Microinverter producer Enphase offers $17M in equity after Q3 losses
- Inverter and storage developer Enphase announced a $17 million equity offering last month, following a $19 million third-quarter loss last year, restructuring to cut 11% of its workforce and a $25 million loan.
- Greentech Media questions whether the company can keep its stock above $1/share as it struggles to regain market share and boost sales.
- The company's last quarterly earnings report showed shipments reached 204 MW (AC),or 869,000 microinverters—about a 10% increase in MW compared to Q3'15.
Enphase continues a delicate balancing act, attempting to shore up its finances while it looks for greater deliveries of inverters and battery solutions, and has now turned to FBR Capital Markets & Co. to sell additional shares.
The company began shipping its AC battery storage solution in Australia and New Zealand during the third quarter, giving it additional market opportunities. In September, company officials said they were they were pleased by the demand seen thus far. Enphase has traded as high as $3.73/share in the last year, but now sits at $1.15/share.
Earlier in 2016, the company made with its plug-and-play solar system whose software gives homeowners flexibility in their energy usage and storage. The market remains small for such systems, but could grow if pushback against net metering policies continues.
- Greentech Media Enphase’s $17M Equity Raise Buys Time but Pressures Stock Price
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