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Paul Nahi Former CEO Enphase

Enphase Energy, Inc., a global energy technology company and the supplier of solar microinverters, announced Tuesday that after more than ten years at the helm of the Company, Paul Nahi is stepping down as President and CEO. Nahi made the announcement during the company's second quarter earnings call.

Nahi’s final day with Enphase is today; however, he will continue to assist Enphase as it transitions to a new leader. The Company’s Board of Directors has begun a search for a replacement that includes both internal and external candidates, with the intention to name a successor by August 31, 2017. In the interim, the Board has created an Office of the CEO, consisting of Bert Garcia, CFO, and Badri Kothandaraman, COO, to oversee and provide leadership for the Company’s day-to-day activities.

The news on the earnings call was positive for the company. Enphase Energy reported total revenue for the second quarter of 2017 of $74.7 million, an increase of 36% compared to the first quarter of 2017.  During the second quarter of 2017, Enphase sold approximately 224MW (DC) or 775,000 microinverters, an increase in MW of 39% compared to the first quarter of 2017.  GAAP gross margin for the second quarter of 2017 was 18.1% and non-GAAP gross margin was 18.4%.

GAAP operating expenses for the second quarter of 2017 were $22.8 million, a decrease of 22% compared to the first quarter of 2017 and a decrease of 24 percent compared to the second quarter of 2016. Non-GAAP operating expenses were $17.8 million, a decrease of 12% compared to the first quarter of 2017 and a decrease of 35% compared to the second quarter of 2016.  GAAP net loss for the second quarter of 2017 was $12.1 million, or a net loss of $0.14 per share, compared to a second quarter of 2016 net loss of $16.7 million, or a net loss of $0.36 per share. On a non-GAAP basis, net loss in the second quarter of 2017 was $6.6 million, or a net loss of $0.08 per share, compared to a second quarter of 2016 net loss of $13.9 million, or a net loss of $0.30 per share.

The Company generated $1.0 million of cash in the second quarter of 2017 and exited the quarter with a total cash balance of $31.0 million.

Labels: Enphase Energy,Paul Nahi,microinverter

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