Enphase Energy Q1 Earnings: Revenue Miss, EPS Miss, Cautious Guidance, Shares Sink

Enphase Energy Inc ENPH reported first-quarter financial results after the market close on Tuesday. Here’s a look at the key details from the quarter.

Q1 Earnings: Enphase Energy reported first-quarter revenue of $356.1 million, missing the consensus estimate of $361.43 million. The solar company reported adjusted earnings of 68 cents per share, missing analyst estimates of 70 cents per share, according to Benzinga Pro.

Total revenue was down from $382.7 million in the prior year’s quarter. U.S. revenue decreased approximately 13% on a quarter-over-quarter basis due to seasonality and “softening” U.S. demand.

Meanwhile, revenues in Europe increased approximately 7% quarter-over-quarter, driven by higher battery sales. Enphase said it shipped approximately 1.53 microinverters, representing 170.1 megawatt hours of IQ batteries in the quarter.

The company generated $48.4 million in cash flow from operations and $33.8 million in free cash flow during the quarter. Enphase ended the period with $1.53 billion in cash, cash equivalents, restricted cash and marketable securities.

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Outlook: Enphase expects second-quarter revenue of $340 million to $380 million. The company anticipates a second-quarter gross margin of 42% to 45%, or 44% to 47% on an adjusted basis. The gross margin guidance includes approximately two percentage points of new tariff impacts.

Enphase Energy executives are discussing the quarter on a call with investors and analysts that kicked off at 4:30 p.m. ET.

ENPH Price Action: Enphase shares were down 12.39% after-hours, trading at $46.81 at the time of publication on Tuesday, according to Benzinga Pro.

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