Microinverter market leader, Enphase Energy continues to gain traction in international markets, reporting second quarter 2013 sales up 28% sequentially.
Enphase noted revenue of US$58.2 million driven partly by sales outside the US increasing to 20% of total revenue, up from roughly 15% in the prior quarter and double the percentage achieved in the fourth quarter of 2012.
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Improved gross margin of 28.1% for the quarter was a new record, although the company continued to report a net loss, the losses almost halved to US$4.8 million.
“We had substantial growth in revenue generated from outside of the U.S. in the second quarter as it surpassed 20% of total revenue,” said Paul Nahi, CEO of Enphase Energy in a conference call to discuss results. “In Europe our performance was particularly strong in France, which is up over a 150% year-over-year and in the U.K. which has grown to our second largest European market behind France.
Key international markets include; Canada, France, U.K., Belgium, the Netherlands and Australia a significant difference from only a few years ago when sales were predominantly US centric.
Growth momentum was expected to continue into the third quarter, despite demand being muted partially due distribution channels lowering its microinverter inventory levels due to the transition to its fourth generation microinverter technology.
Management guided third quarter 2013 revenue to be in the range of US$59 million to US$63 million.