Enphase Energy, a global energy technology company, reported a significant decrease in net revenues for the third quarter of 2024, with a 31% drop compared to the same period in 2023. The company experienced a 56% decrease in microinverter units shipped, which was partially offset by an increase in average selling price and a 101% increase in IQ Batteries Megawatt-hours shipped. Despite the decrease in net revenues, the company benefited from tax credits under the Advanced Manufacturing Production Tax Credit, which partially offset the increased costs of manufacturing in the United States. Gross margin saw a slight decrease of 0.7 percentage points year-over-year for the quarter. Enphase Energy's business development continued with the shipment of approximately 78.0 million microinverters and deployment of over...Show More

Enphase Energy, a global energy technology company, reported a significant decrease in net revenues for the third quarter of 2024, with a 31% drop compared to the same period in 2023. The company experienced a 56% decrease in microinverter units shipped, which was partially offset by an increase in average selling price and a 101% increase in IQ Batteries Megawatt-hours shipped. Despite the decrease in net revenues, the company benefited from tax credits under the Advanced Manufacturing Production Tax Credit, which partially offset the increased costs of manufacturing in the United States. Gross margin saw a slight decrease of 0.7 percentage points year-over-year for the quarter. Enphase Energy's business development continued with the shipment of approximately 78.0 million microinverters and deployment of over 4.5 million systems globally. The company expanded its product offerings with the new IQ8 Microinverters and IQ Battery storage systems, and entered the EV charger market with its Enphase-branded chargers. Looking ahead, Enphase Energy plans to manage short-term and long-term cash needs through existing cash, cash equivalents, marketable securities, and operations cash flow, despite anticipating more limited access to the debt market due to higher interest rates. The company's board authorized a share repurchase program, with $49.8 million worth of shares repurchased in the third quarter of 2024.