Enphase Energy, Inc., together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It also offers AC battery storage systems; Envoy communications gateway; and Enlighten cloud-based monitoring service, as well as other accessories. The company sells its solutions to solar distributors; and directly to large installers, original equipment manufacturers, strategic partners, and homeowners, as well as through its legacy product upgrade program or online store. Enphase Energy, Inc. was incorporated in 2006 and is headquartered in Fremont, California.

Enphase Energy, Inc.

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	1,512.4	1,330.4	2,290.8	2,330.9	1,382	774.4	624.3	316.2	286.2	322.6	357.2
Total Revenues %Chg	21%	-41.9%	-1.7%	68.7%	78.5%	24%	97.5%	10.5%	-11.3%	-9.7%	3.9%
Net Revenues
Cost of Sales	779.1	701.2	1,232.4	1,356.3	827.6	428.4	403.1	221.7	230.1	264.6	249
Cost of Revenues
Gross Profit	733.3	629.1	1,058.4	974.6	554.4	346	221.2	94.4	56	58	108.2
Gross Profit
Gross Profit (Loss)
Gross Profit Margin	48.5%	47.3%	46.2%	41.8%	40.1%	44.7%	35.4%	29.9%	19.6%	18%	30.3%
Selling, General & Administrative Expenses	333	337.4	369.6	355.1	233.1	103.6	75.5	56.1	45.3	66.2	76.7
Sales and Marketing
General and Administrative
Research & Development Expenses	193.3	201.3	227.3	168.8	105.5	55.9	40.4	32.6	33.2	50.7	50.8
Research and Development
Other Operating Expenses	17.2	13.2	15.7	2.4	—	—	2.6	4.1	16.9	3.8	—
Restructuring and Asset Impairment Charges
Operating Profit	189.9	77.3	445.7	448.3	215.8	186.4	102.7	1.6	-39.4	-62.7	-19.3
Income from Operations
Operating Margin	12.6%	5.8%	19.5%	19.2%	15.6%	24.1%	16.5%	0.5%	-13.8%	-19.4%	-5.4%
Interest and Investment Income	65.8	77.3	69.7	13.7	0.7	2.2	2.5	1.1	0.3	—	—
Interest Income
Interest Expense	-5.9	-8.9	-8.8	-9.4	-45.2	-21	-9.7	-10.7	-8.2	-2.8	-0.5
Interest Expense
Non-Operating Income	-13.9	-25.5	6.5	-0.4	-50.4	-48.2	-5.4	-2.2	2	-0.5	-0.9
Other Income, Net
Other Expense, Net
Loss on Partial Settlement of Convertible Notes
Change in Fair Value of Derivatives
Total Non-Operating Income	45.9	42.9	67.4	3.8	-94.9	-67	-12.6	-11.8	-6	-3.3	-1.4
Income Before Provision for Income Taxes	235.8	120.2	513.1	452	120.9	119.4	90.1	-10.2	-45.3	-66	-20.7
Income Before Income Taxes
Provision for Income Taxes	40.2	17.5	74.2	54.7	-24.5	-14.6	-71	1.4	-0.1	1.5	1.4
Income Tax Provision
Consolidated Net Income	195.6	102.7	438.9	397.4	145.4	134	161.1	-11.6	-45.2	-67.5	-22.1
Net Income
Net Income Attributable to Common Shareholders	195.6	102.7	438.9	397.4	145.4	134	161.1	-11.6	-45.2	-67.5	-22.1
Net Loss Attributable to Common Stockholders
Basic EPS	1.5	0.8	3.2	2.9	1.1	1.1	1.4	-0.1	-0.5	-1.3	-0.5
Diluted EPS	1.5	0.8	3.1	2.8	1	1	1.2	-0.1	-0.5	-1.3	-0.5
Basic Weighted Average Shares Outstanding	131.9	135.2	136.4	135.3	134	125.6	116.7	99.6	82.9	50.5	44.6
Total Shares Outstanding	130.8	132.4	135.7	136.4	133.9	129	123.1	107	85.9	62.3	45.8
Diluted Weighted Average Shares Outstanding	135.6	140	143.3	144.4	142.9	141.9	131.6	99.6	82.9	50.5	44.6
EBITDA	270.8	158.7	520.4	507	246.7	204.5	116.8	11.3	-30.4	-52.1	-8.8
Effective Tax Rate	17.1%	14.6%	14.5%	12.1%	-20.3%	-12.2%	-78.8%	-13.7%	0.3%	-2.2%	-6.7%