Enphase Energy (ENPH) Earnings Report Show Year-Over-Year Revenue Increase of 105%


“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.

Your Electric Bill Is Set to Plummet Because of This Simple and Affordable Solar Power Device [ad]

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. 

Related: ENPH Financial Results for the First Quarter of 2020

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

Have You Downloaded Your Copy of the "Beginner's Options Guide"?

If not, here's your chance to save it to your computer while it's still free. That way you will never have to pay for it again in the future.

This guide will get you placing winning trades without you needing to spend hundreds of hours studying.

In fact, you can place your first trade today after reading my "Beginner's Guide" to trading options.

Click here for your copy.