Petaluma solar firm Enphase sees profits grow
Published: Wednesday, November 7, 2012 at 5:42 p.m.
Last Modified: Wednesday, November 7, 2012 at 5:42 p.m.
Petaluma solar component maker Enphase Energy saw its rapid growth continue in the third quarter, but so did its ongoing losses.
Enphase, which makes microinverters that boost the output of solar energy systems, reported $60.8 million in revenues for the quarter, up 36 percent from a year earlier and 9 percent from the second quarter.
The company began shipping microinverters into the United Kingdom market, Enphase CEO Paul Nahi said in a statement. He expressed confidence that microinverters will become the preferred solution for solar installations, and that Enphase “will lead this transition.”
The company posted a net loss of $8.9 million for the quarter, up from $7.2 million a year earlier.
The company went public in March with a $54 million stock offering. It announced Wednesday it has reached two deals to provide the company with a total of $33 million in additional borrowing capacity.
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