The Quarter in Brief
Enphase Energy, which makes microinverters (the small devices that turn the direct current from each solar panel into household power), home batteries and EV chargers, reported its third quarter of 2026, the three months to September 30, after the market closed on October 27. Revenue was $293.3 million, down 29% from $410.4 million a year earlier and close to the $291.9 million of the second quarter. Reported (GAAP) earnings were $0.17 a share, against $0.50 a year earlier. Non-GAAP earnings, Enphase's own measure that leaves out stock-based pay, acquisition costs and a few other items, were $0.41 a share, against $0.90.
Both fell short of expectations: analysts had expected about $303.9 million of revenue and non-GAAP earnings of about $0.51 a share, according to the consensus Investing.com reported. Two things set the quarter apart. In the United States, where the federal tax credit for homeowners who buy solar ended with 2025, revenue fell by a third, and $85.0 million of the quarter's sales came from orders placed to secure a different tax credit for leasing companies. And a $26.5 million write-down of debt investments, mostly in private companies, cut its earnings: by the company's figures, $0.14 a share off the non-GAAP result and $0.15 off the reported one.