Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the third quarter ended September 30, 2024, on October 22, 2024. The company announced a quarterly revenue of $380.9 million, a significant increase from the previous quarter's $303.5 million. The non-GAAP gross margin stood at 48.1%, including the net IRA benefit, and 38.9% when excluding it. The GAAP operating income was reported at $49.8 million, with non-GAAP operating income at $101.4 million. Enphase Energy also reported a GAAP net income of $45.8 million and non-GAAP net income of $88.4 million. The earnings per share on a GAAP basis were $0.33, and on a non-GAAP basis, $0.65. The company highlighted strong free cash flow of $161.6 million and ended the quarter with $1.77 billion in cash, cash equivalents...Show More

Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the third quarter ended September 30, 2024, on October 22, 2024. The company announced a quarterly revenue of $380.9 million, a significant increase from the previous quarter's $303.5 million. The non-GAAP gross margin stood at 48.1%, including the net IRA benefit, and 38.9% when excluding it. The GAAP operating income was reported at $49.8 million, with non-GAAP operating income at $101.4 million. Enphase Energy also reported a GAAP net income of $45.8 million and non-GAAP net income of $88.4 million. The earnings per share on a GAAP basis were $0.33, and on a non-GAAP basis, $0.65. The company highlighted strong free cash flow of $161.6 million and ended the quarter with $1.77 billion in cash, cash equivalents, and marketable securities. The report also detailed the shipments of 1,731,768 microinverters and 172.9 megawatt hours of IQ Batteries. Enphase Energy's President and CEO, Badri Kothandaraman, emphasized the company's continued innovation with the launch of AI-based software for energy optimization and the upcoming release of new products, including the second-generation IQ EV charger and the IQ Balcony Solar Kit for the European market. The company's forward-looking statements included an estimated revenue range of $360.0 million to $400.0 million for the fourth quarter of 2024, with a GAAP gross margin between 47.0% to 50.0% and non-GAAP gross margin between 49.0% to 52.0%, including the net IRA benefit.