Summary by Moomoo AI
Enphase Energy, a global energy technology company, reported a slight decrease in net revenues for the fiscal year 2023, with figures falling by 2% to $2.29 billion compared to $2.33 billion in 2022. This decline was attributed to a broad-based slowdown in demand for their products, particularly in the United States and Europe, resulting in elevated inventory levels with distributors and installers. Despite this, the company saw an increase in gross profit by 9% to $1.06 billion, with a gross margin improvement from 41.8% to 46.2%, largely due to the recognition of credits under the Advanced Manufacturing Production Tax Credit (AMPTC) for U.S. manufactured microinverters and a favorable product mix. Operating expenses rose across research and development, and sales and marketing, reflecting continued investment in long-term...Show More