Microinverter maker Enphase cuts net loss in Q1

Image by Enphase Energy (enphase.com)

US microinverter maker Enphase Energy Inc (NASDAQ:ENPH) on Tuesday said its net loss narrowed to USD 5.1 million (EUR 4.3m) in the first quarter of 2018 from USD 23.3 million a year ago.

The company reported non-GAAP operating profit for the second consecutive quarter and continued to improve its non-GAAP gross margin on the back of pricing management, supply chain optimisation and the IQ platform transition.

in USD million, unless specified	Q1 2018	Q4 2017	Q1 2017
Revenue	70	79.7	54.8
GAAP gross margin (%)	26.2	23.8	12.9
Non-GAAP gross margin (%)	26.5	24.2	13.3
GAAP operating profit (loss)	(2.5)	(2.1)	(22.1)
Non-GAAP operating profit (loss)	0.86	1.3	(12.9)
GAAP net profit (loss)	(5.1)	(2.9)	(23.3)
Non-GAAP net profit (loss)	(1.3)	0.68	(13.6)

At USD 70 million, revenue was down 12% quarter-on-quarter, but up 28% year-over-year and at the higher end of Enphase's guidance. The company shipped 180 MW DC, or 611,000 microinverters in the period. In the second quarter it expects its revenue to be between USD 72 million and USD 80 million, and GAAP and non-GAAP gross margin to be in the range of 26% to 29%.

Enphase also announced on Tuesday that its chief financial officer, Bert Garcia, is resigning to pursue other opportunities. An external search for a replacement has been launched.

(USD 1 = EUR 0.833)

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