Form 8-K

8-K — Enphase Energy, Inc.

Accession: 0001463101-26-000046

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0001463101

SIC: 3674 (SEMICONDUCTORS & RELATED DEVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — enph-20260428.htm (Primary)

EX-99.1 (a2026q1exx991pressrelease.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: enph-20260428.htm · Sequence: 1

enph-20260428

0001463101false00014631012026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 8-K

________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2026

________________________________________________

ENPHASE ENERGY, INC.

(Exact name of registrant as specified in its charter)

________________________________________________

Delaware 001-35480 20-4645388

(State or other jurisdiction of incorporation) (Commission File No.) (IRS Employer Identification No.)

47281 Bayside Parkway

Fremont, CA 94538

(Address of principal executive offices, including zip code)

(707) 774-7000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.00001 par value per share ENPH Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 28, 2026, Enphase Energy, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the first quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report. Information on the Company’s website is not, and will not be deemed, a part of this report or incorporated into this or any other filings that the Company makes with the Securities and Exchange Commission.

The information in Item 2.02 of this Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and shall not be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filings, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

Exhibit Number Description

99.1

Press release dated April 28, 2026, entitled “Enphase Energy Reports Financial Results for the First Quarter of 2026"

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 28, 2026 ENPHASE ENERGY, INC.

By: /s/ Mandy Yang

Mandy Yang

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-99.1

Filename: a2026q1exx991pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

Enphase Energy Reports Financial Results for the First Quarter of 2026

FREMONT, Calif., April 28, 2026 - Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, announced today financial results for the first quarter of 2026, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $282.9 million in the first quarter of 2026, along with 43.9% for non-GAAP gross margin. We shipped approximately 1.41 million microinverters, or 627.6 megawatts DC, and 103.1 megawatt hours (MWh) of IQ® Batteries.

Highlights for the first quarter of 2026 are listed below:

•Announced today the development of IQ® SST, a distributed solid‑state transformer (SST) platform purpose-built for AI data centers

•Revenue of $282.9 million

•GAAP gross margin of 35.5% and non-GAAP gross margin of 43.9%, including 4.3% of tariff impact

•GAAP operating loss of $29.6 million; non-GAAP operating income of $47.3 million

•GAAP net loss of $7.4 million; non-GAAP net income of $62.3 million

•GAAP diluted loss per share of $0.06; non-GAAP diluted earnings per share of $0.47

•Free cash flow of $83.0 million; ending cash, cash equivalents and marketable securities of $930.6 million

•Shipped 1.39 million microinverters from Texas and South Carolina facilities

•Executed agreements year-to-date with third-party owners for products totaling approximately $843.6 million: $89.6 million under the Investment Tax Credit Five Percent Safe Harbor and $754.0 million under the Physical Work Test beginning-of-construction methods

Our revenue and earnings for the first quarter of 2026 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)

GAAP Non-GAAP

Q1 2026 Q4 2025 Q1 2025 Q1 2026 Q4 2025 Q1 2025

Revenue $ 282,900 $ 343,321 $ 356,084 $ 282,900 $ 343,321 $ 356,084

Gross margin 35.5 % 44.3 % 47.2 % 43.9 % 46.1 % 48.9 %

Operating expenses $ 130,036 $ 129,593 $ 136,319 $ 76,954 $ 78,776 $ 79,423

Operating income (loss) $ (29,643) $ 22,438 $ 31,922 $ 47,270 $ 79,372 $ 94,637

Net income (loss) $ (7,406) $ 38,713 $ 29,730 $ 62,256 $ 93,428 $ 89,243

Basic EPS $ (0.06) $ 0.30 $ 0.23 $ 0.47 $ 0.71 $ 0.68

Diluted EPS $ (0.06) $ 0.29 $ 0.22 $ 0.47 $ 0.71 $ 0.68

Total revenue for the first quarter of 2026 was $282.9 million, compared to $343.3 million in the fourth quarter of 2025. Our revenue in the first quarter included $34.5 million of safe harbor revenue, compared to $20.3 million of safe harbor revenue in the fourth quarter.

Our revenue in the United States for the first quarter decreased approximately 23%, compared to the fourth quarter, due to the expiration of the federal residential clean energy tax credit under Section 25D of the Internal Revenue Code and seasonality. The sell-through demand for our products in the United States also decreased 48% in the first quarter of 2026, compared to the fourth quarter of 2025, and 18% compared to the first quarter of 2025.Our revenue in Europe for the first quarter increased approximately 36%, compared to the fourth quarter.

