Legislative EnvironmentThe market is badly underestimating the impact of a full 25D phaseout, which could lead to a significant decline in demand.
Market DemandConsensus is modeling a benign ~20% decline in U.S. residential solar demand for 2026E, but checks point to something closer to a 52% drop.
Revenue GuidanceENPH’s 3Q revenue guide of $330–$370mn came in light versus Consensus at $372mn, which had crept higher through Q2 on hopes for safe-harbor-driven upside.