- Enphase Energy (ENPH, Financial) posted Q1 2025 revenue of $356.1 million, down from $382.7 million in Q4 2024.
- U.S. revenue decreased 13% quarter-over-quarter, while European revenue rose by 7%.
- The company forecasts Q2 2025 revenue between $340.0-$380.0 million, with 160-180 MWh of IQ Battery shipments expected.
Enphase Energy (ENPH), a leading global energy technology firm, announced its financial results for Q1 2025. The company reported a revenue of $356.1 million, marking a decline from the $382.7 million reported in Q4 2024. The non-GAAP gross margin stood at 48.9%, reflecting a decrease from the previous quarter's 53.2%.
During the quarter, Enphase shipped approximately 1.53 million microinverters, translating to 688.5 megawatts DC, alongside 170.1 megawatt hours (MWh) of IQ Batteries. U.S. revenue saw a 13% decrease due to seasonality and reduced demand, though partially offset by $54.3 million in safe harbor revenue. In contrast, European revenue experienced a robust 7% increase, propelled by heightened battery sales.
For Q2 2025, Enphase anticipates revenue to range between $340.0 million and $380.0 million. The forecast includes the shipment of 160-180 MWh of IQ Batteries and an expected $40.0 million in safe harbor revenue. The company ended the first quarter with a strong cash position, holding $1.53 billion in cash and equivalents, and generated $48.4 million in operating cash flow.
In terms of operational highlights, Enphase maintained a solid U.S. manufacturing base, producing around 1.21 million microinverters domestically. This strategic move aligns with capturing tax credits under the Inflation Reduction Act (IRA). The firm also continues to expand its global footprint, with significant strides in Europe through the introduction of the IQ Battery 5P with FlexPhase technology.
