$ENPH

Enphase Energy, Inc.

CIK:0001463101|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net revenues	$ 291,854	$ 363,153	$ 574,754	$ 719,237
Cost of revenues	116,840	192,660	299,347	380,503
Gross profit	175,014	170,493	275,407	338,734
Operating expenses:
Research and development	45,658	45,421	90,525	95,595
Sales and marketing	45,545	50,708	93,632	99,656
General and administrative	31,334	34,035	64,589	68,070
Restructuring and asset impairment charges	958	3,322	4,785	6,484
Total operating expenses	123,495	133,486	253,531	269,805
Income from operations	51,519	37,007	21,876	68,929
Other income, net
Interest income	12,154	14,911	24,779	31,943
Interest expense	(327)	(815)	(960)	(2,862)
Other income (expense), net	(1,447)	(8,898)	2,344	(8,912)
Total other income, net	10,380	5,198	26,163	20,169
Income before income taxes	61,899	42,205	48,039	89,098
Income tax provision	(25,820)	(5,153)	(19,366)	(22,316)
Net income	$ 36,079	$ 37,052	$ 28,673	$ 66,782
Net income per share:
Basic (in usd per share)	$ 0.27	$ 0.28	$ 0.22	$ 0.51
Diluted (in usd per share)	$ 0.27	$ 0.28	$ 0.22	$ 0.50
Shares used in per share calculation:
Basic (in shares)	131,963	131,031	131,652	131,447
Diluted (in shares)	135,122	135,219	132,788	135,719

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 28,673	$ 66,782
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,011	40,000
Discount from sale of AMPTC generated	16,450	0
Amortization (accretion) of investments purchased at a premium (discount)	5,292	2,278
Provision for credit losses	141	192
Asset impairment	79	1,565
Non-cash interest expense	960	2,507
Change in fair value of debt securities and tax equity fund	2,576	9,141
Stock-based compensation	92,545	109,529
Deferred income taxes	18,076	8,963
Changes in operating assets and liabilities:
Accounts receivable	(35,674)	10,441
Inventory	3,025	(8,012)
Prepaid expenses and other assets	29,356	(139,814)
Accounts payable, accrued and other liabilities	(115,649)	91,444
Warranty obligations	(10,837)	13,197
Deferred revenues	67,170	(133,170)
Net cash provided by operating activities	143,194	75,043
Cash flows from investing activities:
Purchases of marketable securities	(29,006)	(485,132)
Maturities and sales of marketable securities	650,060	578,218
Purchases of property and equipment	(34,292)	(22,867)
Issuance of loan receivables	(1,000)	0
Investment in tax equity fund	0	(8,344)
Receipts of loan receivables	10,085	0
Issuance of secured revolving credit facility	(29,000)	0
Net cash provided by investing activities	566,847	61,875
Cash flows from financing activities:
Proceeds from issuances of common stock under employee equity plans	4,171	5,369
Payments of withholding taxes related to net share settlement of equity awards	(21,226)	(14,974)
Repurchases of common stock	0	(129,957)
Net cash used in financing activities	(649,555)	(241,730)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5,460)	11,232
Net increase (decrease) in cash, cash equivalents and restricted cash	55,026	(93,580)
Cash, cash equivalents and restricted cash — Beginning of period	474,318	464,116
Cash and cash equivalents — End of period	529,344	370,536
Supplemental disclosures of non-cash investing activities:
Purchases of property and equipment through tenant improvement allowance	0	855
Purchases of property and equipment included in accounts payable	8,588	4,560
Notes due 2026
Cash flows from financing activities:
Settlement of Notes due 2025	(632,500)	0
2025 Warrants
Cash flows from financing activities:
Settlement of Notes due 2025	$ 0	$ (102,168)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 529,344	$ 474,318
Marketable securities	408,364	1,038,536
Accounts receivable, net of allowances of $651 and $580 at June 30, 2026 and December 31, 2025, respectively	273,607	229,881
Inventory	285,022	288,047
Prepaid expenses and other current assets	454,200	576,078
Total current assets	1,950,537	2,606,860
Property and equipment, net	136,449	136,804
Intangible assets, net	13,081	22,288
Goodwill	213,231	214,760
Other assets	316,290	222,677
Deferred tax assets, net	289,671	306,403
Total assets	2,919,259	3,509,792
Current liabilities:
Accounts payable	124,591	203,039
Accrued liabilities	188,516	217,366
Deferred revenues, current	224,272	180,524
Warranty obligations, current	27,784	29,038
Debt, current	0	632,183
Total current liabilities	565,163	1,262,150
Long-term liabilities:
Deferred revenues, non-current	358,233	337,923
Warranty obligations, non-current	175,422	185,005
Other liabilities	65,769	65,497
Debt, non-current	572,836	572,194
Total liabilities	1,737,423	2,422,769
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.00001 par value, 300,000 shares authorized; and 132,131 shares and 131,080 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	1,364,654	1,289,164
Accumulated deficit	(175,223)	(203,896)
Accumulated other comprehensive income (loss)	(7,596)	1,754
Total stockholders’ equity	1,181,836	1,087,023
Total liabilities and stockholders’ equity	$ 2,919,259	$ 3,509,792