From $316.05M To $530.2M, Enphase Almost Doubles Revenue in Q2 2022

Highlights :

  • Enphase reported a 42% non-GAAP gross margin & $530.2 million in revenue in the second quarter of 2022, while the second quarter of 2021 was $316 million along with a 40.8% non-GAAP gross margin.
  • In Q2 of 2022, Enphase Energy almost doubled its revenue in comparison to Q2 of 2021.

California-based microinverter manufacturer Enphase Energy has announced its consolidated results for the second Quarter ending June 2022. Enphase reported a 42.2% non-GAAP gross margin & $530.2 million in revenue in the second quarter of 2022, while the second quarter of 2021 was $316 million along with a 40.8% non-GAAP gross margin. In Q2 of 2022, Enphase Energy has almost doubled its revenue in comparison to Q2 of 2021.

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In addition to making upgrades to enhance the installer and homeowner experience, Enphase Energy has also announced the shipment of batteries to the United States, Germany, and Belgium during the second quarter. 

For this growth in revenue in Q2, Enphase Energy has said that this growth has been made possible because of the high demand for Enphase Energy Systems, powered by IQ microinverters and IQ Batteries. The 3,348,553 microinverters, or around 1,213 megawatts of DC power, and 132.4-megawatt hours of Enphase Batteries shipped in Q2 of 2022 have added to the growth curve. The microinverter exports of Enphase Energy increased by 18% & IQ Battery shipments increased by 10%.

First Quarter Versus Second Quarter

In the first quarter of 2022, the revenue stood at $441, 292  and  the gross margin was 40.1 %. Comparing the first quarter (Q1) of 2022 to the current quarter (Q2), Enphase’s overall revenue increased by 20%. 

Revenue In Europe

The financial report states that the revenue in Europe for the second quarter of 2022 climbed by 69% when compared to the first quarter of 2022, with the Netherlands and Germany showing the strongest rise. Homeowners prefer self-consumption because of the region’s rising energy costs as well as the rising need for house electrification brought on by EVs and a lack of natural gas. Enphase Energy will also announce the launch of IQ Batteries in more European nations in the second half of the year 2022. Enphase Energy revenue and earnings for the second quarter of 2022 are provided below

GAAP Non-GAAP
Q2 2022 Q1 2022 Q2 2021 Q2 2022 Q1 2022 Q2 2021
Revenue $ 530196 $441,292 $316,057 $ 530196 $441,292 $316,057
Gross margin 41.30% 40.10% 40.40% 42.20% 41% 40.80%
Operating expenses $124,969 $115,149 $68,401 $71,169 $66,250 $51,696
Operating income $94,036 $61,824 $59,400 $152,412 $114,529 $77,165
Net income $76,976 $51,821 $39,351 $149,852 $109,670 $74,676
Basic EPS $0.57 $0.39 $0.29 $1.11 $0.82 $0.55
Diluted EPS $0.54 $0.37 $0.28 $1.07 $0.79 $0.53

Q3 2022 Estimates

According to Enphase Energy, the third quarter of 2022 looks just as promising. GAAP and non-GAPP financial results as estimated by the company:

  • $590 million to $630 million in revenue is anticipated, with shipments of Enphase IQ Batteries totaling 130 to 145-megawatt hours.
  • Non-GAAP gross margin, excluding stock-based compensation costs and acquisition-related amortisation, will be between 39.0 percent and 42.0 percent, while GAAP gross margin will be between 38.0 percent and 41.0 percent.
  • The range of GAAP operating expenses will be $137.0 million to $141.0 million.
  • $77.0 million to $81.0 million in non-GAAP operating expenses, excluding $60.0 million projected for stock-based compensation costs, acquisition-related costs, and amortisation.

Readers can view the full Q2 revenue 2022 report of Enphase Energy (Almost Doubled Its Revenue report) here.

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