Description

Enphase Energy’s $932 Million Cash Cushion — Can Its AI Pivot Revive Growth?

Enphase Energy, Inc. reported third quarter 2026 revenues of $293.3 million, reflecting a 1% sequential increase globally and a 3% increase in U.S. revenue, with 80% of total revenue derived from the U.S. The company shipped 1.42 million microinverters and nearly 130 megawatt hours of batteries during the quarter. Despite this growth, quarterly sell-through increased only modestly compared to the prior quarter, falling short of the company’s original 10% sell-through growth expectation, affected by high interest rates impacting U.S. residential solar demand and the expiration of the 25D tax credit. Year-over-year, U.S. sell-through declined 35%, consistent with broader market trends of reduced residential solar permits. Gross margin on a GAAP basis declined significantly to 43.3% in Q3 from 60% in Q2, impacted by the absence of prior tariff refunds and adverse reciprocal tariffs. Non-GAAP gross margin decreased slightly to 45%. Operating expenses were $120.