Leading PV microinverter producer Enphase Energy met the mid-range of sales and shipment guidance on the seasonally weak first quarter.
Enphase reported first quarter 2015 revenue of US$86.7 million, down from record fourth quarter of 2014 revenue of US$105.2 million. Enphase sold 162MW (AC) or 719,000 microinverters in the quarter, compared to 180MW (AC) or 799,000 microinverters in the previous quarter.
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The company reported a GAAP gross margin of 32.3%, compared to 33.5% in the previous quarter.
“Our solid year-over-year growth in revenue and megawatt shipments in the first quarter of 2015 reflects continued strong business momentum, including customer growth in our domestic residential and commercial markets, as well as in the international markets,” said Paul Nahi, president and CEO of Enphase. “During the first quarter, we began shipping our Enphase C250 Microinverter Systems to commercial solar customers in North America, and expanded our Enphase Energy Services business, providing system owners, operators and installers with a scalable asset management and O&M services offering.”
Enphase reported a GAAP operating loss of US$5.5 million for the first quarter of 2015, compared to a net income of US$3.5 million in the previous quarter.
The company guided second quarter revenue to be in the range of US$100 million to US$105 million, close to its record fourth quarter 2014 results.