Enphase Energy's stock soared 35.01% during pre-market trading on Wednesday, following the release of its fourth-quarter financial results that significantly exceeded analyst expectations.

The energy technology company reported adjusted earnings per share of $0.71 for Q4 2025, beating the consensus estimate of $0.58. Revenue came in at $343.3 million, also surpassing the expected $340.6 million. Additionally, Enphase provided first-quarter 2026 revenue guidance in the range of $270 million to $300 million, which is above the analyst estimate of $262.2 million.

The positive results were driven by increased sell-through demand in the U.S. ahead of tax credit expiration, as homeowners rushed to complete solar and battery installations. Following the earnings release, several analysts raised their price targets or upgraded the stock, with RBC Capital upgrading to Outperform and BMO Capital moving to Market Perform from Underperform, citing signs that demand may have bottomed and visibility is improving.