Enphase Energy Inc. (Petaluma, CA, U.S.), a manufacturer of solar photovoltaic (PV) micro-inverters and system solutions, on May 5th, 2015 announced financial results for the first quarter ended March 31st, 2015.
The company reported total revenue for Q1, 2015 of USD 86.7 million, an increase of 50 percent compared to the first quarter of 2014 but significantly below record Q4, 2014 figures (USD 105.2 million; 180 MW shipped).
During the first quarter of 2015, Enphase sold 162 MW (AC) or 719,000 micro-inverters, an increase in MW of 74 percent compared to the first quarter of 2014.
Solid gross margin, no debt
GAAP gross margin for the first quarter of 2015 was 32.3 percent (Q4, 2014: 33.5%). GAAP operating loss for the first quarter of 2015 was USD 5.5 million compared to a GAAP operating loss of USD 5.8 million in the first quarter of 2014.
The Company exited the quarter with a total cash balance of USD 27.1 million and no debt.
“Our solid year-over-year growth in revenue and megawatt shipments in the first quarter of 2015 reflects continued strong business momentum, including customer growth in our domestic residential and commercial markets, as well as in the international markets,” said Paul Nahi, president and CEO of Enphase.
“During the first quarter, we began shipping our Enphase C250 Micro-inverter Systems to commercial solar customers in North America, and expanded our Enphase Energy Services business, providing system owners, operators and installers with a scalable asset management and O&M services offering. We look forward to driving continued innovation in the year ahead.”
“Non-GAAP gross margin of 32.6 percent came in at the high end of our margin outlook, despite the fact we lost approximately USD 1 million in revenue and one full percentage point of margin as a result of unfavorable foreign exchange fluctuations,” added Kris Sennesael, CFO of Enphase.
“In addition, we kept our operating expenses approximately flat, compared to the fourth quarter of 2014.”
Q2, 2015 gross margin guidance within a range of 30% to 32%
Enphase expects revenue for the second quarter of 2015 to be within a range of USD 100 million to USD 105 million, stated Sennesael.
“We expect gross margin to be within a range of 30 percent to 32 percent. As foreign exchange rates continue to deteriorate, we included in this outlook a negative impact on revenue of approximately USD 2.5 million to USD 3 million, and a negative impact on gross margin of approximately 2 percentage points. We also expect non-GAAP operating expenses for the second quarter of 2015 to be flat to up 2 percent, compared to the first quarter of 2015.”
2015-05-06 | Courtesy: Enphase Energy Inc. | solarserver.com © Heindl Server GmbH
Our editorial selection of breaking solar news is published at:
http://ift.tt/ZHkRw7
from RSS Solar News http://ift.tt/1GOc9dG
No comments:
Post a Comment