Enphase Energy slightly misses Q1 revenue estimates

Enphase Energy

28/04/2026 21:25

Overview

Solar microinverter maker's Q1 revenue slightly missed analyst expectations, adjusted EPS beat consensus

Company cited lower U.S. demand due to tax credit expiration and seasonality for revenue decline

Enphase announced development of solid-state transformer platform for AI data centers

Outlook

Company sees Q2 revenue between $280 mln and $310 mln, including $85 mln of safe harbor shipments

Company expects Q2 non-GAAP gross margin of 44% to 47%, including 3 percentage points of tariff impact

Company expects Q2 non-GAAP operating expenses of $75 mln to $79 mln

Result Drivers

U.S. DEMAND DROP - Co said Q1 U.S. revenue fell about 23% from Q4 due to expiration of federal residential clean energy tax credit and seasonality

TARIFFS AND TAX CREDIT SALES - Reciprocal tariffs and sale of production tax credits at a discount reduced gross margin in Q1

EUROPEAN GROWTH - Q1 revenue in Europe rose about 36% sequentially, offsetting some U.S. weakness

Company press release: ID:nGNXs1Qqr

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Miss*
$282.90 mln
$283.72 mln (20 Analysts)
Q1 Adjusted EPS
Beat
$0.47
$0.41 (20 Analysts)
Q1 EPS
-$0.06
Q1 Adjusted Net Income
Beat
$62.30 mln
$61.15 mln (15 Analysts)
Q1 Net Income
-$7.40 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 11 "strong buy" or "buy", 17 "hold" and 6 "sell" or "strong sell"

The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

Wall Street's median 12-month price target for Enphase Energy Inc is $43.00, about 22% above its April 27 closing price of $35.24

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)