Enphase Announces Q1 Earnings
Solar microinverter firm Enphase had its first earnings call today as a public company with a presentation covering its first quarter performance. In early April, Enphase completed its IPO, raising total gross proceeds of $61.9 million.
Paul Nahi, CEO, led the festivities. Here are the key takeaways:
- Net revenues increased to $42.6 million from $18.1 million year-over-year. Revenues were down from the previous quarter, but Nahi observed that first quarters are typically soft quarters.
- Gross margin increased to 21.8 percent from 14.7 percent year-over-year.
- Units sold in Q1 of 2012 increased to 292,000, compared to 123,000 in the first quarter of 2011.
- The company has over 42,000 installations to date.
- Enphase has a nearly 30 percent market share in residential solar and 19 percent market share in small commercial in California, according to the CEO.
Nahi likened the move to microinverters as the shift from mainframes to personal computers.
Net loss for Q1 was $10.2 million.
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