Enphase Energy, Inc.
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ENPH Q1 2026 request
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 282,900 | 356,084 | -20.6% |
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| Reportable Segment | 282,900 | 356,084 | -20.6% |
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| Non Us | 48,995 | 92,846 | -47.2% |
| US | 233,905 | 263,238 | -11.1% |
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| Transferred At Point In Time | 253,982 | 322,886 | -21.3% |
| Transferred Over Time | 28,918 | 33,198 | -12.9% |
| Cost of Revenue | 182,507 | 187,843 | -2.8% |
| Gross Profit | 100,393 | 168,241 | -40.3% |
| Research & Development | 44,867 | 50,174 | -10.6% |
| Sales & Marketing | 48,087 | 48,948 | -1.8% |
| General & Administrative | 33,255 | 34,035 | -2.3% |
| Restructuring Costs And Asset Impairment Charges | 3,827 | 3,162 | +21.0% |
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| Asset Impairment · 2026 Restructuring Plan | 59 | — | — |
| Contract Termination · 2026 Restructuring Plan | 312 | — | — |
| Employee Severance · 2026 Restructuring Plan | 3,456 | — | — |
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| 2026 Restructuring Plan | 3,827 | — | — |
| Operating Expenses | 130,036 | 136,319 | -4.6% |
| Operating Income | -29,643 | 31,922 | -192.9% |
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| Reportable Segment | -29,643 | 31,922 | -192.9% |
| Interest Income Deposits With Financial Institutions | 12,625 | 17,032 | -25.9% |
| Interest Expense | -633 | -2,047 | +69.1% |
| Other Non-Operating Income (Expense) | 3,791 | -14 | +27178.6% |
| Non-Operating Income (Expense) | 15,783 | 14,971 | +5.4% |
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| Reportable Segment | 15,783 | 14,971 | +5.4% |
| Income Before Taxes | -13,860 | 46,893 | -129.6% |
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| Reportable Segment | -13,860 | 46,893 | -129.6% |
| Income Tax Expense (Benefit) | 6,454 | -17,163 | +137.6% |
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| Reportable Segment | 6,454 | -17,163 | +137.6% |
| Net Income | -7,406 | 29,730 | -124.9% |
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| Reportable Segment | -7,406 | 29,730 | -124.9% |
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| Retained Earnings | -7,406 | 29,730 | -124.9% |
| EPS (Basic) | -0.06 | 0.23 | -126.1% |
| EPS (Diluted) | -0.06 | 0.22 | -127.3% |
| Wtd Avg Shares (Basic) | 131,337 | 131,869 | -0.4% |
| Wtd Avg Shares (Diluted) | 131,337 | 136,208 | -3.6% |
| Comprehensive Income | -14,976 | 34,472 | -143.4% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 497,546 | — | — |
| Marketable Securities (Current) | 433,095 | — | — |
| Accounts Receivable | 196,578 | — | — |
| Inventory | 290,701 | — | — |
| Prepaid Expenses & Other Current Assets | 412,351 | — | — |
| Total Current Assets | 1,830,271 | — | — |
| Non-Current Assets | |||
| Property, Plant & Equipment | 138,873 | — | — |
| Goodwill | 213,744 | — | — |
| Other Non-Current Assets | 211,706 | — | — |
| Deferred Tax Assets | 311,767 | — | — |
| Total Assets | 2,723,923 | — | — |
| Operating Lease Right-of-Use Assets | 34,800 | 27,949 | +24.5% |
| Intangible Assets | 17,276 | 37,122 | -53.5% |
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| Customer Relationships | 7,596 | 13,799 | -45.0% |
| Developed Technology Rights | 4,100 | 10,221 | -59.9% |
| Trade Names | 5,580 | 13,102 | -57.4% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 17,562 | — | — |
