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4d ago

Enphase Energy Misses Q1 Estimates, Warns of Weak Q2 as U.S. Demand Declines

The solar inverter maker faces softening U.S. residential demand, regulatory challenges, and new tariffs, while European growth offers some relief.

Miniatures of solar panel and electric pole are seen in front of Enphase logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration
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Overview

  • Enphase Energy reported Q1 2025 revenue of $356.1 million, missing the $361.4 million analyst estimate, and adjusted EPS of $0.68, below the $0.70 forecast.
  • U.S. revenue declined approximately 13% quarter-over-quarter due to regulatory changes in California and reduced residential solar demand.
  • European revenue grew 7% quarter-over-quarter, driven by increased battery sales, though overall battery shipments fell short of expectations.
  • The company provided Q2 2025 revenue guidance of $340–$380 million, below the $376 million consensus, citing continued market uncertainty and tariff impacts.
  • Enphase shares fell 12.5% in after-hours trading following the earnings miss and cautious guidance, compounded by finalized U.S. tariffs on Southeast Asian solar cells.