Microinverter market leader, Enphase Energy said shipments and revenue in the fourth quarter of 2013 would exceed previous guidance as demand was stronger than expected.
The company said that it shipped 107MW (AC) of microinverter systems in the fourth quarter of 2013, a 14% increase over the previous quarter and a 30% increase, year-over-year.
“We continued to see very strong business momentum during the fourth quarter, mainly driven by a healthy residential solar market in the U.S.,” said Paul Nahi, CEO of Enphase. “During the fourth quarter, shipments exceeded 100MW of microinverter systems for the first time, marking another record quarter.”
Sales are therefore expected to be higher at between US$66 million to US$67 million for the quarter, compared to previous guidance of US$62 million to US$65 million.
Milestone: 1GW of microinverter system shipments
Enphase also announced that it had reached over 1GW of microinverter system shipments since launching its first-generation microinverter system in North America in 2008.
The company has also released new product enhancements this week after introducing its fourth generation technology in 2013.
Enphase reached the 500,000 unit shipment level in January 2011.