Step back from any one quarter and the multi-year shape is the real signal. Per Enphase's annual reports, with the XBRL series compiled through EdgarBeast, annual gross profit ran approximately $1,058 million in 2023, fell to roughly $629 million in 2024, and recovered to about $687 million in 2025. That is a deep trough and a partial climb back.
The 2024 collapse — gross profit down roughly 40% in a single year — is the kind of move that does not happen from pricing alone. It is consistent with a demand-and-inventory cycle: a residential solar-and-storage channel that overstocked in the boom and then sold through inventory rather than ordering new hardware, compressing the manufacturer's shipped volume and its gross profit at once. The FY2025 10-K carries the comparative figures.
The 2025 partial rebound, from about $629M back to roughly $687M, is the more interesting data point for a markets desk. It says the trough was a trough, not a new baseline — but the recovery did not return the line to 2023 levels. A maturing market resetting to a lower, steadier plateau looks exactly like this.
What the annual curve adds that a quarter cannot: it filters out the seasonal and channel-timing noise that makes single quarters misleading. The Q1 2026 10-Q showed gross profit down again year over year early in 2026, a reminder that the rebound is not a straight line and the next leg is unsettled.
No price target, no call — just the arc. Enphase's gross profit has traced a sharp down-and-partly-back-up path over three years, and where the 2026 figures land against the ~$687M 2025 mark is the question the filings will answer next. Figures via the 10-Ks on sec.gov, indexed by EdgarBeast.