Enphase Energy reported Q3 2024 revenue of $380.9 million, down 31% year-over-year, as microinverter shipments declined 56% to 1.7 million units amid a broad-based solar market slowdown. Net income fell to $45.8 million from $114 million last year. The results reflected reduced demand in both U.S. and European markets, though IQ Battery shipments grew 101% to 172.9 MWh.Gross margin slightly decreased to 46.8% from 47.5% due to product mix and higher fixed costs, partially offset by increased microinverter ASPs and manufacturing tax credits. The company maintained strong liquidity with $1.8 billion in cash and investments while continuing share repurchases of $49.8 million during the quarter.Management cited several headwinds including higher interest rates, the transition to NEM 3.0 in California, and inventory corrections in Europe. The company expanded its IQ8 microinverter availability to new markets and launched enhanced battery storage solutions, while implementing cost reduction initiatives through its restructuring plan to align with current market conditions.

Enphase Energy reported Q3 2024 revenue of $380.9 million, down 31% year-over-year, as microinverter shipments declined 56% to 1.7 million units amid a broad-based solar market slowdown. Net income fell to $45.8 million from $114 million last year. The results reflected reduced demand in both U.S. and European markets, though IQ Battery shipments grew 101% to 172.9 MWh.Gross margin slightly decreased to 46.8% from 47.5% due to product mix and higher fixed costs, partially offset by increased microinverter ASPs and manufacturing tax credits. The company maintained strong liquidity with $1.8 billion in cash and investments while continuing share repurchases of $49.8 million during the quarter.Management cited several headwinds including higher interest rates, the transition to NEM 3.0 in California, and inventory corrections in Europe. The company expanded its IQ8 microinverter availability to new markets and launched enhanced battery storage solutions, while implementing cost reduction initiatives through its restructuring plan to align with current market conditions.