ENPH 10-Q report for 2025-09-30

Enphase Energy, Inc. Form 10‑Q for quarter ended September 30, 2025. Filing includes condensed consolidated balance sheets, statements of operations, comprehensive income, stockholders’ equity and cash flows, and notes. Key reported figures: cash and cash equivalents $401,880; marketable securities $1,076,044; total assets $3,320,488; total liabilities $2,325,466; total stockholders’ equity $995,022. Three months ended Sept 30, 2025 net revenues $410,427; net income $66,638; basic EPS $0.51. Nine months ended Sept 30, 2025 net revenues $1,129,664; net income $133,420; basic EPS $1.02.

ENPH 10-Q report for 2025-09-30 enph-20250930 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from              to              Commission File Number: 001-35480 Enphase Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 20-4645388 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 47281 Bayside Parkway Fremont , CA 94538 (Address of principal executive offices, including zip code) ( 707 ) 774-7000 (Registrant’s telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.00001 par value per share ENPH Nasdaq Global Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☒  No   ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☒  No   ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an “emerging growth company.” See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   ☐  No   ☒ As of October 24, 2025, there were 130,859,709 shares of the registrant’s common stock outstanding, $0.00001 par value per share. Enphase Energy, Inc. | 2025 Form 10-Q | 1 ENPHASE ENERGY, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 PART II. OTHER INFORMATION Item 1. Legal Proceedings 44 Item 1A. Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 48 Item 3. Defaults Upon Senior Securities 48 Item 4. Mine Safety Disclosures 48 Item 5. Other Information 48 Item 6. Exhibits 48 Signature 50 Enphase Energy, Inc. | 2025 Form 10-Q | 2 Table of Contents PART I. FINANCIAL INFORMATION Item 1.    Financial Statements (unaudited) ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) As of September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 401,880 $ 369,110 Restricted cash — 95,006 Marketable securities 1,076,044 1,253,480 Accounts receivable, net of allowances of $ 654 and $ 7,788 at September 30, 2025 and December 31, 2024, respectively 265,513 223,749 Inventory 188,652 165,004 Prepaid expenses and other current assets 459,698 220,735 Total current assets 2,391,787 2,327,084 Property and equipment, net 131,317 147,514 Intangible assets, net 27,332 42,398 Goodwill 214,406 211,571 Other assets 234,748 205,542 Deferred tax assets, net 320,898 315,567 Total assets $ 3,320,488 $ 3,249,676 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 188,571 $ 90,032 Accrued liabilities 207,926 196,887 Deferred revenues, current 111,493 237,225 Warranty obligations, current 31,473 34,656 Debt, current 631,681 101,291 Total current liabilities 1,171,144 660,091 Long-term liabilities: Deferred revenues, non-current 345,710 341,982 Warranty obligations, non-current 178,668 158,233 Other liabilities 58,077 55,265 Debt, non-current 571,867 1,201,089 Total liabilities 2,325,466 2,416,660 Commitments and contingencies (Note 10) Stockholders’ equity: Common stock, $ 0.00001 par value, 300,000 shares authorized; and 130,849 shares and 132,448 shares issued and outstanding at September 30, 2025 and December 31, 2024 , respectively 1 1 Additional paid-in capital 1,234,287 1,084,573 Accumulated deficit ( 242,583 ) ( 245,206 ) Accumulated other comprehensive income (loss) 3,317 ( 6,352 ) Total stockholders’ equity 995,022 833,016 Total liabilities and stockholders’ equity $ 3,320,488 $ 3,249,676 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2025 Form 10-Q | 3 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net revenues $ 410,427 $ 380,873 $ 1,129,664 $ 947,670 Cost of revenues 214,188 202,702 594,691 516,825 Gross profit 196,239 178,171 534,973 430,845 Operating expenses: Research and development 47,266 47,843 142,861 150,925 Sales and marketing 48,429 49,671 148,085 154,753 General and administrative 33,098 30,192 101,168 98,924 Restructuring and asset impairment charges 1,287 677 7,771 3,755 Total operating expenses 130,080 128,383 399,885 408,357 Income from operations 66,159 49,788 135,088 22,488 Other income, net Interest income 15,429 19,977 47,372 58,889 Interest expense ( 830 ) ( 2,237 ) ( 3,692 ) ( 6,653 ) Other expense, net ( 3,739 ) ( 16,785 ) ( 12,651 ) ( 24,264 ) Total other income, net 10,860 955 31,029 27,972 Income before income taxes 77,019 50,743 166,117 50,460 Income tax provision ( 10,381 ) ( 4,981 ) ( 32,697 ) ( 9,962 ) Net income $ 66,638 $ 45,762 $ 133,420 $ 40,498 Net income per share: Basic $ 0.51 $ 0.34 $ 1.02 $ 0.30 Diluted $ 0.50 $ 0.33 $ 1.01 $ 0.30 Shares used in per share calculation: Basic 130,797 135,329 131,228 135,621 Diluted 132,995 139,914 133,439 136,236 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2025 Form 10-Q | 4 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income $ 66,638 $ 45,762 $ 133,420 $ 40,498 Other comprehensive income: Foreign currency translation adjustments ( 3,636 ) 4,356 6,168 698 Marketable securities Change in net unrealized gain, net of income tax provision $ 314 and $ 689 for the three and nine months ended September 30, 2025, respectively, and $ 2,286 and $ 1,517 for the three and nine months ended September 30, 2024, respectively. 