Enphase Energy Reports Q1 2025 Financial Results

SUNNYVALE, Calif., April 22, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. has released its financial results for the first quarter of 2025. The global energy technology company reported a revenue of $356.1 million, a decline from $382.7 million in the previous quarter. The company’s non-GAAP gross margin was 48.9%, down from 53.2% in Q4 2024.

During the first quarter, Enphase shipped about 1.53 million microinverters, translating to approximately 688.5 megawatts DC. The company also delivered 170.1 megawatt hours (MWh) of IQ Batteries. U.S. revenue dropped by 13% due to seasonal factors and a decrease in demand, though this was somewhat offset by $54.3 million in safe harbor revenue. In contrast, revenue from Europe rose by 7%, fueled by increased battery sales.

Badri Kothandaraman, Enphase’s President and CEO, addressed the results by stating, “Our revenue and earnings for the first quarter of 2025 reflect the seasonality and softening in U.S. demand, partially offset by safe harbor revenue. We continue to see strong growth in Europe, driven by higher battery sales.”

Looking ahead, Enphase projected revenues for the second quarter of 2025 to be between $340.0 million and $380.0 million. This forecast includes the shipment of 160-180 MWh of IQ Batteries and an anticipated $40.0 million in safe harbor revenue. The company ended Q1 2025 with a solid cash position of $1.53 billion and generated $48.4 million in operating cash flow.

Enphase has also maintained a robust U.S. manufacturing base, producing around 1.21 million microinverters domestically. This aligns with strategic efforts under the Inflation Reduction Act (IRA) to capture tax credits. The company continues to expand its global reach, notably in Europe with the rollout of the IQ Battery 5P featuring FlexPhase technology.