Enphase Sales Up 26% Over Q1 2013

SOLARTODAY

PETALUMA, Calif., May 6, 2014 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (Nasdaq:ENPH) announced today financial results for the first quarter ended March 31, 2014. First Quarter 2014 Highlights ● Revenue of $57.6 million, up 26 percent year-over-year ● Shipped 93MW (AC) of microinverter systems, up 37 percent year-over-year ● Record non-GAAP gross margin of 32.7 percent, up 570 basis points year-over-year ● Strong positive cash flow from operations of $4.3 million Enphase Energy reported total revenue for the first quarter of 2014 of $57.6 million. This is an increase of 26 percent compared to the first quarter of 2013. During the first quarter of 2014, Enphase sold 93MW (AC) or 423,000 microinverters. This is an increase in MW of 37 percent compared to the first quarter of 2013. GAAP gross margin for the first quarter of 2014 was 32.4 percent. Non-GAAP gross margin was 32.7 percent, an increase of 570 basis points compared to the first quarter of 2013. GAAP operating expenses for the first quarter of 2014 were $24.4 million and non-GAAP operating expenses were $22.6 million. GAAP net loss was $6.2 million for the first quarter of 2014, or a loss of $0.15 per share. On a non-GAAP basis, the net loss was $4.1 million, or a loss of $0.10 per share. Cash flow from operations during the first quarter of 2014 was $4.3 million and net cash flow was $1.7 million. As a result, the company exited the first quarter with a total cash balance of $39.9 million. “We entered 2014 with accelerating business momentum,” said Paul Nahi, CEO of Enphase. “Demand for our microinverter systems was strong in both our core domestic and international markets, resulting in a 26 percent increase in revenue on a year-over-year basis. In particular, I am excited with the impressive revenue growth in our EMEA business led by the U.K. where revenue was up over 60 percent sequentially and our early success in the Australian market.” Mr. Nahi added, “We are especially pleased with these results, given normal first quarter seasonality and the effects of the severe weather this winter on the North American markets, particularly Canada and the Northeastern U.S.” “I am extremely pleased with our financial performance this quarter,” said Kris Sennesael, CFO of Enphase. “Our focus on working capital management, combined with our top line performance and further gross margin improvements, enabled us to achieve positive cash flows for the second straight quarter.” Business Outlook “Building on this strong business momentum, we expect revenues for the second quarter of 2014 to be within a range of $69 million to $73 million. At the midpoint of the revenue outlook range, revenue would be up 22 percent compared to the second quarter of 2013,” stated Mr. Sennesael. “We expect gross margin to be within a range of 30 percent to 33 percent. We also expect non-GAAP operating expenses for the second quarter of 2014 to be up approximately 2 percent to 5 percent compared to the first quarter of 2014, as we continue to invest to accelerate growth.”

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