ENPH 10-Q report for 2026-03-31

ENPH 10-Q report for 2026-03-31 enph-20260331 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 March 31, 2026 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,” “smaller reporting company,” 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 April 20, 2026, there were 131,798,220 shares of the registrant’s common stock outstanding, $0.00001 par value per share. Enphase Energy, Inc. | 2026 Form 10-Q | 1 ENPHASE ENERGY, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026 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 (Loss) 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 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 38 Item 4. Controls and Procedures 39 PART II. OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 Signature 45 Enphase Energy, Inc. | 2026 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 March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 497,546 $ 474,318 Marketable securities 433,095 1,038,536 Accounts receivable, net of allowances of $ 484 and $ 580 at March 31, 2026 and December 31, 2025, respectively 196,578 229,881 Inventory 290,701 288,047 Prepaid expenses and other current assets 412,351 576,078 Total current assets 1,830,271 2,606,860 Property and equipment, net 138,873 136,804 Intangible assets, net 17,562 22,288 Goodwill 213,744 214,760 Other assets 211,706 222,677 Deferred tax assets, net 311,767 306,403 Total assets $ 2,723,923 $ 3,509,792 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 113,462 $ 203,039 Accrued liabilities 195,584 217,366 Deferred revenues, current 144,325 180,524 Warranty obligations, current 28,412 29,038 Debt, current — 632,183 Total current liabilities 481,783 1,262,150 Long-te Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 38 Item 4. Controls and Procedures 39 PART II. OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 Signature 45 Enphase Energy, Inc. | 2026 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 March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 497,546 $ 474,318 Marketable securities 433,095 1,038,536 Accounts receivable, net of allowances of $ 484 and $ 580 at March 31, 2026 and December 31, 2025, respectively 196,578 229,881 Inventory 290,701 288,047 Prepaid expenses and other current assets 412,351 576,078 Total current assets 1,830,271 2,606,860 Property and equipment, net 138,873 136,804 Intangible assets, net 17,562 22,288 Goodwill 213,744 214,760 Other assets 211,706 222,677 Deferred tax assets, net 311,767 306,403 Total assets $ 2,723,923 $ 3,509,792 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 113,462 $ 203,039 Accrued liabilities 195,584 217,366 Deferred revenues, current 144,325 180,524 Warranty obligations, current 28,412 29,038 Debt, current — 632,183 Total current liabilities 481,783 1,262,150 Long-term liabilities: Deferred revenues, non-current 326,231 337,923 Warranty obligations, non-current 175,795 185,005 Other liabilities 65,252 65,497 Debt, non-current 572,510 572,194 Total liabilities 1,621,571 2,422,769 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock, $ 0.00001 par value, 300,000 shares authorized; and 131,784 shares and 131,080 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1 1 Additional paid-in capital 1,319,469 1,289,164 Accumulated deficit ( 211,302 ) ( 203,896 ) Accumulated other comprehensive income (loss) ( 5,816 ) 1,754 Total stockholders’ equity 1,102,352 1,087,023 Total liabilities and stockholders’ equity $ 2,723,923 $ 3,509,792 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 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 March 31, 2026 2025 Net revenues $ 282,900 $ 356,084 Cost of revenues 182,507 187,843 Gross profit 100,393 168,241 Operating expenses: Research and development 44,867 50,174 Sales and marketing 48,087 48,948 General and administrative 33,255 34,035 Restructuring and asset impairment charges 3,827 3,162 Total operating expenses 130,036 136,319 Income (loss) from operations ( 29,643 ) 31,922 Other income, net Interest income 12,625 17,032 Interest expense ( 633 ) ( 2,047 ) Other income (expense), net 3,791 ( 14 ) Total other income, net 15,783 14,971 Income (loss) before income taxes ( 13,860 ) 46,893 Income tax benefit (provision) 6,454 ( 17,163 ) Net income (loss) $ ( 7,406 ) $ 29,730 Net income (loss) per share: Basic $ ( 0.06 ) $ 0.23 Diluted $ ( 0.06 ) $ 0.22 Shares used in per share calculation: Basic 131,337 131,869 Diluted 131,337 136,208 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 4 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ ( 7,406 ) $ 29,730 Other comprehensive income: Foreign currency translation adjustments ( 5,263 ) 3,019 Marketable securities Change in net unrealized gain (loss), net of income tax benefit (provision) of $ 749 and ($ 339 ) for the three months ended March 31, 2026 and 2025, respectively ( 2,307 ) 1,723 Comprehensive income (loss) $ ( 14,976 ) $ 34,472 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 5 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Common stock and paid-in capital Balance, beginning of period $ 1,289,165 $ 1,084,574 Issuance of common stock from exercise of equity awards — 67 Payment of withholding taxes related to net share settlement of equity awards ( 18,686 ) ( 12,110 ) Stock-based compensation expense 48,991 55,633 Balance, end of period $ 1,319,470 $ 1,128,164 Accumulated deficit Balance, beginning of period $ ( 203,896 ) $ ( 245,206 ) Repurchase of common stock — ( 99,964 ) Net income (loss) ( 7,406 ) 29,730 Excise tax on net stock repurchases — ( 416 ) Balance, end of period $ ( 211,302 ) $ ( 315,856 ) Accumulated other comprehensive income (loss) Balance, beginning of period $ 1,754 $ ( 6,352 ) Foreign currency translation adjustments ( 5,263 ) 3,019 Change in net unrealized gain (loss) on marketable securities, net of tax ( 2,307 ) 1,723 Balance, end of period $ ( 5,816 ) $ ( 1,610 ) Total stockholders' equity, ending balance $ 1,102,352 $ 810,698 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 6 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income (loss) $ ( 7,406 ) $ 29,730 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 20,815 19,915 Discount from sale of AMPTC generated during 2025 16,450 — Amortization (accretion) of investments purchased at a premium (discount) 5,108 3,512 Provision for credit losses 51 62 Asset impairment 79 27 Non-cash interest expense 633 1,679 Change in fair value of debt securities 82 ( 323 ) Stock-based compensation 48,991 55,633 Deferred income taxes ( 3,127 ) 8,560 Changes in operating assets and liabilities: Accounts receivable 41,555 1,760 Inventory ( 2,654 ) 20,979 Prepaid expenses and other assets 155,340 ( 75,553 ) Accounts payable, accrued and other liabilities ( 118,126 ) 54,232 Warranty obligations ( 9,836 ) 10,558 Deferred revenues ( 45,084 ) ( 82,357 ) Net cash provided by operating activities 102,871 48,414 Cash flows from investing activities: Purchases of marketable securities — ( 200,826 ) Maturities and sales of marketable securities 597,281 335,398 Purchases of property and equipment ( 19,898 ) ( 14,608 ) Issuance of loan receivables ( 1,000 ) — Investment in tax equity fund — ( 6,904 ) Net cash provided by investing activities 576,383 113,060 Cash flows from financing activities: Settlement of Notes due 2026 ( 632,500 ) — Settlement of Notes due 2025 — ( 102,168 ) Proceeds from issuances of common stock under employee equity plans — 67 Payments of withholding taxes related to net share settlement of equity awards ( 18,686 ) ( 12,110 ) Repurchases of common stock — ( 99,964 ) Net cash used in financing activities ( 651,186 ) ( 214,175 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 4,840 ) 3,675 Net increase (decrease) in cash, cash equivalents and restricted cash 23,228 ( 49,026 ) Cash, cash equivalents and restricted cash — Beginning of period 474,318 464,116 Cash, cash equivalents and restricted cash — End of period $ 497,546 $ 415,090 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 $ 12,044 $ 4,207 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 7 Table of Contents ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 (loss), stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three