Enphase Energy posted Q1 adjusted EPS $0.47 beating consensus $0.44, but revenue fell 20.6% YoY to $282.9 million.
Shares dropped 5.5% after hours as U.S. demand slumped 48% YoY and 23% sequential following tax credit expiry.
Enphase shipped 1.41 million microinverters, 103.1 MWh IQ Batteries, generated $83 million free cash flow and held $930.6 million cash.
Q2 revenue guided $280‑310 million with adjusted gross margin forecast 44‑47%, incorporating ~3 percentage‑point tariff impact.