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	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	719.2	763.6	566.8	853.7	1,437.1	1,359.4
Total Revenues %Chg	26.9%	-10.6%	-60.6%	-37.2%	47.9%	77.9%
Net Revenues
Cost of Sales	380.5	387.1	314.1	445	787.4	780.7
Cost of Revenues
Gross Profit	338.7	376.5	252.7	408.7	649.7	578.6
Gross Profit
Gross Profit Margin	47.1%	49.3%	44.6%	47.9%	45.2%	42.6%
Selling, General & Administrative Expenses	167.7	163.6	173.8	175.9	193.7	190
Sales and Marketing
General and Administrative
Research & Development Expenses	95.6	98.2	103.1	110.2	117.2	93.9
Research and Development
Other Operating Expenses	6.5	10.1	3.1	14.8	0.9	2.4
Restructuring and Asset Impairment Charges
Operating Profit	68.9	104.6	-27.3	107.8	338	292.4
Income from Operations
Operating Margin	9.6%	13.7%	-4.8%	12.6%	23.5%	21.5%
Interest and Investment Income	31.9	38.4	38.9	40.2	29.6	12.4
Interest Income
Interest Expense	-2.9	-4.5	-4.4	-4.5	-4.4	-4.5
Interest Expense
Non-Operating Income	-8.9	-18.1	-7.5	6.1	0.4	2.2
Other Income, Net
Other Expense, Net
Loss on Partial Settlement of Convertible Notes
Change in Fair Value of Derivatives
Total Non-Operating Income	20.2	15.9	27	41.8	25.6	10
Income Before Provision for Income Taxes	89.1	120.4	-0.3	149.6	363.6	302.4
Income Before Income Taxes
Provision for Income Taxes	22.3	12.5	5	14.7	59.5	33.9
Income Tax Provision
Consolidated Net Income	66.8	107.9	-5.3	134.9	304.1	268.6
Net Income
Net Income Attributable to Common Shareholders	66.8	107.9	-5.3	134.9	304.1	268.6
Basic EPS	0.5	0.8	-0	1	2.2	2
Diluted EPS	0.5	0.8	-0	1	2.1	1.9
Basic Weighted Average Shares Outstanding	131.4	134.6	135.8	136.1	136.7	135.9
Total Shares Outstanding	130.7	132.4	135.4	135.7	136	136.4
Diluted Weighted Average Shares Outstanding	135.7	144.2	135.8	141	145.6	145.2
EBITDA	108.9	145.4	13.3	148	372.4	323.1
Effective Tax Rate	25%	10.4%	-1,760.1%	9.8%	16.4%	11.2%