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27 April, 2017 07:00 IST
Enphase Energy fourth-quarter loss narrows on a YOY basis
Source: IRIS | 21 Mar, 2017, 11.17AM

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Enphase Energy, Inc (ENPH) saw its loss narrow to $13.19 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $15.78 million, or $0.35 a share. On the other hand, adjusted net loss for the quarter narrowed to $9.33 million, or $0.15 a share from a loss of $11.54 million or $0.25 a share, a year ago.  

Revenue during the quarter surged 38.05 percent to $90.60 million from $65.63 million in the previous year period. Gross margin for the quarter contracted 600 basis points over the previous year period to 17.92 percent. Operating margin for the quarter stood at negative 11.14 percent as compared to a negative 23.12 percent for the previous year period.

Operating loss for the quarter was $10.09 million, compared with an operating loss of $15.17 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $6.93 million compared to operating loss of $11.71 million in prior year period.

“A more competitive pricing strategy drove our inverter market share gains in the U.S. and globally during the second half of 2016,” said Paul Nahi, president and Chief executive officer of Enphase Energy. “The launch of our AC Battery storage solution in Australia and New Zealand during the third quarter and in the U.S. and Europe during the fourth quarter of 2016 helped drive multiple customer wins globally. Our product cost reduction efforts remain on track and we look forward to the U.S. launch of our Enphase Home Energy Solution with IQ™, our next-generation integrated solar, storage and energy management offering, during the first quarter of 2017.”

For the first-quarter 2017, Enphase Energy, Inc expects revenue to be in the range of $60 million to $65 million.

 Operating cash flow remains negative
Enphase Energy, Inc has spent $32.95 million cash to meet operating activities during the year as against cash outgo of $21.16 million in the last year.

The company has spent $11.80 million cash to meet investing activities during the year as against cash outgo of $12.46 million in the last year.

Cash flow from financing activities was $34.38 million for the year, up 67.16 percent or $13.81 million, when compared with the last year.

Cash and cash equivalents stood at $17.76 million as on Dec. 31, 2016, down 37.57 percent or $10.69 million from $28.45 million on Dec. 31, 2015.

Working capital drops significantly
Enphase Energy, Inc has witnessed a decline in the working capital over the last year. It stood at $35.09 million as at Dec. 31, 2016, down 28.27 percent or $13.83 million from $48.92 million on Dec. 31, 2015. Current ratio was at 1.42 as on Dec. 31, 2016, down from 1.67 on Dec. 31, 2015.

Debt increases substantially
Enphase Energy, Inc has witnessed an increase in total debt over the last one year. It stood at $
33.90 million as on Dec. 31, 2016, up 99.41 percent or $16.90 million from $17 million on Dec. 31, 2015. Long-term debt stood at $20.77 million as on Dec. 31, 2016. Total debt was 20.72 percent of total assets as on Dec. 31, 2016, compared with 10.27 percent on Dec. 31, 2015. Debt to equity ratio was at 26.08 as on Dec. 31, 2016, up from 0.41 as on Dec. 31, 2015.    Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net



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