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Enphase Energy | 8-K: Enphase Energy Reports Financial Results for the Fourth Quarter of 2023

SEC announcement ·  Feb 6 16:08
Summary by Moomoo AI
On February 6, 2024, Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the fourth quarter of 2023. The company announced a quarterly revenue of $302.6 million and a non-GAAP gross margin of 50.3%, which includes a net IRA benefit. The non-GAAP gross margin without the IRA benefit stood at 41.8%. Enphase Energy also reported a GAAP operating loss of $10.2 million, but a non-GAAP operating income of $65.6 million. The GAAP net income was $20.9 million, with non-GAAP net income at $73.5 million. The company's diluted earnings per share on a GAAP basis were $0.15, and $0.54 on a non-GAAP basis. Free cash flow for the quarter was reported at $15.4 million, with the company ending the quarter with $1.70 billion in...Show More
On February 6, 2024, Enphase Energy, Inc., a leading global energy technology company, reported its financial results for the fourth quarter of 2023. The company announced a quarterly revenue of $302.6 million and a non-GAAP gross margin of 50.3%, which includes a net IRA benefit. The non-GAAP gross margin without the IRA benefit stood at 41.8%. Enphase Energy also reported a GAAP operating loss of $10.2 million, but a non-GAAP operating income of $65.6 million. The GAAP net income was $20.9 million, with non-GAAP net income at $73.5 million. The company's diluted earnings per share on a GAAP basis were $0.15, and $0.54 on a non-GAAP basis. Free cash flow for the quarter was reported at $15.4 million, with the company ending the quarter with $1.70 billion in cash, cash equivalents, and marketable securities. During the quarter, Enphase Energy shipped 1,595,677 microinverters and 80.7 megawatt hours of IQ Batteries. The company also repurchased 1,183,246 shares of its common stock at an average price of $84.51 per share, totaling approximately $100.0 million. Enphase Energy has streamlined its manufacturing operations, ceasing operations in Romania and Wisconsin, and focusing on U.S. manufacturing with partners in South Carolina and Texas. The company also announced the shipment of new microinverter products and the expansion of its IQ Battery offerings. For the first quarter of 2024, Enphase Energy estimates revenue to be between $260.0 million to $300.0 million, with a GAAP gross margin range of 42.0% to 45.0%, including net IRA benefit, and a non-GAAP gross margin range of 44.0% to 47.0% with net IRA benefit.

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