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Enphase Energy Reports Financial Results for the Second Quarter of 2020
FREMONT, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of
About this update from Enphase Energy, Inc.
[{"type":"text","content":"FREMONT, Calif., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of solar microinverters, announced today financial results for the second quarter of 2020, which included the summary below from its President and CEO, Badri Kothandaraman.\n We reported revenue of $125.5 million in the second quarter of 2020, along with a record 39.6% for non-GAAP gross margin. Our second quarter revenue decreased 39% sequentially, or 22% sequentially, excluding the impact of $44.5 million of safe harbor revenue in the first quarter of 2020. We shipped approximately 355 megawatts DC, or 1,087,662 microinverters. Highlights for the second quarter of 2020 included: Shipments of Enphase Encharge™ energy storage systems in June for pilot runs to installersRevenue of $125.5 millionCash flow from operations of $25.4 million; ending cash balance of $607.3 millionGAAP gross margin of 38.5%; record non-GAAP gross margin of 39.6%GAAP operating expenses of $37.5 million; non-GAAP operating expenses of $26.0 millionGAAP operating income of $10.9 million; non-GAAP operating income of $23.7 millionGAAP net loss of $47.3 million, including a non-cash charge of $59.7 million from fair value changes related to our convertible notes issued in March 2020 due to an increase in our stock priceNon-GAAP net income of $23.5 millionGAAP basic and diluted net loss per share of $(0.38); non-GAAP diluted earnings per share of $0.17 Our revenue and earnings for the second quarter of 2020 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 Q2 2020 Q1 2020 Q2 2019 Q2 2020 Q1 2020 Q2 2019Revenue$125,538 $205,545 $134,094 $125,538 $205,545 $134,094 Gross margin38.5% 39.2% 33.8% 39.6% 39.5% 34.1%Operating expenses$37,533 $35,963 $27,872 $26,024 $28,508 $22,478 Operating income$10,854 $44,712 $17,447 $23,700 $52,773 $23,227 Net income (loss)$(47,294) $68,936 $10,618 $23,549 $51,875 $23,173 Basic EPS$(0.38) $0.56 $0.09 $0.19 $0.42 $0.20 Diluted EPS$(0.38) $0.50 $0.08 $0.17 $0.38 $0.18 Our non-GAAP gross margin increased to 39.6% from 39.5% in the first quarter of 2020, driven by disciplined pricing and cost management. Non-GAAP operating expenses decreased to $26.0 million in the second quart...