Enphase Q2 2020 Earnings Report
Key Takeaways
Enphase Energy reported a revenue of $125.5 million for the second quarter of 2020. The company's GAAP net loss was $47.3 million, but non-GAAP net income was $23.5 million. They also shipped Encharge energy storage systems in June for pilot runs to installers.
Shipped Enphase Enchargeâ„¢ energy storage systems in June for pilot runs to installers
Generated $25.4 million in cash flow from operations; ending cash balance of $607.3 million
Achieved a GAAP gross margin of 38.5% and a record non-GAAP gross margin of 39.6%
Launched the online Enphase Community and opened online stores in Europe and Australia
Enphase
Enphase
Forward Guidance
For the third quarter of 2020, Enphase Energy estimates revenue to be within a range of $160 million to $175 million and non-GAAP gross margin to be within a range of 37% to 40%.
Positive Outlook
- Revenue to be within a range of $160 million to $175 million
- GAAP gross margin to be within a range of 36% to 39%
- Non-GAAP gross margin to be within a range of 37% to 40%, excluding stock-based compensation expenses
- GAAP operating expenses to be within a range of $41.0 million to $43.0 million, including $13.0 million estimated for stock-based compensation expenses and acquisition related amortization
- Non-GAAP operating expenses to be within a range of $28.0 million to $30.0 million, excluding $13.0 million estimated for stock-based compensation expenses and acquisition related amortization