Enphase decreased revenue and improved loss year-over-year / CEO stepped down
Post date: 09/08/2017 - 19:39
US solar microinverter producer Enphase Energy Inc. reported total revenue for the second quarter 2017 of $74.7 million, an increase of 36 percent compared to the first quarter 2017. In Q2 2016, the company achieved revenues of $79 million. Net loss for the second quarter 2017 was $12.1 million compared to a second quarter of 2016 net loss of $16.7 million. During the second quarter of 2017, Enphase sold approximately 224 MW (DC) or 775,000 microinverters, an increase in MW of 39 percent compared to the first quarter of 2017.
Regarding the first half 2017, Enphase achieved net revenues of $129 million (Q2 2016: $143 million) and net loss of $35.3 million (Q2 2016: $35.5 million). The company expect revenue for the third quarter of 2017 to be within a range of $72 million to $80 million.
Enphase Energy also announced that Paul Nahi is stepping down as president and CEO. According to the company, »he will continue to assist Enphase as it transitions to a new leader.« The Company's Board of Directors is conducting an internal and external search for a permanent replacement. In the interim, the Board has created an Office of the CEO, consisting of CFO Bert Garcia and COO Badri Kothandaraman to oversee and provide leadership for the company's day-to day activities.