California-headquartered microinverter specialist Enphase Energy has posted steady first quarter (Q1) financials, revealing how the company hit its revenue targets in the first three months of the year as part of its price reduction roadmap.
In what was described as a "challenging" 2015 by Enphase president and CEO Paul Nahi, last year Enphase sought to lower the price of its microinverters by 19% – and this reduction has carried through into Q1 2016.
Revenue for the first quarter was $64.1 million, which was slightly below the $65.6 million achieved in Q4 2015, but within the companys guidance range of $63 million to $69 million.
In terms of shipments, more than 610,000 microinverters were sold in Q1 2016, representing a total of 143 MW (AC) of capacity, with the U.S. market a particular driver. GAAP gross margin for the quarter was 18.3%, non-GAAP gross margin was 18.8%, and GAAP operating expenses hit $30.8 million.
Net losses, meanwhile, came in at $18.8 million (GAAP), which represented a net loss of $0.41 per share.
International markets, particularly in Europe and Australia, continued to represent growth regions for Enphase Energy, with the company eager in 2016 to expand its Home Energy Solution package, which comprises an AC Battery storage system.
"We continue to execute on our cost reduction roadmap that will significantly drive down our product costs," said Nahi. "We are also making solid progress on the expansion of the Enphase Home Energy Solution with the upcoming launch of the AC Battery storage system. Together these will drive long-term growth with new and existing partners worldwide."
Looking ahead to Q2, Enphase CFO Kris Sennesael said that the company expects revenue to be within a range of $76 million to $82 million, growing sequentially by around 23%, with shipments also set to grow by some 32% on Q1.
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