Enphase Energy, Inc. (Nasdaq: ENPH) — research brief (BMC #067 on gallery, queue id 66)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by Enphase in its Form 10-K for fiscal 2025 (year ended 31 Dec 2025, filed 17 Feb 2026) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 28 Jul 2026). SECONDARY = none used. INFERENCE = ratios or sums computed by this project from company numbers.

Sources (accessed 2026-10-11)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1463101/000146310126000013/enph-20251231.htm
Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1463101/000146310126000081/enph-20260630.htm
Investor relations: https://investor.enphase.com/ ; company site https://enphase.com
Logo: project monogram ("E" on an orange tile), not Enphase's official mark. Trademark of Enphase; identification only.
Raw text in /workspace/enphase-src/.

Teaching arc

Sell small chips-plus-software boxes through distributors, let a U.S. manufacturing tax credit carry the profit, and ride out a policy-driven demand drop (home solar credit ended 2025) with a strong cash pile and no near-term debt wall.

Key numbers (FACT unless noted)

FY2025 (10-K)

Net revenues $1,472,985K (2024 $1,330,383K, +11%; 2023 $2,290,786K). U.S. $1,188,718K (+27%), international $284,267K (−28%). Point in time $1,350,011K; over time $122,974K.
About 6.4M microinverter units (6.5M in 2024); 706.1 MWh IQ Batteries (521 MWh, +36%). Safe harbor microinverter shipments $91.2M.
Cost of revenues $785,981K; gross profit $687,004K, 46.6% margin (47.3%). AMPTC benefit in cost of revenues $238.7M (2024 $157.5M) = 16.2 points of margin.
R&D $189,075K; S&M $197,505K; G&A $135,767K; restructuring $7,131K; operating expenses $529,478K. Income from operations $157,526K. Net income $172,133K (2024 $102,658K; 2023 $438,936K).
Operating cash flow $136,540K (2024 $513,693K); capex $40,639K; cash and marketable securities $1,512,854K; total debt $1,204,377K (principal: 2026 notes $632.5M, 2028 notes $575.0M). Repurchased $130.0M of stock in 2025; $268.7M remained.
One customer ≈39% (2024 48%, 2023 40%) of revenue, not named. Three customers 31%, 22%, 14% of receivables.
2,872 employees (1,743 India, 717 U.S.). ~86.4M microinverters shipped; 5.1M systems; 160+ countries; ~400 patents; NPS 78%.
Deferred revenue $180,524K current + $337,923K non-current; warranty obligations $29,038K + $185,005K (warranties generally 10–25 years).
Contract manufacturers: Flex, Salcomp India, Sunwoda; in-house Arlington, Texas plant since Nov 2025; LFP cells only from two vendors in China.
Policy: Section 25D homeowner credit expired Dec 31, 2025 (OBBBA, July 2025).

H1 / Q2 2026 (10-Q)

Q2 revenue $291,854K vs $363,153K (−20%); H1 $574,754K vs $719,237K (−20%). U.S. Q2 $226.9M (−16%); international $65.0M (−29%). Q2 batteries 113.8 MWh (vs 190.9); H1 216.9 MWh (vs 361). Microinverter units Q2 ~1.6M (+4%).
Q2 gross profit $175,014K, margin 60.0% (46.9%), with 15.6 points from $45.4M IEEPA tariff refunds; H1 margin 47.9% (47.1%), after $18.9M loss on selling 2025 credits.
Income from operations Q2 $51,519K, H1 $21,876K (vs $68,929K). Net income Q2 $36,079K; H1 $28,673K (vs $66,782K).
AMPTC generated H1 $130,945K; net benefit in cost of revenues H1 $100,609K. March 2026: agreed to sell $235.0M of 2025 AMPTC at 93% of face (≈$16.5M discount). June 2026: agreement to sell up to $150.0M of 2026 AMPTC at 93%.
Notes due 2026 settled 2 Mar 2026 for $632.5M cash. At Jun 30, 2026: cash and securities $937,708K; total debt $572,836K (2028 notes, $575.0M principal). H1 operating cash flow $143,194K; capex $34,292K; no repurchases in H1 2026.
Deferred revenue $224,272K current + $358,233K non-current, including $105.8M of safe-harbor prepayments for Q3–Q4 2026 deliveries. Safe-harbor microinverter shipments Q2 $84.3M; H1 $118.8M.

Caveats

U.S. share of revenue, over-time share, credit-adjusted operating income (op income − AMPTC ≈ −$81M, pre-tax), summed deferred revenue and warranty balances are INFERENCE.
Q2 2026 gross margin includes one-time tariff refunds; do not read it as a run-rate.
The 10-K does not name the 39% customer. No guidance figures were taken.

