Enphase Energy Inc ( ENPH ) reported financial results for the second quarter Tuesday after the bell. Here’s a rundown of the report.

Q2 Earnings: Enphase Energy ( ENPH ) reported second-quarter revenue of $303.46 million, missing the consensus estimate of $309.67 million, according to Benzinga Pro. The company reported adjusted earnings of 43 cents per share, missing analyst estimates of 48 cents per share.

U.S. revenue increased approximately 32% on a quarter-over-quarter basis, while revenues in Europe remained flat during the quarter. Enphase noted its global channel inventory returned to normal levels as the company exited the second quarter.

Gross margin came in at 47.1%. Enphase said it generated $117.4 million in free cash flow during the quarter. The company ended the quarter with $1.65 billion in cash, cash equivalents and marketable securities.

“We shipped 120.2 megawatt hours of IQ Batteries in the second quarter of 2024, compared to 75.5 megawatt hours in the first quarter of 2024,” the company said.

“We are now shipping our third generation of IQ Batteries, the IQ Battery 5P, to the United States, Mexico, Canada, Puerto Rico, Australia, the United Kingdom, Italy, France, the Netherlands, and Luxembourg. More than 7,400 installers worldwide are certified to install our IQ Batteries, compared to more than 4,900 installers worldwide in the first quarter of 2024.”

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Outlook: Enphase expects third-quarter revenue to be in the range of $370 million to $410 million versus estimates of $404.63 million. The company anticipates a third quarter gross margin of 45% to 48%.

Management will hold a conference call to discuss these results at 4:30 p.m. ET.

ENPH Price Action: Enphase shares were up 5.39% after hours at $109.23 at the time of writing, according to Benzinga Pro.