US microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Tuesday said it has swung to an unaudited third-quarter 2016 net loss of USD 18.8 million (EUR 17m) from a USD-624,000 profit a year back.
On a non-GAAP basis, net loss was USD 13.4 million, or USD 0.28 per share. This compares to a positive USD 3.8 million in the year-ago period. Non-GAAP gross margin dropped to 18.2% from 30.9% a year back.
July-September total revenue came in at USD 88.7 million, down from USD 102.9 million last time. The company sold 204 MW of microinverters, or 10% more quarter-on-quarter.
“We began shipping our alternating current (AC) Battery storage solution in Australia and New Zealand during the third quarter and are very pleased with the demand we have seen,” president and CEO, Paul Nahi, said.
In the first nine months of 2016, Enphase Energy’s deficit deepened to USD 54.3 million from USD 6.3 million in 2015. January-September revenues declined to USD 232 million from USD 291.6 million.
The company guided for revenues of between USD 90 million and USD 100 million in the fourth quarter and GAAP and non-GAAP gross margin in the range of 16% to 20%.