| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 410.43 | 13.0% | 7.8% |
| Total Income | 410.43 | 13.0% | 7.8% |
| Expenditure | 344.27 | 5.6% | 4.0% |
| PBT | 77.02 | 82.5% | 51.8% |
| Net Profit | 66.64 | 79.9% | 45.6% |
| OPM | 16.12% | 5.93pp | 3.05pp |
| NPM | 16.24% | 6.03pp | 4.22pp |
| EPS | 0.51 | 82.1% | 50.0% |
Enphase Energy Reports Q3 2025 Revenue of $410.4 Million
04 May 2026 · 4 May, 8:42 am
Summary
Enphase Energy announced its financial results for the third quarter of 2025, reporting revenue of $410.4 million, the highest in two years. The company's GAAP gross margin was 47.8%, and non-GAAP gross margin was 49.2%. Enphase shipped approximately 1.77 million microinverters and a record 195.0 MWh of IQ Batteries. For the fourth quarter of 2025, Enphase estimates revenue to be within a range of $310.0 million to $350.0 million.
Key Highlights
- 1
Enphase Energy reported revenue of $410.4 million for the third quarter of 2025, marking the highest revenue level in two years.
- 2
The company achieved a GAAP gross margin of 47.8% and a non-GAAP gross margin of 49.2% in Q3 2025.
- 3
GAAP operating income was $66.2 million, while non-GAAP operating income reached $123.4 million in the third quarter.
- 4
Enphase Energy shipped approximately 1.77 million microinverters, totaling 784.6 megawatts DC, during the third quarter of 2025.
- 5
A record 195.0 megawatt hours (MWh) of IQ® Batteries were shipped in the third quarter of 2025.
- 6
The company's U.S. manufacturing facilities shipped approximately 1.53 million microinverters and a record 67.5 MWh of IQ Batteries in Q3 2025.
- 7
Enphase Energy exited the third quarter of 2025 with $1.48 billion in cash, cash equivalents, and marketable securities.
Management Comments
Badri Kothandaraman
We reported quarterly revenue of $410.4 million in the third quarter of 2025, along with 49.2% for non-GAAP gross margin. We shipped approximately 1.77 million microinverters, or 784.6 megawatts DC, and a record 195.0 megawatt hours (MWh) of IQ® Batteries.
Informational and educational content only. Not investment advice.