Enphase Earnings: Inventory Destocking Hits Short-Term Results, but Long-Term Risks Also Brew

Enphase Energy's first-quarter revenue declined nearly 21% year on year to $282.9 million, while non-GAAP gross margin of 43.9% declined 500 basis points year on year. Management set second-quarter revenue guidance of $295 million and non-GAAP gross margin of 45.5% at the midpoint.