Enphase Energy reported Q3 2024 revenue of $380.9 million, up 25% QoQ but down from $551.1 million YoY. The company achieved a non-GAAP gross margin of 48.1% with IRA benefits, while shipping 1.73 million microinverters and 172.9 megawatt hours of IQ Batteries. U.S. revenue increased 43% QoQ as inventory levels normalized, though European revenue declined 15% due to softening demand.The company maintained strong financial position with $1.77 billion in cash and equivalents, generating $161.6 million in free cash flow. Operating expenses remained stable at $81.6 million (non-GAAP). During Q3, Enphase repurchased 434,947 shares for $49.8 million at an average price of $114.48.For Q4 2024, Enphase projects revenue between $360-400 million with IQ Battery shipments of 140-160 MWh. The company expects non-GAAP gross margin of 49-52% with IRA benefits, and 39-42% excluding benefits. New product launches include AI-based energy management software and expanded manufacturing capabilities in the U.S.

Enphase Energy reported Q3 2024 revenue of $380.9 million, up 25% QoQ but down from $551.1 million YoY. The company achieved a non-GAAP gross margin of 48.1% with IRA benefits, while shipping 1.73 million microinverters and 172.9 megawatt hours of IQ Batteries. U.S. revenue increased 43% QoQ as inventory levels normalized, though European revenue declined 15% due to softening demand.The company maintained strong financial position with $1.77 billion in cash and equivalents, generating $161.6 million in free cash flow. Operating expenses remained stable at $81.6 million (non-GAAP). During Q3, Enphase repurchased 434,947 shares for $49.8 million at an average price of $114.48.For Q4 2024, Enphase projects revenue between $360-400 million with IQ Battery shipments of 140-160 MWh. The company expects non-GAAP gross margin of 49-52% with IRA benefits, and 39-42% excluding benefits. New product launches include AI-based energy management software and expanded manufacturing capabilities in the U.S.