Entrepreneur

Solar Energy Tech Firm’s Shares Get a Charge From Record Q3 Revenue, FY Estimates


October 28, 2021 (Investorideas.com Newswire) Enphase Energy Inc. shares traded 27% higher after the company reported Q3/21 financial results that included a nearly 97% increase in YoY revenue.



After U.S. financial markets closed for trading yesterday afternoon,
global solar energy technology company Enphase Energy Inc. (ENPH:NASDAQ), a leading global supplier of microinverter-based solar and battery systems, announced financial results for the third quarter ended September 30, 2021.

Enphase Energy’s President and CEO Badri Kothandaraman discussed the firm’s financial performance at length and stated that the company achieved record quarterly revenue totaling $351.5 million in Q3/21, representing a 96.93% increase over the $178,503 million in revenue posted in Q3/21.

CEO Kothandaraman highlighted that during the most recent quarter the company shipped a total of around 2,599,575 microinverters, or 913 megawatts (MW) DC, and 65 MW hours of its branded Enphase Storage systems.

For Q3/21, the company advised that GAAP gross margin and non-GAAP gross margin were 39.9% and 40.8%, respectively.

The firm reported Q3/21 GAAP net income of $21.8 million and non-GAAP net income of $84.2 million. The company advised that on a per share basis, Q3/21 GAAP diluted earnings were $0.15 and non-GAAP diluted earnings were $0.60.

Enphase noted that in Q3/21 it generated cash flow from operations of $113.4 million and as of September 30, 2021, it had cash, cash equivalents, and marketable securities of $1.4 billion on its balance sheet.

The company stated that it saw strong demand for its microinverter systems in Q3/21 and as a result total revenue increased by 11% versus Q2/21. CEO Kothandaraman commented that the company was able to meet the surge in customer demand due to its ability to navigate issues with the global component supply chain. Q3/21 was particularly strong for shipments of the company’s Enphase Storage systems which were up approximately 51% compared to shipments in Q2/21.

See also  What does the Treasury coronavirus package mean for tech business?

Kothandaraman stated that “the company’s Load Control feature gained significant adoption during the third quarter and explained that this feature provides homeowners the ability to conserve their energy consumption by shedding non-essential loads during an outage and thereby extending the backup duration.”

The firm mentioned that one day earlier it announced in a news release the rollout of its “all-new, all-in-one Energy System with IQ8™ solar microinverters for customers in North America.” The company stated that it has always invested greatly in custom application specific integrated circuit (ASIC) chips for its microinverters. The firm advised that the new IQ8™ solar microinverters are a software-defined microinverter capable of forming a microgrid.

According to Kothandaraman, “Many homeowners often assume that their solar systems will function if the sun is shining, even during a power outage. This has unfortunately not been true until today. Now, with IQ8 homeowners can realize the true promise of solar — to make and use their own power. IQ8 solar microinverters can provide Sunlight Backup during an outage, even without a battery.”

The company reported on several business accomplishments in Q3/21. The firm listed among other things that it is entering the Brazilian solar market and has commenced shipment of its IQ7+™ microinverters for residential and small commercial installers throughout Brazil beginning this month.

The firm added that as it recently announced it is expanding its presence in the European residential solar market with its expansion into Italy. Enphase listed that “it is providing the IQ7™ family of microinverters, Q-Relay™ safety devices, and Enphase Envoy™ communications gateways, which connect Enphase systems to the Enphase Enlighten™ monitoring platform to residential installers across Italy.”

The company also mentioned that a little over one week ago it announced that it had begun shipping its Encharge™ battery storage system to clients in Belgium. The firm noted that these upgradable systems offer configurations that range from 3.5kWh to 42kWh.

See also  Inside GitLab’s IPO filing – TechCrunch

The company provided some forward guidance and stated that for Q4/21 on both a GAAP and non-GAAP basis it expects revenue of $390-410 million. The firm noted that these revenues include shipments of 90-100 MW hours of the company’s storage systems.

Enphase added that it estimates that Q4/21 GAAP gross margin will be between 37.0% and 40.0% of revenues and non-GAAP gross margin excluding stock-based compensation expenses will be in the range of 38-41.0%.

Enphase is a global energy technology company headquartered in Freemont, Calif. The firm’s microinverter-based solar and battery systems provide solutions that connect solar generation, storage and management on one intelligent platform. With a smart mobile app, customers can harness, use, save and sell their own power across the power grid. To date, the firm advised that it has shipped more than 39 million microinverters and deployed over 1,700,000 Enphase systems in 130 countries.

Enphase Energy started the day with a market cap of around $23.4 billion with approximately 134.6 million shares outstanding and a short interest of about 3.5%. ENPH shares opened 18% higher today at $205.50 (+$32.04, +18.47%) over yesterday’s $173.46 closing price. The stock has traded today between $204.04 and $225.40 per share and is currently trading at $221.00 (+$47.54, +27.41%).

Disclosure:

1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

See also  Resource Roundup: Apps are open for first-time founders program OnRamp

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

More Info:


Investorideas.com Newswire

This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

Follow Us on StockTwits

Buy a renewable energy guest post on Investorideas.com



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.