Leading PV microinverter manufacturer Enphase Energy has been notified by NASDAQ that the company is non-compliant with its minimum US$1.00 per share requirement for continued listing.
To comply with listing rules, Enphase has a 180-day period following June 23, 2017 to re-establish the US$1.00 per share price for 10 consecutive business days.
Enphase has undergone several major cost-cutting exercises in the last year as it focused on reducing its cash burn rate as the business remained loss-making.
The company has cash and cash equivalents of close to US$30 million at the end of the first quarter of 2017. Enphase reported a net loss of US$23.3 million on revenue of US$54.7 million in its most recent quarter.
According to a recent investors note by Philip Shen at ROTH Capital after Enphase held its annual analyst day conference, the company was estimated to require quarterly revenue of around US$90 million, an 11% increase from 2016 to meet guided gross margins of 30%, which would restore profitability.
Enphase is expecting new products being introduced such as integrated AC module microinverters (IQ6) from LG and JinkoSolar as well as its home energy storage offering to boost revenue.