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Energy technology company, Enphase Energy Reports Financial Results for 1Q 2022

Enphase

Firstly, Enphase Energy, Inc. is a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems.

Secondly the company reported a record quarterly revenue of $441.3, along with 41.0% for non-GAAP gross margin. 

Also, it shipped approximately 2,838,693 microinverters, or 1,029 megawatts DC, and 120.4 megawatt hours of Enphase IQ™ Batteries.

Energy technology company financial highlights 

Moreover, Enphase Energy recorded a quarterly revenue of $441.3 million; a GAAP gross margin of 40.1%; and a non-GAAP gross margin of 41.0%.

Besides, the GAAP operating income was of $61.8 million; and the non-GAAP operating income was of $114.5 million.

The company has a GAAP net income of $51.8 million; a non-GAAP net income of $109.7 million; GAAP diluted earnings per share of $0.37; and non-GAAP diluted earnings per share of $0.79.

Finally, the cash flow from operations reported $102.4 million; and the ending cash, cash equivalents, and marketable securities balance registered $1.1 billion

Highlights

Enphase Energy announced steady growth in its Enphase Installer Network (EIN) in Victoria, Australia; due to market-leading partner support, state-run initiatives, and growing homeowner demand for safer, smarter, and more reliable solar systems.

Also, the installers in Spain have seen an increase in deployments of residential solar energy systems, powered by IQ7+™ and IQ7A™ Microinverters. 

Residential solar deployments in Spain are growing exponentially as favorable regulatory developments and high electricity prices are motivating homeowners to make the switch to a more sustainable clean energy generation.

Enphase Energy announced that Vermont-based utility Green Mountain Power (GMP) will offer Enphase® Energy Systems to its customers in a cutting-edge battery lease grid services pilot program. 

Homeowners can also enroll in GMP’s “Bring Your Own Device” grid services program, which enables customers with their own Enphase Energy Systems to participate and earn an up-front incentive.

We also recommend: Car producers are looking at energy options to replace Russian gas.

Market expansion

The company reported it has expanded its nearly 15-year relationship with global diversified manufacturer Flex®. 

Starting in the first quarter of 2023, Flex’s factory in Timisoara, Romania will begin manufacturing Enphase microinverters for the European market, addressing the region’s rapid growth and demand for residential solar due to rising energy prices and the increased adoption of electric vehicles and heat pump technology.

On April Enphase Energy announced the launch of its EIN in France. It is a network of highly experienced installers that have a proven track-record of delivering exceptional homeowner experiences using Enphase products.

Finally, the organization announced that installers in South Carolina, Iowa, Nevada, Oklahoma, Wisconsin, Oregon, New Jersey, Ohio, and Utah have seen growing deployments of the Enphase Energy System powered by IQ® Microinverters and IQ Batteries

About Enphase Energy, Inc.

Enphase Energy, a global energy technology company based in Fremont, CA. It is the world’s leading supplier of microinverter-based solar and battery systems.

It enables people to harness the sun to make, use, save, and sell their own power; and control it all with a smart mobile app. 

The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. 

Enphase has shipped more than 45 million microinverters, and over 2.0 million Enphase-based systems have been deployed in more than 135 countries. 

For more information, visit www.enphase.com.

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