Net revenues increased to $55.7 million from $29.6 million year-over-year
Gross margin increased to 24.4% from 16.2% year-over-year
Enphase Energy, Inc. (NASDAQ: ENPH), has announced financial results for the second quarter ended June 30, 2012.
Second Quarter Financial Highlights
Net Revenues: Total net revenues for the second quarter ended June 30, 2012 grew 88 percent to $55.7 million from $29.6 million in the second quarter of 2011. Units sold in the second quarter of 2012 increased to 403,000, compared to 204,000 in the second quarter of 2011.
Gross Margin: Gross margin for the second quarter of 2012 was 24.4 percent, compared to 16.2 percent in the second quarter of 2011.
Net Loss: Second quarter of 2012 net loss was $11.4 million, or a loss of $0.29 per share, which compares to a net loss of $10.3 million, or a loss of $9.95 per share in the year-ago quarter. On a non-GAAP basis, the net loss was $7.3 million for the second quarter of 2012, or a loss of $0.19 per share, compared to $9.3 million, or a loss of $8.99 per share, in the year-ago quarter.
Non-GAAP results exclude stock-based compensation expense, non-cash interest expense and non-cash gains or losses due to preferred stock warrant revaluations. A reconciliation of GAAP to non-GAAP financial measures is included below.
“Our momentum continued in our second quarter as we lead the solar industry in the transition to microinverters,”said Paul Nahi, CEO of Enphase Energy. “Ongoing robust demand throughout North America points to the fundamental appeal of the Enphase solution, which consists of higher power generation, ease of installation and best-in-class monitoring capabilities. Additionally, during the quarter we expanded our presence in Europe, and believe that the markets there are at the beginning of a fundamental shift from string inverters to microinverters.”
“In our second quarter we achieved year-over-year revenue growth of 88 percent,” said Sanjeev Kumar, CFO of Enphase Energy. “We continued to drive gross margin improvement through enhancements related to cost reductions and scale. Gross margins of 24.4 percent improved by over 810 basis points from the year-ago quarter, and 250 basis points from the first quarter of 2012.”
Business Highlights
Six month net revenues increased 106% 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 underway 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.
Business Outlook
Enphase Energy expects net revenues for the third quarter of 2012 to be within a range of $59 million to $63 million, and for gross margin to be within a range of 23.5 percent to 25 percent.