Enphase Energy Stock Rises on Q2 Earnings Beat as Company Accelerates AI Data Center Strategy

Enphase Energy Inc (NASDAQ:ENPH) reported second-quarter results after the closing bell on Tuesday. Here’s a rundown of the report.

• Enphase Energy stock is moving in positive territory. What’s driving ENPH shares up?

Enphase Energy Q2 Highlights

Enphase Energy posted second-quarter revenue of $291.85 million, beating the consensus estimate of $289.92 million, according to Benzinga Pro. The company reported adjusted earnings of 47 cents per share for the quarter, beating estimates of 46 cents per share.

Enphase said it shipped approximately 1.59 million IQ microinverters and 113.8 megawatt hours of IQ batteries in the quarter. The company noted that it achieved key technical milestones and deepened customer engagement with potential multi-gigawatt opportunities during the quarter.

“We accelerated development of the IQ Solid-State Transformer (IQ SST) for next-generation AI data centers. We are actively engaged with customers and ecosystem partners,” the company said.

Enphase generated $25.9 million of free cash flow during the quarter and exited the period with $937.7 million of cash, cash equivalents and marketable securities.

Enphase expects third-quarter revenue to be in the range of $290 million to $320 million versus estimates of $304.25 million.

Enphase executives are currently discussing the quarter on an earnings call that started at 4:30 p.m. ET.

ENPH Shares Move Higher After Hours

ENPH Price Action: Enphase shares were up 1.43% in after-hours, trading at $36.84 at the time of publication on Tuesday, according to Benzinga Pro.

Image: Shutterstock.com