Enphase Energy's net loss expands in Q3 2012

Nov 8, 2012 - US solar microinverter maker Enphase Energy Inc (NASDAQ:ENPH) yesterday posted a third-quarter net loss USD 8.9 million (EUR 7m), widening from USD 7.2 million a year ago as total costs offset the record revenue growth.

Total operating expenses increased to USD 24.5 million from USD 15 million.

Gross margin improved to a record percentage of 26.8% from 19.1% a year earlier.

Revenue rose 36% on the year to USD 60.8 million. Microiverter sales grew to 431,000 units from 286,000 units.

"I'm pleased with the revenue growth and continuous gross margin expansion, despite a difficult macroeconomic environment and certain challenges in the European markets as result of a drastic and sudden reduction in Feed-in Tariffs", Enphase's CEO Paul Nahi said.

The company guides for fourth-quarter gross margin in the range of 26.5% to 28% and revenue ranging from USD 52 million to USD 57 million.

Net loss for the first nine months expanded to USD 30.5 million from USD 26.8 million and revenue grew to USD 159 million from USD 92.4 million a year ago.

Enphase Energy also said it had signed a USD-50-million asset-based working capital credit facility with Wells Fargo Capital Finance Inc, replacing a USD-33-million undrawn credit line, as well as USD-23-million credit facility to replace a USD-7.4-million term debt and provide up to USD 15.6 million of additional borrowing capacity.

(USD 1 = EUR 0.784)

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