+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
Loading...
{megaLeaderboard}
{normalLeaderboard}
News Article

Enphase Reports record revenues up 57 percent year-on-year

News

 

Enphase Energy, Inc has announced financial results for the fourth quarter and year ended December 31, 2014.

Enphase Energy reported total revenue for the fourth quarter of 2014 of $105.2 million, an increase of 57 percent compared to the fourth quarter of 2013, and an increase of 6 percent compared to the third quarter of 2014. During the fourth quarter of 2014, Enphase sold 180MW (AC) or 799,000 microinverters, an increase in MW of 67 percent compared to the fourth quarter of 2013.

GAAP gross margin for the fourth quarter of 2014 was 33.3 percent, compared to 32.1 percent in the fourth quarter of 2013. Non-GAAP gross margin was 33.5 percent, compared to 32.3 percent for the fourth quarter of 2013.

GAAP operating expenses for the fourth quarter of 2014 were $33.1 million and non-GAAP operating expenses were $30.4 million.

GAAP operating income for the fourth quarter of 2014 was $2.0 million, and non-GAAP operating income was $4.8 million, compared to a GAAP operating loss of $1.6 million and non-GAAP operating income of $0.4 million in the fourth quarter of 2013.

GAAP net income for the fourth quarter of 2014 was $0.4 million, or $0.01 per diluted share, compared to a GAAP net loss of $2.8 million, or a net loss of $0.07 per share in the fourth quarter of 2013. On a non-GAAP basis, net income was $3.5 million, or $0.07 per diluted share, compared to a non-GAAP net loss of $0.7 million, or a net loss of $0.02 per share in the fourth quarter of 2013.

The Company generated $8.9 million of cash from operations in the fourth quarter of 2014 and exited the quarter with a total cash balance of $42.0 million and no debt. During the fourth quarter of 2014, the Company paid $5.8 million to extinguish all outstanding term loans and is currently debt free. Also during the fourth quarter, the Company acquired substantially all of the assets of Next Phase Solar, a leading provider of solar operations and maintenance services, for an initial consideration of $2.5 million.

"We ended 2014 with record-breaking financial results," said Paul Nahi, CEO of Enphase Energy.  "During the fourth quarter, we achieved record revenue, megawatts shipped and gross margin, along with impressive bottom line results, including our highest ever operating income. Our high-technology business model, world-class products and superior customer support continued to propel our growth during the quarter."

"We continued to drive our balanced profitable growth strategy," said Kris Sennesael, CFO of Enphase Energy. "The combination of strong revenue growth, gross margin expansion and operating expense leverage resulted in another quarter of profitability. Additionally, in just one year, we improved the non-GAAP operating margin from breakeven in the fourth quarter of 2013 to approximately 5 percent in the fourth quarter of 2014."

 

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: