Summary by Moomoo AI
Enphase Energy, a global energy technology company, reported a significant decrease in net revenues for the first quarter of 2024, with a 64% drop to $263.3 million compared to $726 million in the same period of 2023. This decline was attributed to a 71% and 26% decrease in microinverter units and IQ Batteries Megawatt-hours shipped, respectively. Despite the decrease in volume, the average selling price for microinverters increased due to a favorable product mix. Gross profit fell by 65% to $115.5 million, and gross margin decreased slightly from 45% to 43.9%. The company's cost of revenues also saw a 63% reduction, benefiting from tax credits under the Advanced Manufacturing Production Tax Credit. Research and development expenses decreased by 5%, while sales and marketing expenses dropped by 18%, both as a result of...Show More