Financial PerformanceENPH reported 4Q23 revenue of $303mn, below GSe of $321mn and FactSet consensus of $336mn.
Market ChallengesIn California, sales dropped by 30% q/q primarily due to challenges posed by NEM 3.0 reimbursement rates, with other US states declining by 21%.
Revenue ForecastENPH missed Q1 revenues and guided down Q2 revenues vs estimates, likely driven by softer US demand.