Enphase Energy, Inc. (NASDAQ: ENPH) increases over 8.64% in pre trading session on Wednesday as the firm revealed that financial results for the fourth quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman. The firm reported record quarterly revenue of $724.7 million in the fourth quarter of 2022, along with 43.8% for non-GAAP gross margin. We shipped 4,873,702 microinverters, or approximately 1,952.4 megawatts DC, and 122.1 megawatt hours of Enphase IQ Batteries.
Total revenue increased 14% in the fourth quarter of 2022 compared to the third quarter of 2022, owing to strong demand for Enphase Energy SystemsTM. When compared to the third quarter of 2022, our revenue in the United States increased by approximately 15%, and our revenue in Europe increased by approximately 21%. Our non-GAAP gross margin in the fourth quarter of 2022 was 43.8%, up from 42.9% in the third quarter of 2022, owing to the IQ8TM Microinverter product mix.
Our non-GAAP operating expenses in the fourth quarter of 2022 were $87.7 million, up from $78.6 million in the third quarter of 2022, owing primarily to investments in international growth, customer service, and R&D. In the fourth quarter of 2022, our non-GAAP operating income was $229.4 million, up from $194.0 million in the third quarter.
In the fourth quarter of 2022, the company had $1.61 billion in cash, cash equivalents, and marketable securities and generated $253.7 million in cash flow from operations. Their capital expenditures in the fourth quarter of 2022 were $16.4 million, up from $8.9 million in the third quarter of 2022. The increase was primarily due to additional contract manufacturing sites and R&D equipment investments.
IQ8 Microinverters accounted for approximately 55% of total shipments in the fourth quarter of 2022. The company launched IQ8 Microinverters in France and the Netherlands in the fourth quarter of 2022, marking the product’s first international expansion since its successful launch in North America in late 2021.
