Enphase Q2 revenue $363.2M, GAAP EPS $0.28, non-GAAP $0.69; Q3 rev guidance $330-370M

Enphase Energy, Inc.

2025-Q2 EPS reported $0.50 revenue$719,237,000

Q2 revenue $363.2M (+2% QoQ, +20% YoY); GAAP net income $37.1M, vs $10.8M in Q2 2024.
Non-GAAP gross margin 48.6% (incl. IRA benefit); ex-IRA 37.2%; tariffs reduced margins ~2pp.
Shipped 1.53M microinverters (675.4 MW) and record 190.9 MWh of batteries; US manufacturing shipped 1.41M microinverters and 46.9 MWh.
Q3 2025 rev guidance $330-370M; GAAP gross margin 41-44%, non-GAAP 43-46%; tariffs to impact 3-5pp.
Repurchased 702,948 shares for ~$30M at avg $42.67; cash $1.53B.

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