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Enphase Sold 950,000 microinverters in the Third Quarter of 2015

Enphase Energy has reported total revenue for the third quarter of 2015 of $102.9 million, an increase of 4 percent, compared to $99.1 million in the third quarter of 2014. During the third quarter of 2015, Enphase sold 219MW (AC) or 950,000 microinverters, an increase in MW of 28 percent compared to the third quarter of 2014.

 "We expect revenue for the fourth quarter of 2015 to be within a range of $62 million to $70 million," stated Kris Sennesael, CFO of Enphase. "The fourth quarter revenue decline is driven by a correction of higher inventory levels in our distribution channel and softer overall market demand. We expect gross margin to be within a range of 23 percent to 26 percent, as a result of a more aggressive pricing strategy. We also expect non-GAAP operating expenses for the fourth quarter of 2015 to be within a range of $28 million to $30 million, as we adjust our operating expenses to our lower gross margin profile."

"The fourth quarter of 2015 is more challenging than expected," said Paul Nahi, president and CEO of Enphase. "In order to accelerate the expansion of our business, we have adopted a more aggressive pricing strategy. However, we are confident in our ability to drive our product costs down significantly over the next 24 months, improving our competitive position. In addition, we expect to drive new revenue streams from our AC Battery storage system, as well as the Enphase Home Energy Solution."

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