Enphase Energy Reports Record Quarterly Revenues

FREMONT — Enphase Energy, Inc., the world’s leading supplier of microinverter-based solar and battery systems, reported record quarterly revenue of $530.2 million in the second quarter of 2022. The company shipped 3,348,553 microinverters, or approximately 1,213 megawatts DC, and 132.4 megawatt hours of Enphase IQ Batteries.

Shares in Enphase were among the top performing companies of the day, up 17% to close at $254.77.

Financial highlights for the second quarter of 2022 at Enphase Energy are listed below.

  • Record quarterly revenue of $530.2 million
  • GAAP gross margin of 41.3%; non-GAAP gross margin of 42.2%
  • GAAP operating income of $94.0 million; non-GAAP operating income of $152.4 million
  • GAAP net income of $77.0 million; non-GAAP net income of $149.9 million
  • GAAP diluted earnings per share of $0.54; non-GAAP diluted earnings per share of $1.07
  • Free cash flow of $192.0 million; ending cash, cash equivalents, and marketable securities of $1.25 billion

Total revenue increased 20%, compared to the first quarter of 2022. Microinverter shipments were up 18%, compared to the first quarter of 2022. IQ Battery shipments were up 10%, compared to the first quarter of 2022.

Enphase has shipped more than 48 million microinverters to date, and over 2.5 million Enphase-based systems have been deployed in more than 140 countries.