Overview
- Enphase posted Q2 results on July 28 with revenue of $291.9 million and non‑GAAP EPS of $0.46 while reporting a roughly 20% year‑over‑year revenue decline.
- U.S. residential sell‑through remains weak because of high interest rates and the expiration of the Section 25D tax credit, which the company said drove a significant drop in domestic demand.
- European revenue rose about 35% in Q2 and the Propel third‑party financing program expanded from four to six states with plans to double by the end of Q3 and showing roughly 75% battery attachment on installs.
- Enphase gave Q3 revenue guidance of $290 million to $320 million and said bookings were more than 70% to the midpoint while noting GAAP gross margin was aided by tariff refunds and non‑GAAP gross margin was 46.8%.
- Management outlined a product roadmap that includes a 5th‑generation residential battery, an 80 kWh commercial IQ Vault and an IQ solid‑state transformer with pilots planned for 2027 and volume in 2028, and analysts remain split on the stock’s outlook.