Enphase Energy enjoys high demand for microinverters, returns to Q2 profit

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

US solar microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Tuesday reported a GAAP net profit of USD 39.4 million (EUR 33.4m) in the second quarter of 2021, against a loss of USD 47.3 million a year back.

On a non-GAAP basis, the net result rose to USD 74.7 million from USD 23.5 million in the year-ago period. Revenues more than doubled and gross margin rose according to both accounting standards on a year-on-year basis.

The table below gives more details on the company’s second-quarter (Q2) performance.

Results in USD million	Q2 2021	Q2 2020
GAAP
Revenue	316.1	125.5
Gross margin	40.4%	38.5%
Operating income	59.4	10.9
Net income (loss)	39.4	(47.3)
Non-GAAP
Revenue	316.1	125.5
Gross margin	40.8%	39.6%
Operating income	77.2	23.7
Net income (loss)	74.7	23.5

Enphase Energy noted that demand for its microinverters was “well ahead of supply” in the reporting period. It shipped 2.36 million microinverter units with a combined DC capacity of 796 MW and 43 MWh of energy storage systems.

The company noted that component availability in the global semiconductor supply chain continued to be constrained in April-June and it incurred higher logistics and expedite costs so as to meet customer demand.

Enphase Energy guided for revenues of USD 335 million-355 million in the third quarter, with energy storage shipments of 60 MWh-70 MWh. On a GAAP basis, gross margin is seen at 37%-40% and operating costs are anticipated to range between USD 105 million and USD 108 million. Non-GAAP gross margin is expected to be within the 38%-41% range, while operating expenses are forecast to be USD 57 million-60 million.

(USD 1.0 = EUR 0.847)

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