Our non-GAAP gross margin was 43.9% in the first quarter of 2026, compared to 46.1% in the fourth quarter of 2025. The reciprocal tariffs had a negative impact of 4.3 percentage points on margins in the first quarter, compared to approximately 5.1 percentage points on margins in the fourth quarter.

Our non-GAAP operating expenses were $77.0 million in the first quarter of 2026, compared to $78.8 million in the fourth quarter of 2025. Our non-GAAP operating income was $47.3 million in the first quarter, compared to $79.4 million in the fourth quarter.

We exited the first quarter of 2026 with $930.6 million in cash, cash equivalents and marketable securities and generated $102.9 million in cash flow from operations. Our capital expenditures were $19.9 million in the first quarter, compared to $9.7 million in the fourth quarter.

On March 2, 2026, we settled all our outstanding 0.0% convertible senior notes due 2026 for cash consideration of $632.5 million, representing payment of the full principal amount.

On March 31, 2026, we sold to a leading financial institution $235.0 million of advanced manufacturing production tax credits (PTCs) under Section 45X of the Internal Revenue Code at 93% of face value, resulting in a discount of approximately $16.5 million plus transaction-related fees incurred of approximately $2.5 million. This resulted in a negative impact to GAAP gross margin of 6.7%.

In the first quarter of 2026, as part of our anti-dilution plan, we spent approximately $18.7 million by withholding shares to cover taxes for employee stock vesting that reduced the diluted shares by 441,448 shares. There were no repurchases of common stock in the first quarter. We have $268.7 million remaining under our current share repurchase authorization.

During the first quarter of 2026, we shipped approximately 1.39 million microinverters from our U.S. manufacturing facilities that we booked for Section 45X PTCs. We also shipped 49.5 MWh of IQ Batteries from our Texas manufacturing facility.

We shipped a total of 103.1 MWh of IQ Batteries in the first quarter of 2026, compared to 150.1 MWh in the fourth quarter. More than 24,000 installers worldwide are certified to install our IQ Batteries, compared to more than 22,000 installers worldwide in the fourth quarter of 2025.

We continue to ramp shipments of our commercial microinverter products from our U.S. manufacturing facilities. We started shipping the IQ9N-3P™ commercial microinverter, our first GaN-based microinverter for three-phase 480Y/277 V (wye) grids, across the United States at the end of the fourth quarter of 2025 and have been pleased with the feedback. Installers appreciate the simplified system design, lower costs, and improved efficiency for 480 V commercial projects — with per-panel monitoring and Enphase reliability.

We are building a strong next-generation pipeline across residential, commercial, and EV energy management. It includes our fifth-generation modular home battery, designed for higher energy density and flexible capacity; IQ® Vault 80, our 80 kWh commercial battery system for self-consumption, peak shaving, and backup; IQ9S-3P™, our GaN-based 548 W commercial microinverter for 480 V three-phase systems; and our IQ® Bidirectional DC Charger, designed to turn an EV into a distributed energy resource for vehicle-to-grid savings and vehicle-to-home resilience. Together, these products extend the Enphase platform from the home to commercial sites, the grid, and the EV ecosystem.

We announced today that Enphase is developing its 1.25 MW IQ® Solid-State Transformer (IQ SST) product for data centers, a distributed solid-state transformer platform designed to convert medium-voltage AC directly to low-voltage DC in a single stage. The IQ SST will be built as a supercluster of 342 power modules, with each module powered by Enphase’s custom Kestrel ASIC and high-frequency GaN-based power platform. The architecture is designed to deliver native 800 V DC output for next-generation AI racks, fast response on the order of 1 to 3 milliseconds, built-in redundancy, and serviceability through hot-swappable modules. Enphase has completed feasibility, built working power modules, converged on the system design, and has more than 80 engineers working on the program. Full system demonstrations are expected later this year.

BUSINESS HIGHLIGHTS

On April 28, 2026, Enphase Energy announced the development of its IQ Solid-State Transformer (IQ SST), a distributed solid‑state transformer platform purpose-built for next-generation AI data centers as the industry transitions to 800 V DC power architectures.

On April 22, 2026, Enphase Energy announced integration between Enphase® IQ Batteries and Evergen, one of Australia’s most advanced distributed energy and virtual power plant (VPP) orchestration platforms used by several of Australia and New Zealand’s leading energy retailers.

