Enphase Energy Q1 Revenue Drops 28.6% to $282.9M; Price Target Cut to $30
Enphase Energy posted Q1 2026 revenue of $282.9 million, down 28.6% year-over-year, and a GAAP loss of $0.06 per share from a U.S. solar market slowdown. Barclays trimmed its price target to $30 while Enphase debuts its IQ Solid-State Transformer for AI data centers, entering the data-center power equipment market.
1. First-Quarter Results
Enphase reported Q1 2026 revenue of $282.9 million, a 28.6% decline from the same period last year, and incurred a GAAP loss of $0.06 per share compared with earnings of $0.22 per share in Q1 2025. The company attributed the downturn to a slowdown in the U.S. solar market and forecasts Q2 revenue between $280 million and $310 million.
2. Analyst Price Target Revision
Barclays lowered its price target for Enphase to $30 from $31, positioning the revised target below the prevailing share price as it factors in ongoing solar demand weakness and margin pressure. The move reflects a cautious outlook on Enphase's near-term earnings recovery.
3. Data-Center Market Expansion
Enphase unveiled its IQ Solid-State Transformer architecture aimed at AI data centers, marking its strategic entry into the data-center power equipment market. This initiative leverages the company’s expertise in power conversion to diversify beyond solar microinverters and battery storage systems.