection with acquisition-related activities, which are not indicative of normal, recurring operating expenses, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.
Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.
Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.
Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.
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Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.
Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.
Conference Call Information
Enphase Energy will host a conference call for analysts and investors to discuss its second quarter 2026 results and third quarter 2026 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 669-9658; replay access code 8131398, beginning approximately one hour after the call.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its third quarter of 2026 financial performance and outlook, including revenue, shipments of IQ Batteries by MWh, gross margin, and operating expenses; anticipated demand for Enphase Energy’s microinverter, battery, energy management, and commercial products; expectations regarding the commercial microinverter market opportunity in the United States, including the IQ9S-3P Commercial Microinverter; the expected availability of the IQ Battery G5 and IQ Bidirectional EV Charger in Europe; expectations regarding the expansion of the IQ Energy Management platform to additional markets; expectations regarding the expected impact of tax credit expirations, tariff structures, and incentive programs; expectations regarding safe harbor agreements and the timing and variability of related revenue recognition; the capabilities, advantages, features, and performance of Enphase Energy’s technology and products, including GaN-based microinverters and PowerMatch battery software; and Enphase Energy’s expectations regarding the timing and development of its IQ SST product for data centers. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied by these forward‑looking statements. Such risks include, but are not limited to, fluctuations in market demand; changes in installer and customer purchasing behavior; changes in tax credits, tariffs, incentive programs, and regulatory policies, including the expiration of existing tariffs and potential imposition of replacement tariffs; energy pricing volatility; supply chain and manufacturing constraints; safe harbor agreement execution and the timing of related revenue recognition and cash flows; product performance and reliability; successful expansion into commercial solar and international markets; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10‑K, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems, EV chargers, home energy management systems, and virtual power plant (VPP) solutions. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. The company revolutionized the solar industry with its microinverter-based technology and has shipped approximately 89.4 million microinverters, with approximately 5.3 million Enphase-based systems deployed in over 165 countries. For more information, visit https://enphase.com.
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© 2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:

Zach Freedman
Enphase Energy, Inc.
Investor Relations
ir@enphaseenergy.com
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ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Net revenues$291,854 $282,900 $363,153 $574,754 $719,237 
Cost of revenues116,840 182,507 192,660 299,347 380,503 
Gross profit175,014 100,393 170,493 275,407 338,734 
Operating expenses:
Research and development45,658 44,867 45,421 90,525 95,595 
Sales and marketing45,545 48,087 50,708 93,632 99,656 
General and administrative31,334 33,255 34,035 64,589 68,070 
Restructuring and asset impairment charges958 3,827 3,322 4,785 6,484 
Total operating expenses123,495 130,036 133,486 253,531 269,805 
Income (loss) from operations51,519 (29,643)37,007 21,876 68,929 
Other income, net
Interest income12,154 12,625 14,911 24,779 31,943 
Interest expense(327)(633)(815)(960)(2,862)
Other income (expense), net(1,447)3,791 (8,898)2,344 (8,912)
Total other income, net10,380 15,783 5,198 26,163 20,169 
Income (loss) before income taxes61,899 (13,860)42,205 48,039 89,098 
Income tax benefit (provision)(25,820)6,454 (5,153)(19,366)(22,316)
Net income (loss)$36,079 $(7,406)$37,052 $28,673 $66,782 
Net income (loss) per share:
Basic$0.27 $(0.06)$0.28 $0.22 $0.51 
Diluted$0.27 $(0.06)$0.28 $0.22 $0.50 
Shares used in per share calculation:
Basic131,963 131,337 131,031 131,652 131,447 
Diluted135,122 131,337 135,219 132,788 135,719 


7

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
June 30,
2026		December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$529,344 $474,318 
Marketable securities408,364 1,038,536 
Accounts receivable, net273,607 229,881 
Inventory285,022 288,047 
Prepaid expenses and other current assets454,200 576,078 
Total current assets1,950,537 2,606,860 
Property and equipment, net136,449 136,804 
Intangible assets, net13,081 22,288 
Goodwill213,231 214,760 
Other assets316,290 222,677 
Deferred tax assets, net289,671 306,403 
Total assets$2,919,259 $3,509,792 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$124,591 $203,039 
Accrued liabilities188,516 217,366 
Deferred revenues, current224,272 180,524 
Warranty obligations, current27,784 29,038 
Debt, current— 632,183 
Total current liabilities565,163 1,262,150 
Long-term liabilities:
Deferred revenues, non-current358,233 337,923 
Warranty obligations, non-current175,422 185,005 
Other liabilities65,769 65,497 
Debt, non-current572,836 572,194 
Total liabilities1,737,423 2,422,769 
Total stockholders’ equity1,181,836 1,087,023 
Total liabilities and stockholders’ equity$2,919,259 $3,509,792 


