Enphase sold 226.9 million of United States revenue after Section 25D expired. Enphase Energy is not on the owned scan of 5 September. Do not invent a handle. It is a US rooftop clock: net-metering on the meter, and the tax that used to sit on the same roof.
Write the meter. Leave the climate slide.
The scan is blank
Public GET /v1/scan/ENPH on 5 September returned not in universe. Friday 4 September the S&P 500 closed 7,718.6, down 0.38 percent, with 42 percent advancing. Energy was plus 1.66 percent. Technology was minus 1.51 percent. Utilities were plus 0.25 percent. The ten-year closed 4.78 percent, up two basis points. The VIX closed 14.39. First Solar printed on that scan, and already has a page. It does not mint a share print this page can use.
The 10-Q for the quarter ended 30 June 2026 is already public. Net revenues 291.9 million dollars, against 363.2 million a year earlier. United States 226.9 million, against 271.3 million, down 16 percent. International 65.0 million, against 91.8 million. Approximately 1.6 million microinverter units sold, against 1.5 million. IQ Batteries 113.8 megawatt hours, against 190.9. Do not turn those units into a megawatt this filing did not print. IQ Microinverters and IQ Batteries are still named as the most significant components of revenue. That is a rooftop mix.
The inverter is a tariff
The same 10-Q says United States net revenues fell primarily due to the expiration of the federal residential clean energy tax credit under Section 25D. That credit expired on 31 December 2025. Microinverter shipments associated with safe harbor were 84.3 million dollars, against 40.4 million a year earlier. Safe harbor is the leased-system clock under Section 48E after the cash-and-loan credit died. A rooftop that used to carry 25D now carries a meter and, if it is leased, an ITC timetable. That is a tariff in the ordinary sense: who pays, and how much, for the kilowatt-hour that leaves the roof.
This 10-Q does not name a net-metering docket. Write the gap. Net-metering is still the other face of the same rooftop. One face is a federal credit that already expired. The other is a utility rule that still prices the export. A climate slide flattens both into virtue. A meter keeps them as a clock. Until a later 10-Q names the export rule, 25D is the line this filing actually printed. The object is still the roof.
IEEPA refunds of 45.4 million dollars were recognized as a reduction to cost of revenues. That is customs. AMPTC under Section 45X is a plant credit on qualifying production. That is a hall. Gross margin printed 60.0 percent against 46.9 percent a year earlier, and the 10-Q itself gives 15.6 percentage points of that lift to the IEEPA refunds. Those lines can fatten a quarter. They do not price the export. The tariff this page means sits on the meter, not at the port.
The module hall is a different file
First Solar is already written as a factory. A cadmium-telluride line is a United States plant and a domestic-content clock. Enphase can name 45X and still not be that hall. A module factory sells glass. A microinverter sells the box that sits under the glass and talks to the meter. Mixing those two is how a reader grades Enphase as a panel price, or First Solar as a rooftop installer. Keep the files separate.
The inverter is a tariff.