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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $291.85M | $295.53M | $343.32M | $410.43M | $363.15M | $373.12M | $382.71M | $380.87M |
| Cost of revenue | $116.84M | $182.51M | $191.29M | $214.19M | $192.66M | $187.84M | $184.42M | $202.70M |
| Gross profit | $175.01M | $113.02M | $152.03M | $196.24M | $170.49M | $185.27M | $198.29M | $178.17M |
| Gross margin | 60.0% | 38.2% | 44.3% | 47.8% | 46.9% | 49.7% | 51.8% | 46.8% |
| Research and development | $45.66M | $44.87M | $46.21M | $47.27M | $45.42M | $50.17M | $50.39M | $47.84M |
| Selling, general and administrative | $76.88M | $81.34M | $84.02M | $81.53M | $84.74M | $82.98M | $83.70M | $79.86M |
| Operating expenses | $123.50M | $130.04M | $129.59M | $130.08M | $133.49M | $136.32M | $143.49M | $128.38M |
| Operating income | $51.52M | −$17.02M | $22.44M | $66.16M | $37.01M | $48.95M | $54.80M | $49.79M |
| Operating margin | 17.7% | -5.8% | 6.5% | 16.1% | 10.2% | 13.1% | 14.3% | 13.1% |
| EBITDA | $72.67M | $7.62M | $42.23M | $87.66M | $60.41M | $72.03M | $84.87M | $70.57M |
| Interest income | $12.15M | $0 | $15.35M | $15.43M | $14.91M | $0 | $18.42M | $19.98M |
| Interest expense | −$327.00K | −$633.00K | −$829.00K | −$830.00K | −$815.00K | −$2.05M | −$2.25M | −$2.24M |
| Income before taxes | $61.90M | −$13.86M | $38.70M | $77.02M | $42.21M | $46.89M | $69.70M | $50.74M |
| Income taxes | $25.82M | −$6.45M | −$16.00K | $10.38M | $5.15M | $17.16M | $7.54M | $4.98M |
| Net income | $36.08M | −$7.41M | $38.71M | $66.64M | $37.05M | $29.73M | $62.16M | $45.76M |
| Net margin | 12.4% | -2.5% | 11.3% | 16.2% | 10.2% | 8.0% | 16.2% | 12.0% |
| EPS, basic | $0.27 | −$0.06 | $0.30 | $0.51 | $0.28 | $0.23 | $0.46 | $0.34 |
| EPS, diluted | $0.27 | −$0.06 | $0.29 | $0.50 | $0.28 | $0.22 | $0.42 | $0.33 |
| Diluted shares | 135.12M | 131.34M | 135.12M | 133.00M | 135.22M | 136.21M | 148.09M | 139.91M |
Figures describe Enphase Energy shares, not any token. As of Jul 28, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.