8

ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Cash flows from operating activities:
Net income (loss)$36,079 $(7,406)$37,052 $28,673 $66,782 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization20,196 20,815 20,085 41,011 40,000 
Discount from sale of AMPTC generated — 16,450 — 16,450 — 
Amortization (accretion) of investments purchased at a premium (discount)184 5,108 (1,234)5,292 2,278 
Provision for credit losses90 51 130 141 192 
Asset impairment— 79 1,538 79 1,565 
Non-cash interest expense327 633 828 960 2,507 
Change in fair value of debt securities and tax equity fund2,494 82 9,464 2,576 9,141 
Stock-based compensation43,554 48,991 53,896 92,545 109,529 
Deferred income taxes21,203 (3,127)403 18,076 8,963 
Changes in operating assets and liabilities:
Accounts receivable(77,229)41,555 8,681 (35,674)10,441 
Inventory5,679 (2,654)(28,991)3,025 (8,012)
Prepaid expenses and other assets(125,984)155,340 (64,261)29,356 (139,814)
Accounts payable, accrued and other liabilities2,477 (118,126)37,212 (115,649)91,444 
Warranty obligations(1,001)(9,836)2,639 (10,837)13,197 
Deferred revenues112,254 (45,084)(50,813)67,170 (133,170)
Net cash provided by operating activities40,323 102,871 26,629 143,194 75,043 
Cash flows from investing activities:
Purchases of property and equipment(14,394)(19,898)(8,259)(34,292)(22,867)
Issuance of secured revolving credit facility(29,000)— — (29,000)— 
Issuance of loan receivable— (1,000)— (1,000)— 
Investment in tax equity fund— — (1,440)— (8,344)
Receipts of loan receivables10,085 — — 10,085 — 
Purchases of marketable securities(29,006)— (284,306)(29,006)(485,132)
Maturities and sales of marketable securities52,779 597,281 242,820 650,060 578,218 
Net cash provided by (used in) investing activities(9,536)576,383 (51,185)566,847 61,875 
Cash flows from financing activities:
Settlement of Notes due 2026— (632,500)— (632,500)— 
9

Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Settlement of Notes due 2025— — — — (102,168)
Repurchases of common stock— — (29,993)— (129,957)
Proceeds from issuances of common stock under employee equity plans4,171 — 5,302 4,171 5,369 
Payments of withholding taxes related to net share settlement of equity awards(2,540)(18,686)(2,864)(21,226)(14,974)
Net cash provided by (used in) financing activities1,631 (651,186)(27,555)(649,555)(241,730)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(620)(4,840)7,557 (5,460)11,232 
Net increase (decrease) in cash, cash equivalents and restricted cash31,798 23,228 (44,554)55,026 (93,580)
Cash, cash equivalents and restricted cash — Beginning of period497,546 474,318 415,090 474,318 464,116 
Cash, cash equivalents and restricted cash — End of period$529,344 $497,546 $370,536 $529,344 $370,536 
10

ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)
Three Months EndedSix Months Ended
June 30,
2026		March 31,
2026		June 30,
2025		June 30,
2026		June 30,
2025
Gross profit (GAAP)$175,014 $100,393 $170,493 $275,407 $338,734 
Tariff refunds(43,411)— — (43,411)— 
AMPTC adjustment— 18,905 — 18,905 — 
Stock-based compensation3,666 3,584 4,311 7,250 8,550 
Acquisition related amortization1,248 1,342 1,590 2,590 3,170 
Gross profit (Non-GAAP)$136,517 $124,224 $176,394 $260,741 $350,454 

Gross margin (GAAP)60.0 %35.5 %46.9 %47.9 %47.1 %
Tariff refunds(14.9)— — (7.6)— 
AMPTC adjustment— 6.7 — 3.3 — 
Stock-based compensation1.3 1.3 1.3 1.3 1.2 
Acquisition related amortization0.4 0.4 0.4 0.5 0.4 
Gross margin (Non-GAAP)46.8 %43.9 %48.6 %45.4 %48.7 %

