Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Enphase Energy reported second quarter 2026 revenue of $291.9 million, reflecting a 3% sequential increase driven mainly by strength in European markets offsetting softness in the U.S. The revenue included $84.3 million related to safe harbor sales, which are shipments to third-party owners with installations expected over multiple years.</li><li>While global sell-through remained roughly flat sequentially, U.S. sell-through declined approximately 7% quarter-over-quarter and about 34% year-over-year, primarily due to macroeconomic pressures, including higher interest rates and the expiration of the 25D tax credit.</li><li>Despite these challenges, third-party data suggest some stabilization in U.S. residential solar with modest growth in permits and upstream sales, particularly in storage and commercial solar sectors.</li></ul>

Enphase Energy reported second quarter 2026 revenue of $291.9 million, reflecting a 3% sequential increase driven mainly by strength in European markets offsetting softness in the U.S. The revenue included $84.3 million related to safe harbor sales, which are shipments to third-party owners with installations expected over multiple years.While global sell-through remained roughly flat sequentially, U.S. sell-through declined approximately 7% quarter-over-quarter and about 34% year-over-year, primarily due to macroeconomic pressures, including higher interest rates and the expiration of the 25D tax credit.Despite these challenges, third-party data suggest some stabilization in U.S. residential solar with modest growth in permits and upstream sales, particularly in storage and commercial solar sectors.

Enphase Energy’s 35% Europe Surge: Can It Offset A 34% U.S. Solar Slide?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/enphase-energy-inc">Enphase Energy</a> is a global energy technology company that has established a leading position in the residential solar market with its differentiated microinverter technology, which provides superior performance and safety compared to traditional string inverters.</li>
  <li>The company is expanding its addressable market by creating a comprehensive home energy ecosystem, including battery storage (IQ Battery), EV charging solutions, and sophisticated energy management software, aiming to increase revenue per installation.</li>
  <li>While facing near-term headwinds from high inventory levels, demand softness in the U.S. due to high interest rates, and changes to net metering policies, Enphase is pursuing long-term growth through international expansion, new product introductions, and leveraging its U.S. manufacturing presence.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Enphase Energy is a global energy technology company that has established a leading position in the residential solar market with its differentiated microinverter technology, which provides superior performance and safety compared to traditional string inverters.
  The company is expanding its addressable market by creating a comprehensive home energy ecosystem, including battery storage (IQ Battery), EV charging solutions, and sophisticated energy management software, aiming to increase revenue per installation.
  While facing near-term headwinds from high inventory levels, demand softness in the U.S. due to high interest rates, and changes to net metering policies, Enphase is pursuing long-term growth through international expansion, new product introductions, and leveraging its U.S. manufacturing presence.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Enphase Energy (ENPH US) - May 2026

<ul><li>Enphase Energy reported first-quarter 2026 revenue of $282.9 million, shipping 1.41 million microinverters and 103 megawatt hours of batteries, and generating $83 million in free cash flow.</li><li>The quarter included $34.5 million of safe harbor revenue, and the company exited the quarter with above-normal channel inventory levels for both microinverters and batteries.</li><li>On a non-GAAP basis, Enphase delivered a gross margin of 44%, operating expenses at 26.6% of revenue, and operating income of 16.7%.</li></ul>

Enphase Energy reported first-quarter 2026 revenue of $282.9 million, shipping 1.41 million microinverters and 103 megawatt hours of batteries, and generating $83 million in free cash flow.The quarter included $34.5 million of safe harbor revenue, and the company exited the quarter with above-normal channel inventory levels for both microinverters and batteries.On a non-GAAP basis, Enphase delivered a gross margin of 44%, operating expenses at 26.6% of revenue, and operating income of 16.7%.

Enphase Energy’s Propel Rollout Gains Momentum as Installer Count Jumps Fivefold!

<ul><li>Enphase Energy reported its fourth-quarter 2025 financial results, presenting a mixed bag of performance indicators amidst a challenging business environment.</li><li>The company achieved a quarterly revenue of $343.3 million, showing a robust capability to sustain operations despite the expiration of certain tax credits impacting U.S. sales.</li><li>However, there was a noted decline in U.S. revenue by approximately 13% from the third quarter due to reduced safe harbor revenue, a scenario where purchases occur ahead of tax credit deadlines.</li></ul>

Enphase Energy reported its fourth-quarter 2025 financial results, presenting a mixed bag of performance indicators amidst a challenging business environment.The company achieved a quarterly revenue of $343.3 million, showing a robust capability to sustain operations despite the expiration of certain tax credits impacting U.S. sales.However, there was a noted decline in U.S. revenue by approximately 13% from the third quarter due to reduced safe harbor revenue, a scenario where purchases occur ahead of tax credit deadlines.

Enphase Energy’s Meter Collar Win: A Game-Changing Catalyst for Adoption and Scale!

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy’s 35% Europe Surge: Can It Offset A 34% U.S. Solar Slide?

Enphase Energy reported second quarter 2026 revenue of $291.9 million, reflecting a 3% sequential increase driven mainly by strength in European...

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Primer: Enphase Energy (ENPH US) - May 2026

Enphase Energy is a global energy technology company that has established a leading position in the residential solar market with its...

αSK Primers

Enphase Energy’s Propel Rollout Gains Momentum as Installer Count Jumps Fivefold!

Enphase Energy reported first-quarter 2026 revenue of $282.9 million, shipping 1.41 million microinverters and 103 megawatt hours of batteries,...

Baptista Research

Enphase Energy’s Meter Collar Win: A Game-Changing Catalyst for Adoption and Scale!

Enphase Energy reported its fourth-quarter 2025 financial results, presenting a mixed bag of performance indicators amidst a challenging business...

Baptista Research

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