SunPower reported financial results that exceeded its forecast, Vivint Solar reported increased revenues and installed capacity, while Enphase Energy reported a net loss of USD 47.3 million in the second quarter of 2020.
SunPower posted a 19% year-on-year drop in GAAP revenue to USD 352.9 million, which was above the USD 290 million-330 million range forecasted in May. The company’s GAAP gross margin increased to 6.1% from 4.5% a year back, while on a non-GAAP basis it slipped to 9.8% from 10.5%.
The company reported 464 MW for Q2 2020 compared to 622 MW a year earlier and a Q2 projection of 340 MW-400 MW.
The company’s GAAP net profit for the quarter dropped to USD 19.4 million from USD 121.5 million. On a non-GAAP basis, it booked a wider loss than a year earlier — USD 37.2 million versus USD 31.1 million.
Vivint Solar posted a quarterly net loss of USD 1.2 million (EUR 1m), narrowing its year-ago deficit of USD 28.6 million. Although operating expenses were higher than in the year-ago period, coming at USD 72.5 million, the operating loss contracted to USD 26.1 million from USD 36.9 million as revenues improved by 17% to USD 106.4 million.
Vivint installed around 44 MW of capacity in the reporting period and thus surpassed its 35 MW-38 MW forecast. The new additions boosted its cumulative megawatt installations to 1,394 MW. The estimated gross retained value rose by USD 85 million to about USD 2.5 billion, with an estimated gross retained value per watt standing at USD 1.98 at the end of June.
Enphase Energy reported a net loss of USD 47.3 million in the second quarter of 2020 from a profit of USD 10.6 million a year back. The company noted that the negative result takes into account a non-cash charge of USD 59.7 million from fair value changes related to its convertible notes from March 2020 because of an increase in the price of its stock.
Enphase’s Q2 revenue declined by about 6.3% year-on-year, but gross margin rose to 38.5% from 33.8% and even to a record 39.6% on a non-GAAP basis. The company shipped roughly 1.09 million microinverters during the three-month period, or about 355 MW in direct current (DC).