US microinverter manufacturer Enphase Energy has predicted the record revenue generated in the first three months of the year will be bettered in the current quarter.
The California-based company, which also manufactures batteries, posted revenue of $441 million in the January-March window, up 7% from the $413 million recorded in the final quarter of 2021. It said it expects $490 million to $520 million worth of business in the current trading period.
Those numbers translated into net income of $51.8 million, down from $52.6 million in the previous quarter, with no obvious explanation offered in the first-quarter update published on the Enphase website. However, the company did add that its own, non-generally accepted accounting principle figure would have been $110 million, helped along by the inclusion of $47.8 million of stock-based compensation.
Enphase said it expects shift 130 MW to 140 MW of its IQ Batteries in the current quarter. It shipped around 2.84 million of its microinverters in the January-March period – down 6% on the previous quarter – for a total capacity of 1,029 MWdc, plus 120 MW worth of IQ Batteries.
The company expects operating expenses in the current three-month period to rise to $128 million to $131 million because of a share incentive scheme and acquisition costs, which it expects will amount to $57 million.
A slashing in net interest costs for Enphase, from $12.7 million at the end of 2021 to $2.74 million at the end of March, helped the company's cash balance rise from $119 million to $252 million over the same period. At the same time, its non-current debts rose from $952 million to $1.2 billion, with the manufacturer having acquired business leads company SolarLeadFactory LLC in March.
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