Enphase Energy : Q1’26 Supplemental Data

Published: 2026-04-28 17:14:39 ET ENPH

Published on 04/28/2026 at 05:14 pm EDT

Supplemental Operating Performance Information

April 28, 2026

Enphase Energy, Inc. Q1'26 Supplemental Information

All $ figures in millions, except per share; other metrics specified below

Operating Metrics & Revenue Detail

Metric

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Financial Outlook

Q2'26

IQ Microinverter Shipments

Units, k

2,013

1,531

1,529

1,770

1,551

1,415

GAAP

IQ Microinverter Shipments

MW (DC)

878.0

688.5

675.4

784.6

682.6

627.6

Net Revenues

$280.0-$310.0

IQ Battery Shipments

MWh

152.4

170.1

190.9

195.0

150.1

103.1

Storage Shipments (MWh)

100.0-110.0

Net Revenues

$ 382.7 $

356.1 $

363.2 $

410.4 $

343.3 $

282.9

Gross Margin

42.0%-45.0%

Net Revenues by Geography

Operating Expenses

$120.0-$124.0

United States

$ 302.0 $

263.2 $

271.3 $

350.0 $

304.2 $

233.9

Non-GAAP

International

$ 80.7 $

92.9 $

91.9 $

60.4 $

39.1 $

49.0

Net Revenues

$280.0-$310.0

Storage Shipments (MWh)

100.0-110.0

Supplementary Income Statement Information

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Gross Margin

44.0%-47.0%

Gross Profit (GAAP)

$ 198.3 $

168.2 $

170.5 $

196.2 $

152.0 $

100.4

Operating Expenses

$75.0-$79.0

AMPTC adjustment

18.9

Stock-based compensation

3.7

4.2

4.3

4.1

4.5

3.6

Acquisition related amortization

1.7

1.6

1.3

Gross Profit (Non-GAAP)

$ 203.7 $

174.0 $

176.4 $

201.9 $

158.1 $

124.2

Gross Margin (GAAP)

51.8 %

47.2 %

46.9 %

47.8 %

44.3 %

35.5 %

AMPTC adjustment

- %

6.7 %

Stock-based compensation

0.9 %

1.2 %

1.3 %

1.0 %

1.3 %

Acquisition related amortization

0.5 %

0.4 %

0.5 %

0.4 %

Gross Margin (Non-GAAP)

53.2 %

48.9 %

48.6 %

49.2 %

46.1 %

43.9 %

Income (loss) from Operations (GAAP)

$ 54.8 $

31.9 $

37.0 $

66.2 $

22.4 $

(29.6)

AMPTC adjustment

18.9

Stock-based compensation

51.6

55.1

53.8

51.4

53.1

49.0

Acquisition related expense and amortization

4.6

4.4

4.5

5.2

Restructuring and asset impairment charges

9.4

3.2

3.3

1.3

(0.6)

3.8

Income from Operations (Non-GAAP)

$ 120.4 $

94.6 $

98.6 $

123.4 $

79.4 $

47.3

Income from Operations (Non-GAAP)

31.5 %

26.6 %

27.2 %

30.1 %

23.1 %

16.7 %

Income Tax Provision (GAAP)

$ (7.5) $

(17.2) $

(5.2) $

(10.4) $

0.0 $

6.5

Non-GAAP income tax adjustment

(4.1)

(4.9)

(9.6)

(7.4)

(3.0)

(7.9)

Income Tax Provision (Non-GAAP)

$ (11.6) $

(22.1) $

(14.8) $

(17.8) $

(3.0) $

(1.4)

Net Income (loss) (GAAP)

$ 62.2 $

29.7 $

37.1 $

66.6 $

38.7 $

(7.4)

AMPTC adjustment

18.9

Stock-based compensation

51.6

55.1

53.8

51.4

53.1

49.0

Acquisition related expense and amortization

4.6

4.4

4.5

5.2

Restructuring and asset impairment charges

9.4

3.2

3.3

1.3

(0.6)

3.8

Non-cash interest expense

2.2

1.7

0.8

0.9

0.7

Non-GAAP income tax adjustment

(4.1)

(4.9)

(9.6)

(7.4)

(3.0)

(7.9)

Net Income (Non-GAAP)

$ 125.9 $

89.2 $

89.9 $

117.3 $

93.4 $

62.3

Weighted Average Basic Shares Outstanding (GAAP)

000s

133,815

131,869

131,031

130,797

130,967

131,337

RSU/PSU/Options

238

264

113

180

476

1,036

2026 Convert

2,057

2028 Convert

2,018

Elimination of 2025, 2026, and 2028 Convert Shares covered by hedges

(4,075)

(2,018)

Weighted Average Diluted Shares Outstanding (Non-GAAP)

000s

134,053

132,133

131,144

130,977

131,443

132,373

Net Income (loss) per Share, Diluted (GAAP)

$ 0.45 $

0.22 $

0.28 $

0.50 $

0.29 $

(0.06)

Net Income per Share, Diluted (Non-GAAP)

$ 0.94 $

0.68 $

0.69 $

0.90 $

0.71 $

0.47

Supplementary Balance Sheet Information

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Cash, cash equivalents, restricted cash and marketable securities

$ 1,717.6 $

1,531.9 $

1,530.2 $

1,477.9 $

1,512.9 $

930.6

Debt (GAAP)

$ 1,302.4 $

1,201.9 $

1,202.7 $

1,203.5 $

1,204.4 $

572.5

Add: Debt discount and issuance costs

7.3

5.6

4.8

4.0

3.1

2.5

Total Debt

$ 1,309.7 $

1,207.5 $

575.0

Supplementary Cash Flow Information

Q4'24

Q1'25

Q2'25

Q3'25

Q4'25

Q1'26

Cash flow from Operations (GAAP)

$ 167.3 $

48.4 $

26.6 $

13.9 $

47.6 $

102.9

Less: Purchases of property and equipment

(8.1)

(14.6)

(8.2)

(8.0)

(9.7)

(19.9)

Free Cash Flow (Non-GAAP)

$ 159.2 $

33.8 $

18.4 $

5.9 $

37.8 $

83.0

This supplemental information contains forward-looking statements, including statements related to Enphase Energy's expectations as to revenue, storage shipments, gross margin, and operating expenses for the second quarter of 2026. These forward-looking statements are based on Enphase Energy's current expectations and inherently involve significant risks and uncertainties. Enphase Energy's actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in Enphase Energy's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with the SEC from time to time and available on the SEC's website at https://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.

Disclaimer

Enphase Energy Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:11 UTC.