Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the first quarter ended March 31, 2024, on April 23, 2024. The company announced a quarterly revenue of $263.3 million and shipped 1,382,195 microinverters, equivalent to approximately 603.6 megawatts DC, and 75.5 megawatt hours of IQ Batteries. The non-GAAP gross margin stood at 46.2%, including the net IRA benefit, and 41.0% when excluding it. The GAAP operating loss was reported at $29.1 million, while non-GAAP operating income was $39.0 million, excluding stock-based compensation and other specified expenses. The GAAP net loss for the quarter was $16.1 million, with a non-GAAP net income of $48.0 million. The company also highlighted a free cash flow of $41.8 million and ended the quarter with $1.63 billion in cash, cash equivalents, and...Show More

Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the first quarter ended March 31, 2024, on April 23, 2024. The company announced a quarterly revenue of $263.3 million and shipped 1,382,195 microinverters, equivalent to approximately 603.6 megawatts DC, and 75.5 megawatt hours of IQ Batteries. The non-GAAP gross margin stood at 46.2%, including the net IRA benefit, and 41.0% when excluding it. The GAAP operating loss was reported at $29.1 million, while non-GAAP operating income was $39.0 million, excluding stock-based compensation and other specified expenses. The GAAP net loss for the quarter was $16.1 million, with a non-GAAP net income of $48.0 million. The company also highlighted a free cash flow of $41.8 million and ended the quarter with $1.63 billion in cash, cash equivalents, and marketable securities. Enphase Energy's financial outlook for the second quarter of 2024 includes revenue projections between $290.0 million to $330.0 million and a GAAP gross margin range of 42.0% to 45.0%. The company also announced strategic relationships and product launches, including a new partnership with Octopus Energy Group in the UK and the introduction of the IQ8P Microinverters and IQ Battery 5P in various global markets.