From pv magazine USA
Enphase Energy, the solar micro-inverter pioneer, reported its financial results for the second quarter this week.
Coming off a strong, profitable first quarter, Enphase sees the second-quarter results of Covid-19 in compressed revenue and a swing to a loss. Gross margins remain strong.
The company reported revenue of $125.5 million in the second quarter, along with a GAAP gross margin of 38.5%. Last quarter, it reported $205.5 million in revenue – so revenue this quarter decreased 39% sequentially (or 22% sequentially, excluding the impact of $44.5 million of safe harbor revenue in the first quarter of 2020).
Financial results for the second quarter of 2020
- Revenue of $125.5 million
- Ending cash balance of $607.3 million
- GAAP gross margin of 38.5%; record non-GAAP gross margin of 39.6%
- GAAP net loss of $47.3 million
- Inventory was $31.2 million at the end of the second quarter, compared to $34.6 million at the end of the first quarter
“The employees in all four of our customer experience centers – the U.S., Europe, India, and Australia – are fully supporting installers and homeowners, while working from home,” the company said.
- Enphase shipped approximately 355 MW DC, or 1.08 million micro-inverters.
- Shipped its energy storage systems in June for pilot runs to a few installers
- Enphase and Q Cells announced a strategic partnership to develop AC modules
- Enphase and Maxeon, SunPower’s spinoff, will also partner to produce AC modules
For the third quarter, Enphase estimates its financial results as follows:
- Revenue to fall within a range of $160 million to $175 million
- GAAP gross margin to fall within a range of 36% to 39%
- GAAP operating expenses to fall within a range of $41.0 million to $43.0 million
“We saw a rebound in customer demand in June and July, we are carefully monitoring the resurgence of the Covid-19 pandemic in several states,” Enphase noted.
Fellow solar-panel-electronics maker SolarEdge also posted financial results this week. Revenue fell by 22%, but the company managed to show a profit for the quarter.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.