J P M O R G A N North America Equity Research 29 July 2026 Enphase Energy 2Q Results Approximately Align, 3Q Slightly Lower, Encouraging Initial SST Progress ENPH reported 2Q revenue and PF EPS approximately in-line with Street expectations and adjusted gross margins modestly ahead. As expected, the quarter was characterized by continued US residential softness offset by European recovery, improving margin trajectory as tariff headwinds moderated, and continued progress on the IQ Solid-State Transformer (IQ ...