Enphase Q3 revenue $410.4M, highest in 2 years; Q4 guide $310-350M, below Q3

Enphase Energy, Inc.

2025-Q3 EPS reported $1.01 revenue$1,129,664,000

GAAP diluted EPS $0.50; non-GAAP $0.90. Revenue $410.4M, up 13% QoQ from $363.2M.
Record IQ Battery shipments of 195 MWh; microinverters 1.77M units (784.6 MW DC).
U.S. revenue +29% QoQ; Europe -38% QoQ due to softening demand.
Q4 guidance: rev $310-350M (no safe harbor), GAAP gross margin 40-43%, non-GAAP 42-45%.
Tariff impact 4.9 ppt on Q3 margins; expects ~5 ppt in Q4.

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