A securities class action in the U.S. District Court for the Northern District of California alleges Enphase made misstatements about distribution channel inventory levels and its preparedness for the revenue impact of the 25D Clean Energy Tax Credit expiration. The proposed class period is April 22, 2025 through October 28, 2025, and the deadline to apply for lead plaintiff appointment is April 20, 2026. Enphase shares fell 15% after an October 28, 2025 disclosure that Q4 2025 revenue could be as low as USD 310 million versus analyst estimates above USD 374 million. The complaint also cites Q3 2025 results indicating USD 70.9 million of reported revenue consisted of safe harbor shipments pulled forward from Q4.

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