On April 13, 2026, Enphase Energy announced expanded shipments of commercial microinverter products, including IQ9N-3P and IQ8P-3P™ Commercial Microinverters, from its U.S. manufacturing facilities.

On March 26, 2026, Enphase Energy introduced IQ® Energy Management, a solution that integrates with Enphase solar and IQ Battery systems to enable intelligent management of variable electricity rates and select third-party electric water heaters and EV chargers, for Australia and New Zealand.

On March 16, 2026, Enphase Energy announced a collaboration with Ensol, a residential solar and storage provider in France, to expand IQ Battery deployments through Ensol’s battery subscription program for French homeowners.

On March 3, 2026, Enphase Energy announced a new partnership with Capital Good Fund, a leading provider of solar power purchase agreements (PPAs) and leases for underserved communities in the United States, to support approximately 24 megawatts of small commercial and residential solar projects across Georgia and Pennsylvania.

On Feb. 17, 2026, Enphase Energy announced the introduction of Power Control software with the Enphase IQ® Gateway device for IQ9™ and IQ8™ Microinverter-based small commercial solar systems.

SECOND QUARTER 2026 FINANCIAL OUTLOOK

For the second quarter of 2026, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

•Revenue to be within a range of $280.0 million to $310.0 million, which includes shipments of 100 to 110 MWh of IQ Batteries. This outlook includes approximately $85.0 million of safe harbor shipments.

•GAAP gross margin to be within a range of 42.0% to 45.0%, including approximately 3 percentage points of reciprocal tariff impact.

•Non-GAAP gross margin to be within a range of 44.0% to 47.0%, including approximately 3 percentage points of reciprocal tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.

•GAAP operating expenses to be within a range of $120.0 million to $124.0 million.

•Non-GAAP operating expenses to be within a range of $75.0 million to $79.0 million, excluding $45.0 million estimated for stock-based compensation expense, acquisition related expenses and amortization, restructuring and asset impairment charges.

Follow Enphase Online

•Read the Enphase blog.

•Follow @Enphase on X.

•Visit us on Facebook and LinkedIn.

•Watch Enphase videos on YouTube.

Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute

for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

AMPTC adjustment. In the first quarter of 2026, the Company decided to sell its Advanced Manufacturing Production Tax Credit (“AMPTC”) generated in 2025 and going forward in the tax credit transfer market. The Company sold $235.0 million of AMPTC generated in 2025 at 93% of face value, resulting in a discount of approximately $16.5 million. The Company also incurred approximately $2.5 million in transaction-related fees. Because these amounts relate to AMPTC generated in the prior fiscal year and do not reflect the Company’s ongoing operating performance, the Company excluded them from its non-GAAP financial measures for the first quarter of 2026.

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents costs incurred in connection with acquisition-related activities, which are not indicative of normal, recurring operating expenses, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment charges. Enphase Energy excludes restructuring and asset impairment charges due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its first quarter 2026 results and second quarter 2026 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 669-9658; replay access code 3923609, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its second quarter of 2026 financial performance and outlook, including revenue, shipments of IQ Batteries by MWh, gross margin, and operating expenses; anticipated demand for Enphase Energy’s microinverter, battery, energy management, and commercial products; expectations regarding the expected impact of tax credit expirations, tariff structures, and incentive programs; the capabilities, advantages, features, and performance of Enphase Energy’s technology and products; and Enphase Energy’s expectations regarding the timing and development of its IQ SST product for data centers. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied by these forward‑looking statements. Such risks include, but are not limited to, fluctuations in market demand; changes in installer and customer purchasing behavior; changes in tax credits, tariffs, incentive programs, and regulatory policies; energy pricing volatility; supply chain and manufacturing constraints; product performance and reliability; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10‑K, and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA, is the world's leading supplier of microinverter-based solar and battery systems, EV chargers, home energy management systems, and virtual power plant (VPP) solutions. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. The company revolutionized the solar industry with its microinverter-based technology and has shipped approximately 87.8 million microinverters, with more than 5.2 million Enphase-based systems deployed in over 165 countries. For more information, visit https://enphase.com.

© 2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:

Zach Freedman

Enphase Energy, Inc.

