U.S solar microinverter and battery systems maker Enphase Energy saw its fourth-quarter GAAP net profit shrink to USD 52.6 million but the non-GGAP result was up 44% to USD 102.8 million.
Revenues rose to an all-time high of USD 412.7 million from US 264.8 million a year back and USD 351.5 million in the third quarter of 2021, the company’s financial report showed on Tuesday.
Increased demand is credited for the jump, even as Enphase had to deal with supply chain bottlenecks and logistics challenges.
In quarter-on-quarter terms, shipments of batteries improved by 53% and demand for microinverters was stable, Enphase said. The company shipped 3.3 million microinverters for a total DC capacity of 1,082 MW and 100.2 MWh of batteries in October-December.
Details about the four-quarter and full 2021 results are available in the table.
|Amounts in USD million||Q4 2021||Q4 2020||2021||2020|
|Net income (loss)||52.6||73||145.4||134|
|Net income (loss)||102.8||71.3||340.2||188.5|
At end-2021, Enphase had USD 1 billion in cash, cash equivalents and marketable securities. Its cash flow from operations for the whole year came at USD 352 million, up from USD 216.3 million a year ago.
The Fremont, California-based company guided for revenues of between USD 420 million and USD 440 million in the first quarter of 2022 and battery shipments of 110 MWh-120 MWh.
On a GAAP basis, gross margin is seen at 37%-40% and operating costs are expected to be within the USD 130.5 million-USD 133.5 million range.
The non-GAAP gross margin is projected to be between 38% and 41%, with operating expenses of USD 67.5 million-70.5 million.
Shares jumped more than 16% during extended trading Tuesday following the results.
“Our overall customer demand for Q1 is quite robust for both microinverters and batteries,” CEO Badri Kothandaraman said on the company’s earnings call.
This article was written by Renewables Now. It’s published here via partnership.