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Enphase (NASDAQ: ENPH), the giant energy technology company, announced stronger-than-expected results. The company’s revenue and profits were better than expected. Revenue jumped to $726 million while its GAAP gross margin rose to 45%.
Further, the company’s profitability jumped, as the net income rose to $146.9 million while its free cash flow came in at $223.8 million. The company’s cash and short-term investments increased to over $1.78 billion during the quarter.
However, the Enphase stock price crashed by more than 15% in the pre-market after the firm delivered lower forward guidance. It now expects that its gross margin will be between 41% and 44% while its revenue will be between $700 million and $750 million. Analysts were expecting the company’s revenue and profits to be much higher. The statement added:
“We exited the first quarter of 2023 with $1.78 billion in cash, cash equivalents, and marketable securities and generated $246.2 million in cash flow from operations in the first quarter of 2023. Our capital expenditures were $22.5 million in the first quarter of 2023.”
Enphase has been in a strong growth path in the past few years. The company’s annual revenue has jumped from $232 million in 2013 to over $2.3 billion. It has also become highly profitable as its net profit has jumped from $161 million in 2019 to over $397 million in 2022. This happened as the amount of solar panels installed in the US jumped.
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