1,593 6,858 3,501 4,553 Comprehensive income $ 64,595 $ 56,976 $ 143,089 $ 45,749 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2025 Form 10-Q | 5 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Common stock and paid-in capital Balance, beginning of period $ 1,184,498 $ 993,369 $ 1,084,574 $ 939,339 Issuance of common stock from exercise of equity awards — 14 5,369 7,969 Payment of withholding taxes related to net share settlement of equity awards ( 1,679 ) ( 6,286 ) ( 16,653 ) ( 73,801 ) Stock-based compensation expense 51,469 45,940 160,998 159,530 Balance, end of period $ 1,234,288 $ 1,033,037 $ 1,234,288 $ 1,033,037 Accumulated earnings deficit Balance, beginning of period $ ( 309,221 ) $ ( 100,895 ) $ ( 245,206 ) $ 46,273 Repurchase of common stock — ( 49,794 ) ( 129,957 ) ( 191,698 ) Net income 66,638 45,762 133,420 40,498 Excise tax on net stock repurchases — — ( 840 ) — Balance, end of period $ ( 242,583 ) $ ( 104,927 ) $ ( 242,583 ) $ ( 104,927 ) Accumulated other comprehensive income Balance, beginning of period $ 5,360 $ ( 7,951 ) $ ( 6,352 ) $ ( 1,988 ) Foreign currency translation adjustments ( 3,636 ) 4,356 6,168 698 Change in net unrealized gain on marketable securities, net of tax 1,593 6,858 3,501 4,553 Balance, end of period $ 3,317 $ 3,263 $ 3,317 $ 3,263 Total stockholders' equity, ending balance $ 995,022 $ 931,373 $ 995,022 $ 931,373 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2025 Form 10-Q | 6 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities: Net income $ 133,420 $ 40,498 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 60,218 60,724 Amortization (accretion) of investments purchased at a premium (discount) 1,513 ( 1,109 ) Provision for credit losses 162 4,471 Asset impairment 1,565 24,141 Non-cash interest expense 3,336 6,462 Net loss from change in fair value of debt securities 12,315 1,730 Stock-based compensation 160,998 159,530 Deferred income taxes 7,137 ( 27,644 ) Changes in operating assets and liabilities: Accounts receivable ( 47,539 ) 208,956 Inventory ( 23,648 ) 54,758 Prepaid expenses and other assets ( 218,144 ) ( 117,856 ) Accounts payable, accrued and other liabilities 116,938 ( 58,140 ) Warranty obligations 17,252 ( 4,855 ) Deferred revenues ( 136,562 ) ( 5,265 ) Net cash provided by operating activities 88,961 346,401 Cash flows from investing activities: Purchases of property and equipment ( 30,899 ) ( 25,540 ) Investment in debt securities ( 6,300 ) — Investment in tax equity fund ( 9,752 ) — Issuance of loan receivables ( 48,500 ) — Purchases of marketable securities ( 601,368 ) ( 1,091,511 ) Maturities and sale of marketable securities 780,099 994,677 Net cash provided by (used in) investing activities 83,280 ( 122,374 ) Cash flows from financing activities: Settlement of Notes due 2025 ( 102,168 ) ( 7 ) Proceeds from issuance of common stock under employee equity plans 5,369 7,969 Payment of withholding taxes related to net share settlement of equity awards ( 16,653 ) ( 73,801 ) Repurchase of common stock ( 129,957 ) ( 191,698 ) Net cash used in financing activities ( 243,409 ) ( 257,537 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,932 1,087 Net decrease in cash, cash equivalents and restricted cash ( 62,236 ) ( 32,423 ) Cash, cash equivalents and restricted cash — Beginning of period 464,116 288,748 Cash, cash equivalents and restricted cash — End of period $ 401,880 $ 256,325 Supplemental cash flow disclosure: Supplemental disclosures of non-cash investing activities: Purchases of property and equipment through tenant improvement allowance $ 855 $ — Purchases of property and equipment included in accounts payable $ 4,952 $ 5,722 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2025 Form 10-Q | 7 Table of Contents ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1.     DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-use solutions that manage solar generation, storage and communication on one platform. The Company’s intelligent microinverters work with virtually every solar panel made, and when paired with the Company’s smart technology, results in one of the industry’s best-performing clean energy systems. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive income, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the operating results for the full year. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based compensation, income tax provision, inventory valuation, government grants, accrued warranty obligations, fair value of debt securities, convertible notes, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, incremental borrowing rate for right-of-use assets and lease liability. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from those estimates due to risks and uncertainties. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The Company filed audited consolidated financial statements, which included all information and notes necessary for such a complete presentation in conjunction with its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 10, 2025 (the “Form 10‑K”). Summary of Significant Accounting Policies Except for the updated accounting policies related to the fair value of financial instruments specifically for loan receivables issued, there have been no changes to the Company’s significant accounting policies as described in Note 2, “Summary of Significant Accounting Policies” of the notes to consolidated financial statements included in Part II, Item 8 of the Form 10-K. Fair Value of Financial Instruments The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The financial instruments include the Company’s cash and cash equivalents, restricted cash, accounts receivable, loan receivables, accounts payable and accrued liabilities. The Company considers the carrying amount of short-term financial instruments to approximate the fair value because of the short maturity of those instruments. The Company’s long-term financial Enphase Energy, Inc. | 2025 Form 10-Q | 8 Table of Contents ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) instruments are measured at amortized cost, no fair value option is elected. The Company evaluates the allowance for credit losses by assessing the risks and losses inherent to the financial instruments. Recently Adopted Accounting Pronouncements Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that an entity disclose sp

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