Enphase sees positive growth
Enphase Energy has announced financial results for the second quarter ended June 30, 2013.
Second Quarter 2013
Enphase Energy reported total revenue for the second quarter of $58.2 million, an increase of 28 percent compared to the first quarter of 2013. This also represents an increase of 4 percent compared to revenue of $55.7 million for the second quarter of 2012, which included approximately $19 million of revenue associated with shipments related to the expiring Section 1603 grant program. Excluding these 1603 related units, revenue increased over 58 percent year-over-year.
Revenue generated outside of the United States continued to increase, and accounted for over 20 percent of total revenue, up from roughly 15 percent in the first quarter of 2013 and 10 percent in the fourth quarter of 2012.
Units sold in the second quarter of 2013 totaled 399,000.
GAAP gross margin for the second quarter of 2013 was a record 28.0 percent. Non-GAAP gross margin was a record 28.1 percent, an increase of 360 basis points when compared to 24.5 percent in the second quarter of 2012.
GAAP operating expenses for the second quarter were $21.8 million. Non-GAAP operating expenses were $20.4 million, which is flat compared to both the first quarter of 2013 and the fourth quarter of 2012.
Second quarter of 2013 GAAP net loss was $6.4 million, or a loss of $0.15 per share. On a non-GAAP basis, the net loss was $4.8 million, or a loss of $0.12 per share.
The Company exited the quarter with a total cash balance of $34.0 million.
"Our second quarter financial results provide tangible evidence of the progress we are making in the execution of our key initiatives," commented Paul Nahi, CEO of Enphase. "Once again, we improved our gross margins posting a Company record 28.1%, while continuing to maintain tight control over operating expenses, which we kept flat for the third consecutive quarter. We also made great strides in improving cash flow from operations."
Mr. Nahi continued, "The recognition we have received as the #1 residential inverter supplier in the Americas by revenue share and the #1 power electronics monitoring provider worldwide by number of new sites for 2012, along with the progress we are making in the international markets further validate the value proposition of the Enphase microinverter system."
"The release of our fourth generation microinverter system combined with surpassing one terawatt-hour of clean energy production from Enphase systems is further evidence of our market and technology leadership," he added.
