Business
Enphase Energy Reports Financial Results for the Third Quarter of 2021
FREMONT, Calif., Oct. 26, 2021 (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., Oct. 26, 2021 (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 third quarter of 2021, which included the summary below from its President and CEO, Badri Kothandaraman. We reported record quarterly revenue of $351.5 million in the third quarter of 2021, along with 40.8% for non-GAAP gross margin. We shipped approximately 2,599,575 microinverters, or 913 megawatts DC, and 65 megawatt hours of Enphase Storage systems. Financial highlights for the third quarter of 2021 are listed below. Record revenue of $351.5 millionGAAP gross margin of 39.9%; non-GAAP gross margin of 40.8%GAAP operating income of $37.4 million; non-GAAP operating income of $85.9 millionGAAP net income of $21.8 million, non-GAAP net income of $84.2 millionGAAP diluted earnings per share of $0.15; non-GAAP diluted earnings per share of $0.60Cash flow from operations of $113.4 millionEnding cash, cash equivalents and marketable securities balance of $1.4 billion Our revenue and earnings for the third quarter of 2021 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 Q3 2021 Q2 2021 Q3 2020 Q3 2021 Q2 2021 Q3 2020Revenue$351,519 $316,057 $178,503 $351,519 $316,057 $178,503 Gross margin39.9% 40.4% 53.2% 40.8% 40.8% 41.0%Operating expenses$103,007 $68,401 $43,222 $57,341 $51,696 $29,571 Operating income$37,351 $59,400 $51,759 $85,932 $77,165 $43,675 Net income$21,809 $39,351 $39,362 $84,157 $74,676 $41,760 Basic EPS$0.16 $0.29 $0.31 $0.62 $0.55 $0.33 Diluted EPS$0.15 $0.28 $0.28 $0.60 $0.53 $0.30 Total revenue increased 11% compared to the second quarter of 2021. We worked diligently to meet the surge in customer demand while successfully navigating global component supply constraints and logistics challenges. Our non-GAAP gross margin was 40.8% in both the third and second quarter of 2021, as higher logistics and expedite costs were partially offset by a price increase on microinverters and cost management. Non-GAAP operating expenses increased to $57.3 million in the third quarter of 2021, compared to $51.7 million in the prior quarter, primarily due to additional investment in R&D a...