Enphase能源2025年季度报告

Washington, D.C. 20549 Form10-Q 47281 Bayside ParkwayFremont,CA94538(Address of principal executive offices, including zip code) (707)774-7000(Registrant’s telephone number, including area code)Not Applicable(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements forthe past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an“emerging growth company.” See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ ENPHASE ENERGY, INC. FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER30, 2025 TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item1.Financial Statements (unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of OperationsCondensed Consolidated Statements of Comprehensive IncomeCondensed Consolidated Statements of Stockholders' EquityCondensed Consolidated Statements of Cash FlowsNotes to Condensed Consolidated Financial StatementsItem2.Management's Discussion and Analysis of Financial Condition and Results of OperationsItem3.Quantitative and Qualitative Disclosures About Market RiskItem4.Controls and Procedures PART II. OTHER INFORMATION Item1.Legal Proceedings44Item1A.Risk Factors45Item2.Unregistered Sales of Equity Securities and Use of Proceeds48Item3.Defaults Upon Senior Securities48Item4.Mine Safety Disclosures48Item5.Other Information48Item6.Exhibits48Signature50 PART I. FINANCIAL INFORMATION See Notes to Condensed Consolidated Financial Statements. ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands)(Unaudited) See Notes to Condensed Consolidated Financial Statements. ENPHASE ENERGY, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Supplemental cash flow disclosure: ENPHASE ENERGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) 1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business Enphase Energy, Inc. (the “Company”) is a global energy technology company. The Company delivers smart, easy-to-usesolutions that manage solar generation, storage and communication on one platform.The Company’s intelligent microinverterswork 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 inconsolidation. Unaudited Interim Financial Information These accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rulesand 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, comprehensiveincome, stockholders’ equity and cash flows for the interim periods indicated. The results of operations for the three and ninemonths ended September30, 2025 are not necessarily indicative of the operating results for the full year. 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 t