Summary by Moomoo AI
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
