Leading PV microinverter manufacturer, Enphase Energy reported record third quarter results, while guiding fourth quarter could be even better.
Enphase record reported third quarter 2014 revenue of US$99.1 million, up from US$82 million the previous quarter. Revenue is up 60% year-on-year and 21% quarter-on-quarter.
Shipments reached 170MW (AC), up 81% year-on-year and a total of 760,000 microinverters in the quarter.
The company noted that increasing global demand for solar in US residential market, as well as the UK and Australia boosted sales. Enphase said that US revenue was up 63% year-over-year and international revenue up 41% year-over-year
GAAP gross margin for the third quarter of 2014 was 32.8%, compared to 28.1% in the third quarter of 2013. Significantly, Enphase reported a GAAP net income for the first time of US$800,000 compared to a GAAP net loss of US$6.3 million in the third quarter of 2013. On a non-GAAP basis, net income was US$3.8 million,
“We delivered outstanding financial results for the third quarter of 2014,” said Paul Nahi, CEO of Enphase Energy. “Increasing global demand for our microinverter systems resulted in record megawatt shipments and 60 percent year-over-year revenue growth. We also made significant progress driving our bottom line results and achieving record profitability. In addition to the strong business momentum, we recently introduced the Enphase Energy Management System at Solar Power International, featuring our 5th generation microinverter system and our storage solution, the Enphase AC Battery.”
Enphase guided more to come in the final quarter of the year. The company guided revenue to be in the range of US$98 million to US$103 million.