Aug 8, 2012 - US solar microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Tuesday said its net revenues rose 88% on the year in the second quarter of 2012 to USD 55.7 million (EUR 44.9m).
The company sold 403,000 units in the three months through June, up from 204,000 in the same quarter last year. Chief executive Paul Nahi said the performance came on the back of continued strong demand across North America as well as expansion in Europe.
Gross margin increased to 24.4% from 16.2% a year earlier, driven by cost reductions and scale improvements. For the third quarter of 2012, the company predicted net revenues of USD 59 million-63 million and gross margin in the region of 23.5-25%.
Second-quarter net loss widened to USD 11.4 million from USD 10.3 million, while non-GAAP net loss narrowed to USD 7.3 million from USD 9.3 million a year ago. On a per share basis, net loss was USD 0.29 and non-GAAP net loss was USD 0.19.
In the first half of 2012, Enphase's net loss expanded to USD 21.6 million from USD 19.6 million, while net revenues rose 106% to USD 98.3 million from the same period last year.