Enphase Energy, Inc.

Our capital expenditures were $8.0 million in the third quarter of 2025, compared to $8.2 million in the second quarter of 2025.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

There were no repurchases of common stock in the third quarter of 2025.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

We have a remaining $268.7 million authorized for further share repurchases.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy s ongoing financial performance.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2025, Notes due 2026, and Notes due 2028, and includes the dilutive effect of employee s stock-based awards and the dilutive effect of warrants.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Highlights for the third quarter of 2025 are listed below Revenue of $410.4 million highest revenue level in two years GAAP gross margin of 47.8% and non-GAAP gross margin of 49.2% including 4.9% of tariff impact GAAP operating income of $66.2 million non-GAAP operating income of $123.4 million GAAP net income of $66.6 million non-GAAP net income of $117.3 million GAAP diluted earnings per share of $0.50 non-GAAP diluted earnings per share of $0.90

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

The reciprocal tariffs had a negative impact of 4.9 percentage points on margins in the third quarter of 2025, compared to approximately two percentage points on margins in the second quarter.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

GAAP gross margin to be within a range of 40.0% to 43.0%, including approximately five percentage points of reciprocal tariff impact.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Non-GAAP gross margin to be within a range of 42.0% to 45.0%, including approximately five percentage points of reciprocal tariff impact.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

These forward-looking statements are based on Enphase Energy s current expectations and inherently involve significant risks and uncertainties.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Enphase Energy s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of certain risks and uncertainties including those risks described in more detail in its most recently filed Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and other documents on file with the SEC from time to time and available on the SEC s website at www.

SEC original ↗Enphase Energy, Inc. — Earnings release (8-K exhibit)EX-99Oct 28, 2025