Operating expenses (GAAP)$123,495 $130,036 $133,486 $253,531 $269,805 
Stock-based compensation (1)
(39,714)(45,429)(49,506)(85,143)(100,391)
Acquisition related expenses and amortization(3,003)(3,826)(2,877)(6,829)(5,726)
Restructuring and asset impairment charges (1)
(958)(3,827)(3,322)(4,785)(6,484)
Operating expenses (Non-GAAP)$79,820 $76,954 $77,781 $156,774 $157,204 

(1) Includes stock-based compensation as follows:
Research and development
$17,569 $18,834 $20,481 $36,403 $42,128 
Sales and marketing
12,363 14,717 16,657 27,080 33,053 
General and administrative
9,782 11,878 12,368 21,660 25,210 
Restructuring and asset impairment charges174 (22)79 152 588 
Total
$39,888 $45,407 $49,585 $85,295 $100,979 

Income (loss) from operations (GAAP)$51,519 $(29,643)$37,007 $21,876 $68,929 
Tariff refunds(43,411)— — (43,411)— 
AMPTC adjustment— 18,905 — 18,905 — 
Stock-based compensation43,380 49,013 53,817 92,393 108,941 
Acquisition related expenses and amortization4,251 5,168 4,467 9,419 8,896 
Restructuring and asset impairment charges958 3,827 3,322 4,785 6,484 
Income from operations (Non-GAAP)$56,697 $47,270 $98,613 $103,967 $193,250 

Net income (loss) (GAAP)$36,079 $(7,406)$37,052 $28,673 $66,782 
Tariff refunds (45,029)— — (45,029)— 
AMPTC adjustment— 18,905 — 18,905 — 
Stock-based compensation43,380 49,013 53,817 92,393 108,941 
Acquisition related expenses and amortization4,251 5,168 4,467 9,419 8,896 
Restructuring and asset impairment charges958 3,827 3,322 4,785 6,484 
Non-cash interest expense327 633 829 960 2,507 
11

Non-GAAP income tax adjustment21,549 (7,884)(9,618)13,665 (14,498)
Net income (Non-GAAP)$61,515 $62,256 $89,869 $123,771 $179,112 

Net income (loss) per share, basic (GAAP)$0.27 $(0.06)$0.28 $0.22 $0.51 
Tariff refunds(0.34)— — (0.34)— 
AMPTC adjustment— 0.14 — 0.14 — 
Stock-based compensation0.33 0.37 0.41 0.70 0.80 
Acquisition related expenses and amortization0.03 0.04 0.03 0.07 0.08 
Restructuring and asset impairment charges0.01 0.03 0.03 0.04 0.06 
Non-cash interest expense— — 0.01 0.01 0.02 
Non-GAAP income tax adjustment0.17 (0.05)(0.07)0.10 (0.11)
Net income per share, basic (Non-GAAP)$0.47 $0.47 $0.69 $0.94 $1.36 
Shares used in basic per share calculation GAAP and Non-GAAP131,963 131,337 131,031 131,652 131,447 
Net income (loss) per share, diluted (GAAP)$0.27 $(0.06)$0.28 $0.22 $0.50 
Tariff refunds(0.34)— — (0.34)— 
AMPTC adjustment— 0.14 — 0.14 — 
Stock-based compensation0.33 0.37 0.41 0.70 0.83 
Acquisition related expenses and amortization0.03 0.04 0.03 0.07 0.07 
Restructuring and asset impairment charges0.01 0.03 0.03 0.04 0.05 
Non-cash interest expense— — 0.01 0.01 0.02 
Non-GAAP income tax adjustment0.16 (0.05)(0.07)0.09 (0.11)
Net income per share, diluted (Non-GAAP) $0.46 $0.47 $0.69 $0.93 $1.36 
Shares used in diluted per share calculation GAAP135,122 131,337 135,219 132,788 135,719 
Shares used in diluted per share calculation Non-GAAP
133,104 132,373 131,144 132,788 131,644 
Net cash provided by operating activities (GAAP)$40,323 $102,871 $26,629 $143,194 $75,043 
Purchases of property and equipment(14,394)(19,898)(8,259)(34,292)(22,867)
Free cash flow (Non-GAAP)$25,929 $82,973 $18,370 $108,902 $52,176 


12

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