May 7, 2013 - Enphase Energy, Inc.announced today financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Highlights
Revenue of $45.6 million
Non-GAAP gross margin of 27%, up 510 basis points year-over-year
Non-GAAP operating expenses flat sequentially at $20.4 million
Enphase Energy reported total revenue for the first quarter of $45.6 million. This is an increase of 7 percent compared to revenue of $42.6 million for the first quarter of 2012, which included approximately $9 million of revenue associated with shipments related to the expiring 1603 grant program. Excluding these 1603 related units, revenue increased 36 percent year-over-year. Units sold in the first quarter of 2013 totaled 315,000.
GAAP gross margin for the first quarter of 2013 was 26.8 percent and non-GAAP gross margin was 27 percent, an increase of 510 basis points when compared to 21.9 percent in the first quarter of 2012.
GAAP operating expenses for the first quarter were $21.9 million and non-GAAP operating expenses were $20.4 million, which is flat compared to the fourth quarter of 2012.
First quarter of 2013 GAAP net loss was $10.4 million, or a loss of $0.25 per share. On a non-GAAP basis, the net loss was $8.7 million, or a loss of $0.21 per share.
The Company exited the quarter with a total cash balance of $36.4 million.
"We are pleased with our first quarter results and are off to a strong start for 2013. During a seasonally softer portion of the year, revenue came in at the high end of our guidance and continues to demonstrate healthy top line growth on a year-over-year basis," commented Paul Nahi, CEO of Enphase. "Additionally, we improved our gross margins year-over-year, while maintaining tight control on our operating expenses, keeping them flat on a sequential basis."
Mr. Nahi added, "We continue to make progress with execution on our key initiatives, which include improving operating performance, expanding gross margin, broadening our market opportunity, developing new products and services and charting a path to profitability and sustainable positive cash flows. We remain excited about the solar industry and believe its long term global prospects continue to be tremendous and represent a great opportunity for growth and profitability for those companies with vision and a unique value proposition."
Renewal of inverter solution agreement with Vivint Solar to be their inverter supplier for 2013.
New European leadership established with the appointment of a single Managing Director for Enphase Europe, Middle East and Africa (EMEA) to oversee the execution and future expansion of the business.
Product availability announced in Switzerland and Greece through existing distribution partnerships, bringing the number of countries served in the European region to eight.
First installation featuring Enphase Microinverters and Phono Solar AC Modules by San Diego Solar Install following the Enphase and Phono Solar partnership announcement in the fall of 2012.
Announced 2013 philanthropic partnership with non-profit GRID Alternatives, a collaboration bringing over $14 million in expected lifetime energy savings to low-income families since 2010.
"Looking forward we expect a strong sequential increase in our top line, with revenues for the second quarter of 2013 to be within a range of $56 million to $60 million, and for gross margin to be within a range of 26 percent to 28 percent," said Kris Sennesael, CFO of Enphase. "We also expect non-GAAP operating expenses for the second quarter of 2013 to be roughly flat compared to the first quarter of 2013."