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Enphase cites European market in record quarterly revenue

Eric Gneckow, Business Journal Staff Reporter
Wednesday, November 7, 2012, 3:03 pm
Categories: Banking and Finance, Energy, Green, Industry News, North Bay News, Position - don't use this category, Sonoma Report, Technology, Top News Stories | No Comments

PETALUMA — Five weeks after announcing the shipping of its solar panel microinverter technology to customers in the United Kingdom, Petaluma-based Enphase Energy (NASDAQ: ENPH) announced today that its third quarter revenue rose to an all-time high of $60.8 million. It was a 36 percent increase over revenue during the same period last year, with a 26.8 percent profit margin up 7.7 percent.

Despite the revenue boost, the Petaluma-based startup, which went public in March, reported a net loss of $8.9 million for the three months ended Sept. 30. The loss was 19.4 percent greater than during the same quarter last year, with a year-to-date loss of $30.5 million representing a 12.2 increase versus the first nine months of 2011. Year-to-date losses were equivalent to $1.11 per basic and diluted share.

Year-to-date revenue was $39.2 million, up 59.2 percent versus the first nine months of 2011. The company earned a gross profit of 16.3 million for the three month period ended Sept. 30, up 47.7 percent from the same period in 2011.

Operating expenses for the quarter were $24.5 million, up from $14.9 million during the same quarter last year. That increase represented growth in expenses for research and development, sales and marketing and administrative purposes.

The company shipped 431,000 of its microinverter units during the quarter, up from 286 during the same quarter in 2011.

“Enphase made excellent progress in the third quarter of 2012. We started shipping our microinverters into the U.K. market and launched new initiatives and tools to broaden our reach into the commercial segment,” said Paul Nahi, CEO of Enphase, in a written release.

Enphase also announced two financial transactions. The first, a $50 million asset-based working capital credit facility with Wells Fargo Capital Finance, Inc., will replace an existing undrawn $33 million line of credit. The second, new $23 million credit line, will replace the company’s current $7.4 million of term debt and provide additional borrowing capacity.

The company reported an expected net revenue between $52 million and $57 million for the fourth quarter and a gross profit margin between 26.5 and 28 percent.

Shares in Enphase were trading 24 points lower at the end of trading on Wednesday, at $3.28.

 


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