Enphase Energy’s Q1 results fell short of expectations, with revenues and profitability underwhelming. While revenues in Europe increased, sales in the company’s core domestic market declined due to seasonality and softer demand. Despite meeting guidance ranges, the company’s weak performance and Q2 guidance missed consensus estimates. Analysts expect further estimate reductions, with consensus 2024 revenue and earnings per share projections likely to decrease. Enphase’s heavy exposure to the flagging U.S. market continues to impact its financial performance, while SolarEdge, with its strong presence in Europe, stands to benefit.