months ended March 31, 2026 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 benefit (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 year ended December 31, 2025 filed with the SEC on February 17, 2026 (the “Form 10‑K”). Summary of Significant Accounting Policies 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. Recently Issued Accounting Pronouncements Not Yet Effective In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures” (“ASU 2024-03”), which requires additional disclosure of certain costs and expenses within the notes to the financial statements. ASU 2024-03 will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact from ASU 2024-03 on its condensed consolidated financial statements disclosures. Enphase Energy, Inc. | 2026 Form 10-Q | 8 Table of Contents ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 permits an entity to apply the new guidance using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact from ASU 2025-06 on its condensed consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, “Accounting for Government Grants Received by Business Entities” (“ASU 2025-10”), which establishes the accounting and presentation for government grants received by a business entity. ASU 2025-10 is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted. ASU 2025-10 permits an entity to apply the new guidance using a modified prospective basis, a modified retrospective basis or a full retrospective basis. The Company is currently evaluating the impact from ASU 2025-10 on its condensed consolidated financial statements. 2.     REVENUE RECOGNITION Disaggregated Revenue The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 Signature 45 Enphase Energy, Inc. | 2026 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 March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 497,546 $ 474,318 Marketable securities 433,095 1,038,536 Accounts receivable, net of allowances of $ 484 and $ 580 at March 31, 2026 and December 31, 2025, respectively 196,578 229,881 Inventory 290,701 288,047 Prepaid expenses and other current assets 412,351 576,078 Total current assets 1,830,271 2,606,860 Property and equipment, net 138,873 136,804 Intangible assets, net 17,562 22,288 Goodwill 213,744 214,760 Other assets 211,706 222,677 Deferred tax assets, net 311,767 306,403 Total assets $ 2,723,923 $ 3,509,792 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 113,462 $ 203,039 Accrued liabilities 195,584 217,366 Deferred revenues, current 144,325 180,524 Warranty obligations, current 28,412 29,038 Debt, current — 632,183 Total current liabilities 481,783 1,262,150 Long-term liabilities: Deferred revenues, non-current 326,231 337,923 Warranty obligations, non-current 175,795 185,005 Other liabilities 65,252 65,497 Debt, non-current 572,510 572,194 Total liabilities 1,621,571 2,422,769 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock, $ 0.00001 par value, 300,000 shares authorized; and 131,784 shares and 131,080 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1 1 Additional paid-in capital 1,319,469 1,289,164 Accumulated deficit ( 211,302 ) ( 203,896 ) Accumulated other comprehensive income (loss) ( 5,816 ) 1,754 Total stockholders’ equity 1,102,352 1,087,023 Total liabilities and stockholders’ equity $ 2,723,923 $ 3,509,792 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 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 March 31, 2026 2025 Net revenues $ 282,900 $ 356,084 Cost of revenues 182,507 187,843 Gross profit 100,393 168,241 Operating expenses: Research and development 44,867 50,174 Sales and marketing 48,087 48,948 General and administrative 33,255 34,035 Restructuring and asset impairment charges 3,827 3,162 Total operating expenses 130,036 136,319 Income (loss) from operations ( 29,643 ) 31,922 Other income, net Interest income 12,625 17,032 Interest expense ( 633 ) ( 2,047 ) Other income (expense), net 3,791 ( 14 ) Total other income, net 15,783 14,971 Income (loss) before income taxes ( 13,860 ) 46,893 Income tax benefit (provision) 6,454 ( 17,163 ) Net income (loss) $ ( 7,406 ) $ 