PETALUMA -- Solar electricity component maker Enphase Energy, Inc. (NASDAQ: ENPH) announced today second-quarter revenues increased 88.2 percent as units sold nearly doubled, while quarterly net loss grew by almost 11 percent.
Sales increased to $55.7 million from $29.6 million in the same quarter of fiscal 2011. In the same timeframe, gross margins increased to 24.4 percent from 16.2 percent, units sold jumped to 403,000 from 204,000 and net loss grew to $11.4 million from $10.3 million.
“We're delighted to be growing both the top and bottom line: both margins and revenues,” said Paul Nahi, chief executive officer. “Our market share in Europe appears to be on the same trajectory as our North American market, where we have 30 percent market share. Europeans are just as excited about our value proposition.”
The Enphase semiconductor-based microinverter system converts solar energy at the individual module level, increasing efficiency, ease of installation and safety while providing a platform for Web-enabled energy management.
Although its initial focus has been the residential rooftop market, Enphase has been developing tools and software to enhance its commercial offerings. While large scale projects are feeling the pinch of reduced government subisidies and tax incentives in
Europe as well as the U.S., Mr. Nahi feels Enphase is perfectly positioned to grow there, since rooftop installations are still strongly supported by the government, he said.
The Petaluma company, which closed a $61.9 million initial public offering in April, has opened locations in Britain, France and Italy. Enphase employs about 400.
Enphase also annnouned today that Chief Financial Officer Sanjeev Kumar has decided to leave later this year after two and a half years with the company. To facilitate a smooth transition, Mr. Kumar will remain with the company as CFO during a transition period expected to run into the fourth quarter.
The highlights from the report:
· Six month net revenues increased 106 percent to $98.3 million year-over-year.
· Announced the opening of a United Kingdom office and hiring of a country manager to lead expansion in England, Wales, Scotland and Northern Ireland.
· Began rollout of new commercial programs that offer free training and technical design resources, with plans for additional program announcements. Solarbuzz recently reported that 40 percent of commercial PV projects under way in the U.S. are between 50-500kW.
· Announced the deployment of a small commercial solar array on Busch Stadium, home of the St. Louis Cardinals. The 26kW array was constructed by Microgrid Solar.
· Unveiled a new version of Enlighten monitoring and management software with dozens of new features to streamline maintenance and operations of Enphase solar arrays for commercial installers.Enphase Energy delivers microinverter technology for the solar industry that increases energy production, simplifies design and installation, improves system uptime and reliability, reduces fire safety risk and provides a platform for intelligent energy management. The semiconductor-based microinverter system converts energy at the individual module level and brings a system-based, high technology approach to solar energy generation.
