“We are pleased to report revenue of $205.5 million in the first quarter of 2020, along with an all-time record for gross margin, despite COVID-19. Our first quarter revenue increased 105% year-over-year. We shipped approximately 643 megawatts DC, or 2,012,476 microinverters, as our worldwide teams did an excellent job of ensuring product availability and on-time customer deliveries,” reported ENPH President and CEO Badri Kothandaraman.
Some of the key highlights from earnings included:
- Cash flow from operations of $39.2 million; ending cash balance of $593.8 million
- GAAP gross margin of 39.2%; non-GAAP gross margin of 39.5%
- GAAP operating expenses of $36.0 million; non-GAAP operating expenses of $28.5 million; and GAAP operating income of $44.7 million; non-GAAP operating income of $52.8 million
ENPH ended the quarter with $593.8 million in cash, including restricted cash and generated $39.2 million in cash flow from operations. The company also just authorized a share buyback plan to up to $200 million of stock.
Over the quarter, Enphase Energy:
- Announced an alliance with Amicus Solar Cooperative, a Certified B Corporation and Public Benefit Corporation, to become a supplier-of-record for its membership of values-driven, independently owned solar energy developers, EPCs, and installers.
- Announced an expanded partnership with Rexel Group, a global multichannel solar distributor of products and services, to include Australia-wide distribution.
- Unveiled a comprehensive portfolio of training options to ensure that installers are trained and ready for Enphase Ensemble technology.
- Announced it has collaborated with Courant Naturel, a fast-growing residential solar installer with headquarters in Soual, France, to deliver solar solutions to customers in southwest France.
In the fourth quarter, Enphase Energy reported that revenues were up 17% quarter over quarter, and 128% year over year to $210M. Its non-GAAP gross margin was 37.3%, up from 36.2% in Q3 and 30.7% in the year-ago quarter. It also generated $102.3 million in cash flow from operations, ending the year with $296.1 million in cash. ENPH then issued upside revenue guidance of $200 million to $210 million, as compared to analyst expectations for $174 million.
Ian Cooper’s Personal Position in ENPH: None
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