Business
Enphase Energy Reports Financial Results for the First Quarter of 2022
FREMONT, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., April 26, 2022 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today financial results for the first quarter of 2022, which included the summary below from its President and CEO, Badri Kothandaraman. We reported record quarterly revenue of $441.3 million in the first quarter of 2022, along with 41.0% for non-GAAP gross margin. We shipped approximately 2,838,693 microinverters, or 1,029 megawatts DC, and 120.4 megawatt hours of Enphase IQ™ Batteries. Financial highlights for the first quarter of 2022 are listed below. Record quarterly revenue of $441.3 millionGAAP gross margin of 40.1%; non-GAAP gross margin of 41.0%GAAP operating income of $61.8 million; non-GAAP operating income of $114.5 millionGAAP net income of $51.8 million; non-GAAP net income of $109.7 millionGAAP diluted earnings per share of $0.37; non-GAAP diluted earnings per share of $0.79Cash flow from operations of $102.4 millionEnding cash, cash equivalents, and marketable securities balance of $1.1 billion Our revenue and earnings for the first quarter of 2022 are provided below, compared with those of the prior quarter and the year ago quarter: (In thousands, except per share data and percentages) GAAP Non-GAAP Q1 2022 Q4 2021 Q1 2021 Q1 2022 Q4 2021 Q1 2021Revenue$441,292 $412,719 $301,754 $441,292 $412,719 $301,754 Gross margin 40.1% 39.6% 40.7% 41.0% 40.2% 41.1%Operating expenses$115,149 $105,619 $61,563 $66,250 $68,182 $43,699 Operating income$61,824 $57,695 $61,386 $114,529 $97,725 $80,232 Net income$51,821 $52,591 $31,698 $109,670 $102,779 $78,702 Basic EPS$0.39 $0.39 $0.24 $0.82 $0.76 $0.60 Diluted EPS$0.37 $0.37 $0.22 $0.79 $0.73 $0.56 Our total revenue increased 7% compared to the fourth quarter of 2021. Our microinverter unit shipments were down 6%, compared to the fourth quarter of 2021. Our IQ Battery shipments were up 20%, compared to the fourth quarter of 2021. Our non-GAAP gross margin was 41.0% in the first quarter of 2022, compared to 40.2% in the fourth quarter of 2021, driven by reduced expedite costs. Non-GAAP operating expenses were $66.3 million in the first quarter of 2022, compared to $68.2 million in the fourth quarter of 2021, primarily due to lower marketing spend. Non-GAAP operating ...