Enphase sells $235M of Section 45X tax credits at 93% face value; GAAP gross margin cut by 6.7pp in Q1 2026

Enphase Energy, Inc.

Sold $235M of advanced manufacturing tax credits (Section 45X) for $218.55M in cash, a ~$16.5M discount.
Transaction fees of ~$2.5M incurred; both discount and fees expected to be excluded from non-GAAP measures.
GAAP gross margin for Q1 2026 guided 6.7 percentage points lower than prior guidance due to the sale.
Purchase price received in a single installment on March 31, 2026; customary covenants and indemnification apply.

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