Enphase Energy slightly beats Q4 revenue expectations

Overview

• Energy technology firm's Q4 revenue slightly beat analyst expectations

• Adjusted EPS for Q4 beat analyst expectations

• Company's adjusted net income for Q4 beat analyst expectations

Outlook

• Enphase Energy expects Q1 2026 revenue between $270 mln and $300 mln

• Company anticipates Q1 2026 GAAP gross margin between 40% and 43%

• Enphase Energy projects Q1 2026 non-GAAP gross margin between 42% and 45%

Result Drivers

• U.S. DEMAND - Increased sell-through demand in the U.S. driven by solar and battery installations ahead of tax credit expiration

• TARIFF IMPACT - Reciprocal tariffs negatively impacted non-GAAP gross margin by 5.1 percentage points

• PRODUCT LAUNCHES - Launched IQ9N-3P microinverter and PowerMatch technology, enhancing product offerings

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 20 "hold" and 6 "sell" or "strong sell"

• The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

• Wall Street's median 12-month price target for Enphase Energy Inc is $37.00, about 1.5% above its February 2 closing price of $36.47

• The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release: ID:nGNXv7Dbg

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