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Enphase Energy Inc. (ENPH) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $1.33 billion for 2024, a decrease from $2.29 billion in 2023. This decline is attributed to a 58% decrease in microinverter units shipped, partially offset by an increase in ASP for microinverters and a 48% increase in IQ Batteries MWh shipped.
Cost of revenues decreased by 43% to $701.2 million, primarily due to lower sales volume and benefits from the AMPTC under the IRA, partially offset by increased costs for U.S. manufacturing.
Operating expenses totaled $551.8 million, down from $612.6 million in 2023. This decrease was driven by lower research and development, sales and marketing, and general and administrative expenses following restructuring initiatives.
Enphase reported a gross margin of 47.3%, up from 46.2% in 2023, reflecting the impact of the AMPTC and higher ASPs.
Net income for 2024 was $102.7 million, compared to $438.9 million in the previous year. The decrease in net income is primarily due to lower net revenues.
The company ended the year with $1.72 billion in cash, cash equivalents, restricted cash, and marketable securities, and total debt of $1.30 billion.
Enphase continues to focus on expanding its product offerings and increasing operational efficiencies. The company has implemented restructuring plans to align its workforce with strategic priorities.
The filing also details the impact of global macroeconomic conditions on demand, with higher interest rates and changes in NEM policies affecting sales in the U.S. and Europe.
Enphase's 2024 restructuring plan aims to reduce costs and improve profitability, with expected completion by mid-2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Enphase Energy Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.