Enphase Energy, Inc. ENPH reported first-quarter 2026 adjusted earnings of 47 cents per share, which decreased 30.9% from 68 cents reported in the prior-year quarter. However, the bottom line topped the Zacks Consensus Estimate of 43 cents by 8.2%.
Including one-time adjustments, the company posted a GAAP loss of 6 cents per share against GAAP earnings of 22 cents in the year-ago quarter.
The year-over-year earnings decline can be attributed to lower revenues as well as lower income from operations from the year-ago quarter.
ENPH’s Revenues
Enphase Energy’s first-quarter revenues of $282.9 million missed the Zacks Consensus Estimate of $284 million by 0.2%. The top line also decreased 28.6% from the prior-year quarter’s reported figure of $356.1 million.
The year-over-year plunge was mainly due to weaker sales in the United States.
Enphase Energy, Inc. Price, Consensus and EPS Surprise
Enphase Energy, Inc. price-consensus-eps-surprise-chart | Enphase Energy, Inc. Quote
Enphase Energy’s Operational Update
The company’s shipments amounted to approximately 1.41 million microinverters and 103.1 megawatt-hours (MWh) of Enphase IQ Batteries.
The company’s adjusted gross margin decreased 500 basis points year over year to 43.9%.
Adjusted operating expenses dropped 3.1% year over year to $76.9 million.
The adjusted operating income totaled $47.3 million, down 50.1% from the year-ago quarter.
Financial Details of ENPH
Enphase Energy had $497.5 million in cash and cash equivalents as of March 31, 2026 compared with $474.3 million as of Dec. 31, 2025.
The net cash flow from operating activities amounted to $102.9 million as of March 31, 2026 compared with $47.6 million as of Dec. 31, 2025.
Q2 2026 Guidance by Enphase Energy
For the second quarter of 2026, ENPH expects revenues in the range of $280-$310 million. The Zacks Consensus Estimate for second-quarter revenues is pegged at $303.7 million, which is higher than the midpoint of the company’s guided range.
Enphase Energy expects to ship IQ batteries in the range of 100-110 MWh in the second quarter.
Adjusted operating expenses are expected between $75 million and $79 million. This excludes approximately $45 million estimated for stock-based compensation expenses, acquisition-related costs and amortization, as well as restructuring and asset impairment charges.
The adjusted gross margin is expected in the range of 44-47%, excluding stock-based compensation expenses and acquisition-related amortization.
ENPH’s Zacks Rank
Enphase Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Solar Releases
First Solar, Inc. FSLR is scheduled to report first-quarter 2026 results on April 30, after market close. The Zacks Consensus Estimate for FSLR’s earnings is pegged at $2.80 per share, which suggests a year-over-year rise of 43.6%.
The consensus estimate for sales stands at $1.05 billion, which indicates growth of 23.8%.
SolarEdge Technologies SEDG is slated to report first-quarter 2026 results on May 6, before market open. The Zacks Consensus Estimate for SEDG’s earnings is pegged at a loss of 23 cents per share.
The consensus estimate for sales is pegged at $303.4 million, which indicates an improvement of 38.2%.
Sunrun Inc. RUN is slated to report first-quarter 2026 results on May 6, after market close. The Zacks Consensus Estimate for RUN’s earnings is pegged at a loss of 5 cents per share.
The consensus estimate for sales is pegged at $675.3 million, which calls for a jump of 33.9%.
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