From pv magazine Global
The California-based company, which also manufactures batteries, posted revenue of US$441 million (AU$580 million) in the January-March window, up 7% from the US$413 million recorded in the final quarter of 2021. It said it expects US$490 million to US$520 million worth of business in the current trading period.
Those numbers translated into net income of US$51.8 million (AU$73 million), down from US$52.6 million in the previous quarter, with no obvious explanation offered in the first-quarter update published on the Enphase website. However, the company did add that its own, non-generally accepted accounting principle figure would have been US$110 million, helped along by the inclusion of US$47.8 million of stock-based compensation.
Enphase said it expects shift 130 MW to 140 MW of its IQ Batteries in the current quarter. It shipped around 2.84 million of its microinverters in the January-March period – down 6% on the previous quarter – for a total capacity of 1,029 MWdc, plus 120 MW worth of IQ Batteries.
The company expects operating expenses in the current three-month period to rise to US$128 million to US$131 million (AU$180 – $185 million) because of a share incentive scheme and acquisition costs, which it expects will amount to US$57 million.
A slashing in net interest costs for Enphase, from US$12.7 million at the end of 2021 to US$2.74 million at the end of March, helped the company’s cash balance rise from US$119 million to US$252 million over the same period. At the same time, its non-current debts rose from US$952 million to US$1.2 billion, with the manufacturer having acquired business leads company SolarLeadFactory LLC in March.
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