恩菲斯能源 2025年季度报告

Controls and ProceduresPART II. OTHER INFORMATIONLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther Information 1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION work with virtually every solar panel made, and when paired with the Company’s smart technology, results in one of theindustry’s best-performing clean energy systems. Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements are presented in accordance with accounting principlesgenerally accepted in the United States (“U.S. GAAP”). The condensed consolidated financial statements include the accountsof the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. In the opinion ofmanagement, these unaudited condensed consolidated financial statements reflect all adjustments, consisting of normalrecurring items, considered necessary to present fairly the Company’s financial condition, results of operations, comprehensive Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of income and expenses during the reporting period. Significant estimatesand assumptions reflected in the financial statements include revenue recognition, allowance for credit losses, stock-based liability. These estimates are based on information available as of the date of the financial statements; therefore, actual resultscould differ materially from those estimates due to risks and uncertainties. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does notinclude all disclosures required by U.S. GAAP. The Company filed audited consolidated financial statements, which included allinformation and notes necessary for such a complete presentation in conjunction with its Annual Report on Form 10-K for thefiscal year ended December 31, 2024 filed with the SEC on February 10, 2025 (the “Form 10‐K”).Summary of Significant Accounting Policies In December 2023, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”)2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires that anentity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconcilingitems that meet a quantitative threshold, certain disclosures of state versus Enphase Energy, Inc. | 2025 Form 10-Q | 8 federal income tax expenses and taxes paid. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024 andinterim periods for fiscal years beginning after December 15, 2025. The Company plans to adopt ASU 2023-09 in its annualreport on Form 10-K for the year ending December 31, 2025. As ASU 2023-09 affects only disclosures, the adoption of ASU2023-09 is not expected to have a significant impact on its consolidated financial statements. periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact fromASU 2024-03 on its consolidated financial statements disclosures. 2.REVENUE RECOGNITION Disaggregated RevenueThe Company hasonemajor business activity, which is the design, manufacture and sale of solutions for the solarphotovoltaic (“PV”) industry.Disaggregated revenue by primary geographical market and timing of revenue recognition for theCompany’s single product line are as follows: Primary geographical markets: United States$271,330$198,712$534,568$International91,823104,746184,669$363,153$303,458$719,237$ Contract Balances Accounts receivable, and contract assets and contract liabilities from contracts with customers, are as follows: Significant changes in the balances of contract assets (prepaid expenses and other assets) as of June30, 2025 are asfollows (in thousands): Contract LiabilitiesContract Liabilities, beginning of period$Revenue recognized Contract Liabilities, end of period$Remaining Performance Obligations Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied orpartially unsatisfied at the end of the reporting period are as follows: 2025 (remaining six months) 2025(In thousands)Raw materials$39,114$ Total inventory 601,5771,071 $1,315,401$2,367 Enphase Energy, Inc. | 2025 Form 10-Q | 12 AmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesFair ValueCashEquivalentsMarketableSecuritie