Enphase Energy, Inc. announced today financial results for the second quarter ended June 30, 2016.
Enphase Energy reported total revenue for the second quarter of 2016 of $79.2 million, an increase of 24 percent compared to the first quarter of 2016. During the second quarter of 2016, Enphase sold 186MW (AC) or 796,000 microinverters, which is an increase in MW of 30 percent compared to the first quarter of 2016. GAAP gross margin for the second quarter of 2016 was 17.9 percent and non-GAAP gross margin was 18.2 percent. GAAP operating expenses for the second quarter of 2016 were $29.9 million and non-GAAP operating expenses were $27.5 million. GAAP operating loss for the second quarter of 2016 was $15.8 million and non-GAAP operating loss was $13.0 million. GAAP net loss for the second quarter of 2016 was $16.7 million, or a net loss of $0.36 per share. On a non-GAAP basis, net loss was $13.9 million, or a net loss of $0.30 share.
The Company generated $7.3 million in cash flow from operations for the second quarter of 2016.
"Our second quarter financial results and third quarter outlook demonstrate that Enphase is regaining market share worldwide, resulting in substantial sequential revenue and shipments growth," said Paul Nahi, president and CEO of Enphase Energy. "A more competitive price and the introduction of our Home Energy Solution are driving multiple customer wins globally. Our product cost reduction efforts are well on track. We look forward to the upcoming launch of our AC Battery storage solution in Australia during the third quarter."
"During the second quarter, we improved our cash flow and reduced inventory levels substantially, resulting in $7.3 million positive cash flow from operations," said Kris Sennesael, CFO of Enphase Energy.
"We expect revenue for the third quarter of 2016 to be within a range of 87 to 93 million dollars," stated Kris Sennesael. "We expect GAAP and non-GAAP gross margin to be within a range of 17 to 20 percent. Non-GAAP gross margin excludes approximately $0.3 million of stock-based compensation expense. We also expect GAAP operating expenses for the third quarter of 2016 to be within a range of 30 to 32 million dollars and non-GAAP operating expenses to be within a range of 27 to 29 million dollars, excluding approximately $3.0 million of stock-based compensation expense."