Highlights

  • Enphase reported third quarter 2026 net revenues of $293,329 thousand and net income of $23,387 thousand, or $0.17 per share.
  • Cash, cash equivalents and marketable securities were $931,846 thousand at September 30, 2026, and total debt was $573,163 thousand.
  • Management said it expects fourth quarter revenue of $225 million to $255 million, including approximately $51.2 million safe harbor revenue.
  • The company shipped 129.9 MWh of IQ Batteries and sold approximately 1.4 million microinverter units in the third quarter.

Enphase Energy, Inc. (NASDAQ:ENPH) shares were trading at USD 24.51 on October 28, 2026, down 17.64%, with a relative volume at time of 7.01. The energy technology company agreed to tax credit sales in March and June 2026 and filed its Form 10-Q for the quarter ended September 30, 2026 on October 27, 2026.

Enphase Energy is incorporated in Delaware and lists its principal executive offices in Fremont, California. The company describes itself as a global energy technology company with solutions that manage solar generation, storage and communication on one platform. Its Enphase Energy System includes IQ Microinverters, IQ Batteries, IQ Load Controllers and an IQ EV Charger. It sells primarily to solar distributors and also to select large installers, original equipment manufacturers and strategic partners. As of September 30, 2026, it had shipped approximately 90.8 million microinverters.

Third Quarter Results

For the three months ended September 30, 2026, net revenues were $293,329 thousand, compared with $410,427 thousand in the same period of 2025. The company reported that net revenues decreased by approximately $117.1 million, or 29%, driven primarily by a 33% decrease in IQ Batteries MWh shipped, a 22% decrease in microinverter units sold and product price decreases.

Gross profit was $127,118 thousand and gross margin was 43.3%, compared with $196,239 thousand and 47.8% a year earlier. The company reported a loss before income taxes of $3,571 thousand and an income tax benefit of $26,958 thousand, resulting in net income of $23,387 thousand, compared with $66,638 thousand a year earlier.

United States net revenues were approximately $233.5 million, compared with approximately $350.0 million. International net revenues were approximately $59.8 million, compared with approximately $60.4 million.

For the nine months ended September 30, 2026, net revenues were $868,083 thousand and net income was $52,060 thousand, or $0.39 per diluted share, compared with $1,129,664 thousand and $133,420 thousand, or $1.01 per diluted share, in the same period of 2025.

Balance Sheet, Cash Flow and Capital

As of September 30, 2026, Enphase Energy had approximately $1.4 billion in net working capital. Cash, cash equivalents and marketable securities were $931,846 thousand, compared with $1,477,924 thousand at September 30, 2025. Total debt was $573,163 thousand, compared with $1,203,548 thousand. Convertible notes obligations were the Notes due 2028 of $575.0 million.

Net cash provided by operating activities for the nine months was $143,284 thousand, compared with $88,961 thousand.

Approximately $268.7 million remained available for share repurchases under the 2023 Repurchase Program as of September 30, 2026. No shares were purchased in July, August or September 2026.

Tax Credits, Safe Harbor and Trade

In March 2026, Enphase Energy entered into an agreement to sell $235.0 million of AMPTC generated during 2025 at 93% of face value. In June 2026, it agreed to sell up to $150.0 million of AMPTC generated during 2026 at 93% of face value, and it sold $75.0 million for approximately $69.8 million.

Safe harbor agreements executed year to date with third-party owner customers cover products totaling approximately $1,081.1 million. The company also received approximately $52.0 million of IEEPA tariff refunds and associated interest during the nine months.

Fourth Quarter Outlook

On the call, management said it expects fourth quarter revenue between $225 million and $255 million, including approximately $51.2 million of safe harbor revenue, and IQ Battery shipments of 100 to 120 megawatt hours. It expects GAAP gross margin of 38% to 41% and non-GAAP gross margin of 40% to 43%, both including approximately 2 percentage points of reciprocal tariff impact.

Management also said it expects global sell-through to decline approximately 10% sequentially in the fourth quarter and plans to ship approximately $20 million below sell-through. It expects IQ Battery G5 pilots in the fourth quarter.