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Enphase Energy Reports First Quarter 2013 Financial Results

PETALUMA, Calif., May 7, 2013 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (Nasdaq:ENPH) announced today financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights

  • Revenue of $45.6 million
  • Non-GAAP gross margin of 27%, up 510 basis points year-over-year
  • Non-GAAP operating expenses flat sequentially at $20.4 million

Enphase Energy reported total revenue for the first quarter of $45.6 million. This is an increase of 7 percent compared to revenue of $42.6 million for the first quarter of 2012, which included approximately $9 million of revenue associated with shipments related to the expiring 1603 grant program. Excluding these 1603 related units, revenue increased 36 percent year-over-year. Units sold in the first quarter of 2013 totaled 315,000.

GAAP gross margin for the first quarter of 2013 was 26.8 percent and non-GAAP gross margin was 27 percent, an increase of 510 basis points when compared to 21.9 percent in the first quarter of 2012.

GAAP operating expenses for the first quarter were $21.9 million and non-GAAP operating expenses were $20.4 million, which is flat compared to the fourth quarter of 2012.

First quarter of 2013 GAAP net loss was $10.4 million, or a loss of $0.25 per share. On a non-GAAP basis, the net loss was $8.7 million, or a loss of $0.21 per share.

The Company exited the quarter with a total cash balance of $36.4 million.

"We are pleased with our first quarter results and are off to a strong start for 2013. 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," commented Paul Nahi, CEO of Enphase. "Additionally, we improved our gross margins year-over-year, while maintaining tight control on our operating expenses, keeping them flat on a sequential basis."

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