By Loralee Stevens, Special to the Business Journal
PETALUMA — Enphase Energy (Nasdaq:ENPH) on Tuesday reported second-quarter revenue soared 41 percent on a 54 percent increase in sold wattage of its solar electricity microinverters, and the company’s quarterly net loss was less than half what it was a year before.
Net sales for the quarter ended June 30 were $82.0 million, up from $58.2 million a year before. During the second quarter Enphase sold 54 percent more wattage than a year ago, shipping 598,000 microinverters capable of handling 132,000 megawatts.
“Strong demand for our microinverter systems in our core U.S. residential market, as well as in the U.K. and Australia, continued to drive our business momentum into the second quarter, resulting in a 41 percent increase in revenue year-over-year,” said Paul Nahi, CEO. “The solar industry is experiencing strong growth, and Enphase is leading the way with our innovative microinverter system.”
For the first half, net revenues were $139.6 million, up 34.5 percent from the pace in the first two quarters of last year.
Quarterly net loss was $3.03 million, compared with $6.27 million a year before. The loss for the first half was $9.27 million, down from $16.8 million in 2013.
Non-GAAP gross margin for the quarter was 33.0 percent, an increase of 490 basis points over 12 months. Non-GAAP operating income was $6,000, resulting in Enphase’s second profitable quarter on a non-GAAP operating income basis. This compares to a non-GAAP operating loss of $4.0 million in the second quarter of 2013. On a non-GAAP basis, the net loss was $0.4 million, or a loss of $0.01 per share.
Enphase projected third-quarter revenue would be $93 million–$98 million, which would be 54 percent higher than a year before, if sales hit the midpoint of that range. Gross margin is anticipated to be 32 percent–34 percent. Non-GAAP operating expenses are projected to be flat or up 4 percent from a year before, as the company said investment in growth will continue.
About 400 people now work in Enphase’s 96,000-square-foot headquarters in north Petaluma.
The price of Enphase stock was 2 cents a share lower than Monday, closing at $9.70. But three hours after the post-bell earnings announcement, the stock price was $11.50, up 18 percent.
The stock price opened Wednesday at $11.50 and reached as high as $12.16 before finishing the session at $11.06, up 14 percent from Tuesday. The price fell back more than 20 cents a share, or by 2 percent-plus, in early after-hours trading.
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