Enphase posts Q1 Y-O-Y revenue growth of 50%

U.S. microinverter supplier Enphase Energy has grown its first quarter (Q1) revenue by 50% year-on-year, posting $86.7 million at the end of March 31, 2015.

Although that performance was a little below Q4 2014’s record revenue of $105.2 million, it still represented solid annual growth for the company.

Enphase shipped 719,000 microinverters (162 MWac) in the first three months of the year, which was 74% more than Q1 2014 but below the 799,000 microinverters (180MWac) shipped in 2014’s final quarter.

Enphase’s GAAP gross margin for Q1 2015 stood at 32.2%, down from 33.5% in Q4 2014. In terms of GAAP net loss, Enphase finished Q1 2015 with a GAAp net loss of $6.3 million, compared to $6.2 million in Q1 2014. The company exited the quarter with no debt and a total cash balance of $27.1 million.

“Our solid year-over-year growth in revenue and MW shipments in the first quarter of 2015 reflects continued strong business momentum, including customer growth in our domestic residential and commercial markets, as well as in the international markets,” said Enphase CEO and president Paul Nahi.

“During the first quarter, we began shipping our Enphase C250 Microinverter Systems to commercial solar customers in North America, and expanded our Enphase Energy Service business, providing system owners, operators and installers with a scalable asset management and O&M services offering.

“We look forward to driving continued innovation in the year ahead.”

The outlook for Q2 projects expected revenue of between $100 million to $105 million, and gross margin to be within the range of 30% to 32%, the company added.