29,730 Net income (loss) per share: Basic $ ( 0.06 ) $ 0.23 Diluted $ ( 0.06 ) $ 0.22 Shares used in per share calculation: Basic 131,337 131,869 Diluted 131,337 136,208 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 4 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ ( 7,406 ) $ 29,730 Other comprehensive income: Foreign currency translation adjustments ( 5,263 ) 3,019 Marketable securities Change in net unrealized gain (loss), net of income tax benefit (provision) of $ 749 and ($ 339 ) for the three months ended March 31, 2026 and 2025, respectively ( 2,307 ) 1,723 Comprehensive income (loss) $ ( 14,976 ) $ 34,472 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 5 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Common stock and paid-in capital Balance, beginning of period $ 1,289,165 $ 1,084,574 Issuance of common stock from exercise of equity awards — 67 Payment of withholding taxes related to net share settlement of equity awards ( 18,686 ) ( 12,110 ) Stock-based compensation expense 48,991 55,633 Balance, end of period $ 1,319,470 $ 1,128,164 Accumulated deficit Balance, beginning of period $ ( 203,896 ) $ ( 245,206 ) Repurchase of common stock — ( 99,964 ) Net income (loss) ( 7,406 ) 29,730 Excise tax on net stock repurchases — ( 416 ) Balance, end of period $ ( 211,302 ) $ ( 315,856 ) Accumulated other comprehensive income (loss) Balance, beginning of period $ 1,754 $ ( 6,352 ) Foreign currency translation adjustments ( 5,263 ) 3,019 Change in net unrealized gain (loss) on marketable securities, net of tax ( 2,307 ) 1,723 Balance, end of period $ ( 5,816 ) $ ( 1,610 ) Total stockholders' equity, ending balance $ 1,102,352 $ 810,698 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 6 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Cash flows from operating activities: Net income (loss) $ ( 7,406 ) $ 29,730 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 20,815 19,915 Discount from sale of AMPTC generated during 2025 16,450 — Amortization (accretion) of investments purchased at a premium (discount) 5,108 3,512 Provision for credit losses 51 62 Asset impairment 79 27 Non-cash interest expense 633 1,679 Change in fair value of debt securities 82 ( 323 ) Stock-based compensation 48,991 55,633 Deferred income taxes ( 3,127 ) 8,560 Changes in operating assets and liabilities: Accounts receivable 41,555 1,760 Inventory ( 2,654 ) 20,979 Prepaid expenses and other assets 155,340 ( 75,553 ) Accounts payable, accrued and other liabilities ( 118,126 ) 54,232 Warranty obligations ( 9,836 ) 10,558 Deferred revenues ( 45,084 ) ( 82,357 ) Net cash provided by operating activities 102,871 48,414 Cash flows from investing activities: Purchases of marketable securities — ( 200,826 ) Maturities and sales of marketable securities 597,281 335,398 Purchases of property and equipment ( 19,898 ) ( 14,608 ) Issuance of loan receivables ( 1,000 ) — Investment in tax equity fund — ( 6,904 ) Net cash provided by investing activities 576,383 113,060 Cash flows from financing activities: Settlement of Notes due 2026 ( 632,500 ) — Settlement of Notes due 2025 — ( 102,168 ) Proceeds from issuances of common stock under employee equity plans — 67 Payments of withholding taxes related to net share settlement of equity awards ( 18,686 ) ( 12,110 ) Repurchases of common stock — ( 99,964 ) Net cash used in financing activities ( 651,186 ) ( 214,175 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 4,840 ) 3,675 Net increase (decrease) in cash, cash equivalents and restricted cash 23,228 ( 49,026 ) Cash, cash equivalents and restricted cash — Beginning of period 474,318 464,116 Cash, cash equivalents and restricted cash — End of period $ 497,546 $ 415,090 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 $ 12,044 $ 4,207 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 7 Table of Contents ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.     DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures About Market Risk 38 Item 4. Controls and Procedures 39 PART II. OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A. Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 3. Defaults Upon Senior Securities 43 Item 4. Mine Safety Disclosures 43 Item 5. Other Information 43 Item 6. Exhibits 43 Signature 45 Enphase Energy, Inc. | 2026 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 March 31, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 497,546 $ 474,318 Marketable securities 433,095 1,038,536 Accounts receivable, net of allowances of $ 484 and $ 580 at March 31, 2026 and December 31, 2025, respectively 196,578 229,881 Inventory 290,701 288,047 Prepaid expenses and other current assets 412,351 576,078 Total current assets 1,830,271 2,606,860 Property and equipment, net 138,873 136,804 Intangible assets, net 17,562 22,288 Goodwill 213,744 214,760 Other assets 211,706 222,677 Deferred tax assets, net 311,767 306,403 Total assets $ 2,723,923 $ 3,509,792 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 113,462 $ 203,039 Accrued liabilities 195,584 217,366 Deferred revenues, current 144,325 180,524 Warranty obligations, current 28,412 29,038 Debt, current — 632,183 Total current liabilities 481,783 1,262,150 Long-term liabilities: Deferred revenues, non-current 326,231 337,923 Warranty obligations, non-current 175,795 185,005 Other liabilities 65,252 65,497 Debt, non-current 572,510 572,194 Total liabilities 1,621,571 2,422,769 Commitments and contingencies (Note 12) Stockholders’ equity: Common stock, $ 0.00001 par value, 300,000 shares authorized; and 131,784 shares and 131,080 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1 1 Additional paid-in capital 1,319,469 1,289,164 Accumulated deficit ( 211,302 ) ( 203,896 ) Accumulated other comprehensive income (loss) ( 5,816 ) 1,754 Total stockholders’ equity 1,102,352 1,087,023 Total liabilities and stockholders’ equity $ 2,723,923 $ 3,509,792 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 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 March 31, 2026 2025 Net revenues $ 282,900 $ 356,084 Cost of revenues 182,507 187,843 Gross profit 100,393 168,241 Operating expenses: Research and development 44,867 50,174 Sales and marketing 48,087 48,948 General and administrative 33,255 34,035 Restructuring and asset impairment charges 3,827 3,162 Total operating expenses 130,036 136,319 Income (loss) from operations ( 29,643 ) 31,922 Other income, net Interest income 12,625 17,032 Interest expense ( 633 ) ( 2,047 ) Other income (expense), net 3,791 ( 14 ) Total other income, net 15,783 14,971 Income (loss) before income taxes ( 13,860 ) 46,893 Income tax benefit (provision) 6,454 ( 17,163 ) Net income (loss) $ ( 7,406 ) $ 29,730 Net income (loss) per share: Basic $ ( 0.06 ) $ 0.23 Diluted $ ( 0.06 ) $ 0.22 Shares used in per share calculation: Basic 131,337 131,869 Diluted 131,337 136,208 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 4 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Net income (loss) $ ( 7,406 ) $ 29,730 Other comprehensive income: Foreign currency translation adjustments ( 5,263 ) 3,019 Marketable securities Change in net unrealized gain (loss), net of income tax benefit (provision) of $ 749 and ($ 339 ) for the three months ended March 31, 2026 and 2025, respectively ( 2,307 ) 1,723 Comprehensive income (loss) $ ( 14,976 ) $ 34,472 See Notes to Condensed Consolidated Financial Statements. Enphase Energy, Inc. | 2026 Form 10-Q | 5 Table of Contents ENPHASE ENERGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands) (Unaudited) Three Months Ended March 31, 2026 2025 Common stock and paid-in capital Balance, beginning of period $ 1,289,165 $ 1,084,574 Issuance of common stock from exercise of equity awards — 67 Payment of withholding taxes related to net share settlement of equity awards ( 18,686 ) ( 12,110 ) Stock-based compensation expense 48,991 55,633 Balance, end of period $ 1,319,470 $ 1,128,164 Accumulated deficit Balance, beginning of period $ ( 203,896 ) $ ( 245,206 ) Repurchase of common stock — ( 99,964 ) Net income (loss) ( 7,406 ) 29,730 Excise tax on net stock repurchases — ( 416 ) Balance, end of period $ ( 211,30

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.