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Enphase Energy Reports First Quarter 2013 Financial Results

Stocks in this article: ENPH

Mr. Nahi added, "We continue to make progress with execution on our key initiatives, which include improving operating performance, expanding gross margin, broadening our market opportunity, developing new products and services and charting a path to profitability and sustainable positive cash flows. We remain excited about the solar industry and believe its long term global prospects continue to be tremendous and represent a great opportunity for growth and profitability for those companies with vision and a unique value proposition."

Business Highlights

  • Renewal of inverter solution agreement with Vivint Solar to be their inverter supplier for 2013.
  • New European leadership established with the appointment of a single Managing Director for Enphase Europe, Middle East and Africa (EMEA) to oversee the execution and future expansion of the business.
  • Product availability announced in Switzerland and Greece through existing distribution partnerships, bringing the number of countries served in the European region to eight.
  • First installation featuring Enphase Microinverters and Phono Solar AC Modules by San Diego Solar Install following the Enphase and Phono Solar partnership announcement in the fall of 2012.
  • Announced 2013 philanthropic partnership with non-profit GRID Alternatives, a collaboration bringing over $14 million in expected lifetime energy savings to low-income families since 2010.

Business Outlook

"Looking forward we expect a strong sequential increase in our top line, with revenues for the second quarter of 2013 to be within a range of $56 million to $60 million, and for gross margin to be within a range of 26 percent to 28 percent," said Kris Sennesael, CFO of Enphase. "We also expect non-GAAP operating expenses for the second quarter of 2013 to be roughly flat compared to the first quarter of 2013."

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States of America, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

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