Investor Relations

ir@enphaseenergy.com

ENPHASE ENERGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Net revenues $ 282,900 $ 343,321 $ 356,084

Cost of revenues 182,507 191,290 187,843

Gross profit 100,393 152,031 168,241

Operating expenses:

Research and development 44,867 46,214 50,174

Sales and marketing 48,087 49,420 48,948

General and administrative 33,255 34,599 34,035

Restructuring and asset impairment charges 3,827 (640) 3,162

Total operating expenses 130,036 129,593 136,319

Income (loss) from operations (29,643) 22,438 31,922

Other income, net

Interest income 12,625 15,350 17,032

Interest expense (633) (829) (2,047)

Other income (expense), net 3,791 1,738 (14)

Total other income, net 15,783 16,259 14,971

Income (loss) before income taxes (13,860) 38,697 46,893

Income tax benefit (provision) 6,454 16 (17,163)

Net income (loss) $ (7,406) $ 38,713 $ 29,730

Net income (loss) per share:

Basic $ (0.06) $ 0.30 $ 0.23

Diluted $ (0.06) $ 0.29 $ 0.22

Shares used in per share calculation:

Basic 131,337 130,967 131,869

Diluted 131,337 133,461 136,208

ENPHASE ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

March 31,

2026 December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 497,546 $ 474,318

Marketable securities 433,095 1,038,536

Accounts receivable, net 196,578 229,881

Inventory 290,701 288,047

Prepaid expenses and other assets 412,351 576,078

Total current assets 1,830,271 2,606,860

Property and equipment, net 138,873 136,804

Intangible assets, net 17,562 22,288

Goodwill 213,744 214,760

Other assets 211,706 222,677

Deferred tax assets, net 311,767 306,403

Total assets $ 2,723,923 $ 3,509,792

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 113,462 $ 203,039

Accrued liabilities 195,584 217,366

Deferred revenues, current 144,325 180,524

Warranty obligations, current 28,412 29,038

Debt, current — 632,183

Total current liabilities 481,783 1,262,150

Long-term liabilities:

Deferred revenues, non-current 326,231 337,923

Warranty obligations, non-current 175,795 185,005

Other liabilities 65,252 65,497

Debt, non-current 572,510 572,194

Total liabilities 1,621,571 2,422,769

Total stockholders’ equity 1,102,352 1,087,023

Total liabilities and stockholders’ equity $ 2,723,923 $ 3,509,792

ENPHASE ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Cash flows from operating activities:

Net income (loss) $ (7,406) $ 38,713 $ 29,730

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization 20,815 20,427 19,915

Discount from sale of AMPTC generated during 2025 16,450 — —

Amortization (accretion) of investments purchased at a premium (discount) 5,108 (466) 3,512

Provision for (recovery of) credit losses 51 (288) 62

Asset impairment 79 1,549 27

Benefit from lease termination — (1,280) —

Non-cash interest expense 633 828 1,679

Change in fair value of debt securities 82 (2,752) (323)

Stock-based compensation 48,991 53,092 55,633

Deferred income taxes (3,127) (1,054) 8,560

Changes in operating assets and liabilities:

Accounts receivable 41,555 51,379 1,760

Inventory (2,654) (99,395) 20,979

Prepaid expenses and other assets 155,340 (100,414) (75,553)

Accounts payable, accrued and other liabilities (118,126) 22,205 54,232

Warranty obligations (9,836) 3,902 10,558

Deferred revenues (45,084) 61,133 (82,357)

Net cash provided by operating activities 102,871 47,579 48,414

Cash flows from investing activities:

Purchases of property and equipment (19,898) (9,740) (14,608)

Investment in equity of private company — (5,000) —

Issuance of loan receivable (1,000) — —

Investment in tax equity fund — — (6,904)

Purchases of marketable securities — (143,405) (200,826)

Maturities and sales of marketable securities 597,281 181,657 335,398

Net cash provided by investing activities 576,383 23,512 113,060

Cash flows from financing activities:

Settlement of Notes due 2026 (632,500) — —

Settlement of Notes due 2025 — — (102,168)

Repurchases of common stock — — (99,964)

Proceeds from issuances of common stock under employee equity plans — 3,158 67

Payments of withholding taxes related to net share settlement of equity awards (18,686) (1,373) (12,110)

Net cash provided by (used in) financing activities (651,186) 1,785 (214,175)

Effect of exchange rate changes on cash, cash equivalents and restricted cash (4,840) (438) 3,675

Net increase (decrease) in cash, cash equivalents and restricted cash 23,228 72,438 (49,026)

