Filing Flows › Enphase Energy (ENPH) › Q1 2025
Enphase Energy (ENPH) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 22, 2025
Enphase Energy (ENPH) reported revenue of $356M for the first quarter 2025 (Q1 2025), +35% from a year earlier and -7% from the quarter before. Operating margin was 9.0%, net earnings $29.7M (8.3% of revenue).
Enphase Energy, Q1 2025: revenue $356M (+35% year over year), operating margin 9.0%, net earnings $29.7M, operating cash flow $48.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $356M | -7% | +35% |
| Gross profit | $168M | -15% | +46% |
| Operating profit | $31.9M | -42% | — |
| Net earnings | $29.7M | -52% | — |
| Operating cash flow | $48.4M | -71% | -2% |
| Free cash flow | $33.8M | -79% | -19% |
What changed
Revenue was $356.1M in Q1 2025, up 35% year over year and down 7% from the previous quarter.
Gross margin was 47.2%, up 3.4 points from a year earlier. Operating profit was $31.9M, a 9.0% margin (up 20.0 points year over year). Operating expenses fell 6% while revenue rose 35%. The fastest-growing cost line was Other operating costs (+66%). Net earnings were $29.7M. The effective tax rate was 36.6%. Non-operating items added $15.0M, 32% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $48.4M (down 2% year over year), 163% of net earnings. Non-cash charges added back $19.9M of depreciation and amortization and $55.6M of share-based compensation. Working capital and other items used $56.9M. Capital expenditures of $14.6M left free cash flow of $33.8M.
Questions
What was Enphase Energy's revenue in the first quarter 2025?
Enphase Energy (ENPH) reported revenue of $356M for the first quarter 2025 (Q1 2025), +35% from a year earlier and -7% from the quarter before.
Was Enphase Energy profitable in the first quarter 2025?
Operating profit was $31.9M (9.0% of revenue) and net earnings $29.7M.
Source: Enphase Energy 10-Q on SEC EDGAR.