Leading micro-inverter firm Enphase Energy posted strong sales in the first quarter of 2013.
The company reported revenue of US$45.6 million, a 7% increase year on year, and was at the high end of previous guidance of between US$43 million-46 million.
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Gross margin was also impressive, topping 27% during the seasonally slowest quarter of the year. Margins are expected to remain high in the second quarter.
Enphase said it shipped 315,000 microinverters worth 68MW in the first quarter, supported primarily by demand in the US, which accounted for approximately 85% of the revenuel also played its part, which 15% of sales coming primarily from Canada, France, Benelux, UK and Italy, up from 10% in the prior quarter.
Management noted in a conference call to discuss quarterly results that it continued to gain market share in Europe.
However, the company still reported losses in the quarter. GAAP net loss was US$10.4 million. Negative cash flow was US$7 million. Total cash balance at the end of the first quarter was $36.4 million.
Paul Nahi, CEO of Enphase said: “During a seasonally softer portion of the year, revenue came in at the high end of our guidance and continues to demonstrate healthy top line growth on a year-over-year basis. Additionally, we improved our gross margins year over year, while maintaining tight control on our operating expenses, keeping them flat on a sequential basis.”
Management guided revenue for the second quarter of 2013 to be in the range of US$56 million to US$60 million, a 27% increase quarter on quarter, when taking the midpoint of the guidance, and up 4% year on year. The company said that gross margin was expected to be the range of 26% to 28%. However, non-GAAP operating expenses are expected to be roughly flat with the first quarter.
Although the company did not provide annual revenue guidance, management noted in the call that historical sales projections were typically second-half year loaded.
