Enphase Energy Inc (ENPH, Financial), a global energy technology company, released its financial results for the third quarter of 2023 on October 26, 2023. The company reported a quarterly revenue of $551.1 million, a decrease from $711.1 million in the second quarter of 2023. This decrease was attributed to macroeconomic conditions that led to a 16% decrease in revenue in the United States and a 34% decrease in Europe.
Financial Performance
Enphase Energy's non-GAAP gross margin for Q3 2023 was 48.4%, an increase from 46.2% in Q2 2023. This increase was driven by an increased net IRA benefit. The company's non-GAAP operating expenses were $99.0 million in Q3 2023, compared to $98.2 million in Q2 2023. The non-GAAP operating income was $167.6 million in Q3 2023, compared to $230.5 million in Q2 2023.
Capital Expenditure and Share Repurchase
The company's capital expenditures were $23.8 million in Q3 2023, a decrease from $44.0 million in Q2 2023. In Q3 2023, Enphase Energy repurchased 846,648 shares of its common stock at an average price of $129.92 per share for a total of approximately $110.0 million.
Product Shipments and Expansion
Enphase Energy shipped approximately 1,585.6 megawatts DC of microinverters and 86.2 megawatt hours of IQâ„¢ Batteries in Q3 2023. The company also expanded its shipping of IQ8 Microinverters into the United Kingdom, Brazil, Sweden, Denmark, South Africa, India, and Greece. IQ Battery shipments increased to 86.2 megawatt hours in Q3 2023, from 82.3 megawatt hours in Q2 2023.
Financial Outlook
For the fourth quarter of 2023, Enphase Energy estimates a revenue within a range of $300.0 million to $350.0 million. The GAAP gross margin is expected to be within a range of 46.0% to 49.0% with net IRA benefit and 38.0% to 41.0% before net IRA benefit. The non-GAAP gross margin is expected to be within a range of 48.0% to 51.0% with net IRA benefit and 40.0% to 43.0% before net IRA benefit.
Explore the complete 8-K earnings release (here) from Enphase Energy Inc for further details.