# Enphase Energy, Inc. (Nasdaq: ENPH) — research brief (BMC #067 on gallery, queue id 66) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by Enphase in its Form 10-K for fiscal 2025 (year ended 31 Dec 2025, filed 17 Feb 2026) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed 28 Jul 2026). **SECONDARY** = none used. **INFERENCE** = ratios or sums computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1463101/000146310126000013/enph-20251231.htm - Form 10-Q for the quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1463101/000146310126000081/enph-20260630.htm - Investor relations: https://investor.enphase.com/ ; company site https://enphase.com - Logo: project monogram ("E" on an orange tile), **not** Enphase's official mark. Trademark of Enphase; identification only. - Raw text in /workspace/enphase-src/. ## Teaching arc **Sell small chips-plus-software boxes through distributors, let a U.S. manufacturing tax credit carry the profit, and ride out a policy-driven demand drop (home solar credit ended 2025) with a strong cash pile and no near-term debt wall.** ## Key numbers (FACT unless noted) **FY2025 (10-K)** - Net revenues $1,472,985K (2024 $1,330,383K, +11%; 2023 $2,290,786K). U.S. $1,188,718K (+27%), international $284,267K (−28%). Point in time $1,350,011K; over time $122,974K. - About 6.4M microinverter units (6.5M in 2024); 706.1 MWh IQ Batteries (521 MWh, +36%). Safe harbor microinverter shipments $91.2M. - Cost of revenues $785,981K; gross profit $687,004K, 46.6% margin (47.3%). AMPTC benefit in cost of revenues $238.7M (2024 $157.5M) = 16.2 points of margin. - R&D $189,075K; S&M $197,505K; G&A $135,767K; restructuring $7,131K; operating expenses $529,478K. Income from operations $157,526K. Net income $172,133K (2024 $102,658K; 2023 $438,936K). - Operating cash flow $136,540K (2024 $513,693K); capex $40,639K; cash and marketable securities $1,512,854K; total debt $1,204,377K (principal: 2026 notes $632.5M, 2028 notes $575.0M). Repurchased $130.0M of stock in 2025; $268.7M remained. - One customer ≈39% (2024 48%, 2023 40%) of revenue, not named. Three customers 31%, 22%, 14% of receivables. - 2,872 employees (1,743 India, 717 U.S.). ~86.4M microinverters shipped; 5.1M systems; 160+ countries; ~400 patents; NPS 78%. - Deferred revenue $180,524K current + $337,923K non-current; warranty obligations $29,038K + $185,005K (warranties generally 10–25 years). - Contract manufacturers: Flex, Salcomp India, Sunwoda; in-house Arlington, Texas plant since Nov 2025; LFP cells only from two vendors in China. - Policy: Section 25D homeowner credit expired Dec 31, 2025 (OBBBA, July 2025). **H1 / Q2 2026 (10-Q)** - Q2 revenue $291,854K vs $363,153K (−20%); H1 $574,754K vs $719,237K (−20%). U.S. Q2 $226.9M (−16%); international $65.0M (−29%). Q2 batteries 113.8 MWh (vs 190.9); H1 216.9 MWh (vs 361). Microinverter units Q2 ~1.6M (+4%). - Q2 gross profit $175,014K, margin 60.0% (46.9%), with 15.6 points from $45.4M IEEPA tariff refunds; H1 margin 47.9% (47.1%), after $18.9M loss on selling 2025 credits. - Income from operations Q2 $51,519K, H1 $21,876K (vs $68,929K). Net income Q2 $36,079K; H1 $28,673K (vs $66,782K). - AMPTC generated H1 $130,945K; net benefit in cost of revenues H1 $100,609K. March 2026: agreed to sell $235.0M of 2025 AMPTC at 93% of face (≈$16.5M discount). June 2026: agreement to sell up to $150.0M of 2026 AMPTC at 93%. - Notes due 2026 settled 2 Mar 2026 for $632.5M cash. At Jun 30, 2026: cash and securities $937,708K; total debt $572,836K (2028 notes, $575.0M principal). H1 operating cash flow $143,194K; capex $34,292K; no repurchases in H1 2026. - Deferred revenue $224,272K current + $358,233K non-current, including $105.8M of safe-harbor prepayments for Q3–Q4 2026 deliveries. Safe-harbor microinverter shipments Q2 $84.3M; H1 $118.8M. ## Caveats - U.S. share of revenue, over-time share, credit-adjusted operating income (op income − AMPTC ≈ −$81M, pre-tax), summed deferred revenue and warranty balances are INFERENCE. - Q2 2026 gross margin includes one-time tariff refunds; do not read it as a run-rate. - The 10-K does not name the 39% customer. No guidance figures were taken.