February 7, 2024 (Globalinvestorideas.com Newswire) Investorideas.com (www.investorideas.com) Solar Stock News Bites – Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced financial results for the fourth quarter of 2023, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $302.6 million in the fourth quarter of 2023, along with 50.3% for non-GAAP gross margin. We shipped 1,595,677 microinverters, or approximately 660.1 megawatts DC, and 80.7 megawatt hours of IQ® Batteries.

Financial highlights for the fourth quarter of 2023 are listed below:

  • Quarterly revenue of $302.6 million
  • GAAP gross margin of 48.5%; non-GAAP gross margin of 50.3%, with net IRA benefit
  • Non-GAAP gross margin of 41.8%, excluding net IRA benefit of 8.5%
  • GAAP operating loss of $10.2 million; non-GAAP operating income of $65.6 million
  • GAAP net income of $20.9 million; non-GAAP net income of $73.5 million
  • GAAP diluted earnings per share of $0.15; non-GAAP diluted earnings per share of $0.54
  • Free cash flow of $15.4 million; ending cash, cash equivalents, and marketable securities of $1.70 billion

Total revenue for the fourth quarter of 2023 was $302.6 million, compared to $551.1 million in the third quarter of 2023.Our revenue in the United States for the fourth quarter of 2023 decreased approximately 35%, compared to the third quarter of 2023. Our revenue in Europe decreased approximately 70%, compared to the third quarter of 2023. The declines were primarily the result of reduced shipments to manage high inventory at our distribution partners along with a further softening in demand.

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