Cash, cash equivalents and restricted cash — Beginning of period 474,318 401,880 464,116

Cash, cash equivalents and restricted cash — End of period $ 497,546 $ 474,318 $ 415,090

ENPHASE ENERGY, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands, except per share data and percentages)

(Unaudited)

Three Months Ended

March 31,

2026 December 31,

2025 March 31,

2025

Gross profit (GAAP) $ 100,393 $ 152,031 $ 168,241

AMPTC adjustment 18,905 — —

Stock-based compensation 3,584 4,523 4,239

Acquisition related amortization 1,342 1,593 1,580

Gross profit (Non-GAAP) $ 124,224 $ 158,147 $ 174,060

Gross margin (GAAP) 35.5 % 44.3 % 47.2 %

AMPTC adjustment 6.7 — —

Stock-based compensation 1.3 1.3 1.2

Acquisition related amortization 0.4 0.5 0.5

Gross margin (Non-GAAP) 43.9 % 46.1 % 48.9 %

Operating expenses (GAAP) $ 130,036 $ 129,593 $ 136,319

Stock-based compensation (1)

(45,429) (48,568) (50,885)

Acquisition related expenses and amortization (3,826) (2,889) (2,849)

Restructuring and asset impairment charges (1)

(3,827) 640 (3,162)

Operating expenses (Non-GAAP) $ 76,954 $ 78,776 $ 79,423

(1) Includes stock-based compensation as follows:

Research and development

$ 18,834 $ 20,221 $ 21,647

Sales and marketing

14,717 15,690 16,396

General and administrative

11,878 12,658 12,842

Restructuring and asset impairment charges (22) — 509

Total

$ 45,407 $ 48,569 $ 51,394

Income (loss) from operations (GAAP) $ (29,643) $ 22,438 $ 31,922

AMPTC adjustment 18,905 — —

Stock-based compensation 49,013 53,092 55,124

Acquisition related expenses and amortization 5,168 4,482 4,429

Restructuring and asset impairment charges 3,827 (640) 3,162

Income from operations (Non-GAAP) $ 47,270 $ 79,372 $ 94,637

Net income (loss) (GAAP) $ (7,406) $ 38,713 $ 29,730

AMPTC adjustment 18,905 — —

Stock-based compensation 49,013 53,092 55,124

Acquisition related expenses and amortization 5,168 4,482 4,429

Restructuring and asset impairment charges 3,827 (640) 3,162

Non-cash interest expense 633 828 1,678

Non-GAAP income tax adjustment (7,884) (3,047) (4,880)

Net income (Non-GAAP) $ 62,256 $ 93,428 $ 89,243

Net income (loss) per share, basic (GAAP) $ (0.06) $ 0.30 $ 0.23

AMPTC adjustment 0.14 — —

Stock-based compensation 0.37 0.41 0.42

Acquisition related expenses and amortization 0.04 0.02 0.04

Restructuring and asset impairment charges 0.03 — 0.02

Non-cash interest expense — 0.01 0.01

Non-GAAP income tax adjustment (0.05) (0.03) (0.04)

Net income per share, basic (Non-GAAP) $ 0.47 $ 0.71 $ 0.68

Shares used in basic per share calculation GAAP and Non-GAAP 131,337 130,967 131,869

Net income (loss) per share, diluted (GAAP) $ (0.06) $ 0.29 $ 0.22

AMPTC adjustment 0.14 — —

Stock-based compensation 0.37 0.40 0.42

Acquisition related expenses and amortization 0.04 0.03 0.04

Restructuring and asset impairment charges 0.03 — 0.03

Non-cash interest expense — 0.01 0.01

Non-GAAP income tax adjustment (0.05) (0.02) (0.04)

Net income per share, diluted (Non-GAAP) $ 0.47 $ 0.71 $ 0.68

Shares used in diluted per share calculation GAAP 131,337 133,461 136,208

Shares used in diluted per share calculation Non-GAAP

132,373 131,443 132,133

Net cash provided by operating activities (GAAP) $ 102,871 $ 47,579 $ 48,414

Purchases of property and equipment (19,898) (9,740) (14,608)

Free cash flow (Non-GAAP) $ 82,973 $ 37,839 $ 33,806

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Cover Page Cover Page

Apr. 28, 2026

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Apr. 28, 2026

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ENPHASE ENERGY, INC.

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Entity Tax Identification Number

20-4645388

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47281 Bayside Parkway

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Fremont

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