- Enphase Energy (NASDAQ:ENPH): Q2 Non-GAAP EPS of $0.43 misses by $0.05.
- Revenue of $303.5M (-57.3% Y/Y) misses by $6.17M.
- GAAP gross margin of 45.2%; non-GAAP gross margin of 47.1% with net IRA benefit
- Non-GAAP gross margin of 41.0%, excluding net IRA benefit of 6.1%
- GAAP operating income of $1.8 million; non-GAAP operating income of $61.1 million
- GAAP net income of $10.8 million; non-GAAP net income of $58.8 million
- GAAP diluted earnings per share of $0.08
- For the third quarter of 2024, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:
- Revenue to be within a range of $370.0 million to $410.0 million, vs. $408.41M consensus, which includes shipments of 160 to 180 megawatt hours of IQ Batteries
- GAAP gross margin to be within a range of 45.0% to 48.0% with net IRA benefit
- Non-GAAP gross margin to be within a range of 47.0% to 50.0% with net IRA benefit and 39.0% to 42.0% excluding net IRA benefit. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization
- Net IRA benefit to be within a range of $30.0 million to $33.0 million based on estimated shipments of 1,100,000 units of U.S. manufactured microinverters
- GAAP operating expenses to be within a range of $138.0 million to $142.0 million
- Non-GAAP operating expenses to be within a range of $79.0 million to $83.0 million, excluding $59.0 million estimated for stock-based compensation expense, acquisition related amortization and restructuring
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