August 1 (Solar) – Enphase Energy Inc (NASDAQ:ENPH), which is gearing to buy the microinverter business of SunPower Corp (NASDAQ:SPWR), narrowed its second-quarter net loss to USD 3.7 million (EUR 3.2m) from USD 12.1 million a year back.
The microinverter maker said in a press release on Tuesday that the improvement came as revenues increased to USD 75.9 million from USD 70 million in the first quarter and USD 74.7 million in the year-ago period. On a non-GAAP basis, the company booked a net profit of USD 1.6 million, emerging from a loss of USD 6.6 million in the second quarter of 2017.
In spite of a 7% sequential rise in non-GAAP operating costs, Enphase registered a non-GAAP operating income of USD 4.1 million, which is the the third quarter in a row with a positive result, president and CEO Badri Kothandaraman noted. GAAP and non-GAAP gross margin in April-June stood at 29.9% and 30.5%, respectively, both increasing thanks to pricing management, supply chain optimisation and a milestone payment related to its IQ 8 microinverters.
The table shows more details about Enphase’s Q2 performance.
|Amounts in USD (except percentages)||Q2 2018||Q2 2017|
|GAAP gross margin||29.9%||18.1%|
|GAAP operating profit (loss)||(558,000)||(9.2m)|
|GAAP net profit (loss)||(3.7m)||(12.1m)|
|GAAP basic earnings (loss) per share||(0.04)||(0.14)|
|non-GAAP gross margin||30.5%||18.4%|
|non-GAAP operating profit (loss)||4.1m||(4m)|
|non-GAAP net profit (loss)||1.6m||(6.6m)|
|non-GAAP basic earnings (loss) per share||0.02||(0.08)|
During the three months, Enphase shipped 675,000 microinverters with a total direct current (DC) capacity of 203 MW. It initiated deliveries of its IQ 7X microinverters to solar distributors in the US and also introduced the IQ 7 product in the European market, in Australia and New Zealand.
For the third quarter, the US firm expects revenues of between USD 76 million and USD 82 million and GAAP and non-GAAP gross margin of 30%-33%. Non-GAAP operating costs are seen at USD 18 million-19 million.
(USD 1.0 = EUR 0.855)