- Enphase Energy (NASDAQ:ENPH): Q1 Non-GAAP EPS of $0.35 misses by $0.04.
- Revenue of $263.34M (-63.7% Y/Y) misses by $14.23M.
- GAAP gross margin of 43.9%; non-GAAP gross margin of 46.2% with net IRA benefit
- Non-GAAP gross margin of 41.0%, excluding net IRA benefit of 5.2%.
- Free cash flow of $41.8 million; ending cash, cash equivalents, and marketable securities of $1.63 billion.
- Q2 Outlook: Revenue to be within a range of $290.0 million to $330.0 million, which includes shipments of 100 to 120 megawatt hours of IQ Batteries
- GAAP gross margin to be within a range of 42.0% to 45.0% with net IRA benefit
- Non-GAAP gross margin to be within a range of 44.0% to 47.0% with net IRA benefit and 39.0% to 42.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
- Net IRA benefit to be within a range of $14.0 million to $17.0 million based on estimated shipments of 500,000 units of U.S. manufactured microinverters
- GAAP operating expenses to be within a range of $134.0 million to $138.0 million
- Non-GAAP operating expenses to be within a range of $78.0 million to $82.0 million.
- Shares -5.36%.
Enphase said the decline in Q1 revenue compared to Q4 2023 was "the result of seasonality and a further softening in U.S. demand, while we continued to reduce shipments to manage channel inventory."
Q1 microinverter shipments fell 71% to ~1.38M compared to the year-earlier quarter; Q1 non-GAAP gross margin was 46.2% compared to 50.3% in Q4 2023, which the company said was driven primarily by lower net IRA benefit.