| Current Liabilities | |||
| Accounts Payable | 113,462 | — | — |
| Accrued Liabilities | 195,584 | — | — |
| Deferred Revenue (Current) | 144,325 | — | — |
| Product Warranty Accrual Classified Current | 28,412 | 33,298 | -14.7% |
| Total Current Liabilities | 481,783 | — | — |
| Non-Current Liabilities | |||
| Contract With Customer Liability Noncurrent | 326,231 | — | — |
| Product Warranty Accrual Noncurrent | 175,795 | 170,149 | +3.3% |
| Other Non-Current Liabilities | 65,252 | — | — |
| Long-Term Debt | 572,510 | — | — |
| Total Liabilities | 1,621,571 | — | — |
| Long-Term Debt | 572,510 | 1,201,891 | -52.4% |
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| Notes due 2028 · Convertible Notes Payable | 572,510 | 571,214 | +0.2% |
| Operating Lease Liabilities | 31,014 | 26,560 | +16.8% |
| Stockholders' Equity | |||
| Common Stock | 1 | — | — |
| Additional Paid-In Capital | 1,319,469 | — | — |
| Retained Earnings | -211,302 | — | — |
| Accumulated Other Comprehensive Income | -5,816 | — | — |
| Total Stockholders' Equity | 1,102,352 | 810,698 | +36.0% |
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| Accumulated Other Comprehensive Income | -5,816 | -1,610 | -261.2% |
| Common Stock Including Additional Paid In Capital | 1,319,470 | 1,128,164 | +17.0% |
| Retained Earnings | -211,302 | -315,856 | +33.1% |
| Total Liabilities & Equity | 2,723,923 | — | — |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization | 20,815 | 19,915 | +4.5% |
| Advanced Manufacturing Production Tax Credit Discount From Sale Of Tax Credit | 16,450 | — | — |
| Accretion Amortization Of Discounts And Premiums Investments | 5,108 | 3,512 | +45.4% |
| Provision For Doubtful Accounts | 51 | 62 | -17.7% |
| Asset Impairment Charges | 79 | 27 | +192.6% |
| Amortization Of Financing Costs And Discounts | 633 | 1,679 | -62.3% |
| Debt Securities Gain Loss | 82 | -323 | +125.4% |
| Stock-Based Compensation | 48,991 | 55,633 | -11.9% |
| Deferred Income Taxes And Tax Credits | -3,127 | 8,560 | -136.5% |
| Change in Accounts Receivable | 41,555 | 1,760 | +2261.1% |
| Change in Inventory | -2,654 | 20,979 | -112.7% |
| Change in Prepaid & Other Assets | 155,340 | -75,553 | +305.6% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -118,126 | 54,232 | -317.8% |
| Increase Decrease In Warranty Obligations | -9,836 | 10,558 | -193.2% |
| Change in Deferred Revenue | -45,084 | -82,357 | +45.3% |
| Net Cash from Operations | 102,871 | 48,414 | +112.5% |
| Investing Activities | |||
| Proceeds From Sale And Maturity Of Marketable Securities | 597,281 | 335,398 | +78.1% |
| Capital Expenditures | -19,898 | -14,608 | -36.2% |
| Payments To Acquire Loans Receivable | -1,000 | — | — |
| Net Cash from Investing | 576,383 | 113,060 | +409.8% |
| Financing Activities | |||
| Proceeds From Convertible Debt Net Of Issuance Costs | -632,500 | — | — |
| Tax Withholding for Share Compensation | -18,686 | -12,110 | -54.3% |
| Net Cash from Financing | -651,186 | -214,175 | -204.0% |
| Amortization of Financing Costs (Q) | — | — | — |
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| Notes due 2026 · Convertible Notes Payable | 317 | 485 | -34.6% |
| Notes due 2028 · Convertible Notes Payable | 316 | 316 | 0.0% |
| Supplemental | |||
| Unpaid Capital Expenditures | 12,044 | 4,207 | +186.3% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -4,840 | 3,675 | -231.7% |
| Net Change in Cash | 23,228 | -49,026 | +147.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 497,546 | 415,090 | +19.9% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.