Enphase Energy, the California-headquartered microinverter and battery storage developer, appears to have bucked a downward trend in the third quarter (Q3), turning around both falling revenue and microinverter shipments.
The companys Q3 financial report sees revenue increase by 12% on Q2 to reach $88.7 million, while microinverter shipments were also up 10%, hitting 869,000 units, the equivalent of 204 MW (AC).
Enphases GAAP operating expense rose slightly to $33.6 million, with GAAP operating losses posted at $17.7 million. However, net loss for the company came in at $18.8 million, which is higher than the $16.7 million loss posted in Q2.
Revenue and shipments were some way below last years third quarter, which were reported as $102.9 million and 219 MW (AC) respectively and prompted the firm to reduce its microinverter price by 19%.
As of the end of this years Q3, Enphase reported a total cash balance of $24.1 million, which represents an increase on Q2 that can largely be attributed to a recent short-term capital injection secured in July.
This third quarter was notable for Enphase because it began shipping its AC Battery storage solution into Australia and New Zealand. This technology diversifies the Enphase portfolio and augments its Home Energy Solution, which is an integrated solar, storage and energy management offering that is to be made available in Q1 2017 and will feature Enphases sixth-generation IQ microinverter, which will be shipped in with AC modules by LG, SolarWorld and JinkoSolar.
"Our solid sequential growth in revenue and megawatt shipments reflects continued global demand for our solar energy systems," said Enphase Energy CEO Paul Nahi.
Company CFO Bert Garcia added that the restructuring initiative announced in Q3 which included an 11% reduction in the firms global workforce and an abandonment of non-core projects is expected to result in approximately $20 million in annualized operating expense.
"Additionally during the quarter we entered into a $25 million term loan agreement and raised approximately $14 million in net proceeds from our equity offering," Garcia explained.
Enphase expects to post Q4 revenue in the range of $90 million to $100 million, with gross margin of between 16-20%.