In Enphase Energy’s first earnings report as a public company, the solar micro inverter maker showed strong revenue growth, doubling its revenues between the first quarter of 2012 ($42.60 million) and the first quarter of 2011 ($18.07 million). Enphase’s net loss was about flat over the year, losing $10.18 million in Q1 2012, slightly up from its loss of $9.29 million for Q1 2011.
Enphase Energy’s CFO Sanjeev Kumar said in a release that the 136 percent revenue growth was particularly important, because Q1 is often a time of seasonal slowness. Enphase expects its Q2 revenues to be in the range of $49 million to $52 million.
At the end of March Enphase Energy went public and became the first solar company to go public on the U.S. market since the fall of 2010. The company sold nearly 9 million shares at $6 a piece, raising about $54 million, but priced its shares at the low end of its $6-$7 price range.
Enphase was the only greentech IPO hopeful that actually made it out of the public gate in recent months. BrightSource, Luca Technologies and Enerkem all ditched their IPO plans in recent weeks.