Enphase Energy Inc (NASDAQ:ENPH), a global energy technology company, announced today financial results for the first quarter ended March 31, 2016.

Enphase Energy reported total revenue for the first quarter of 2016 of $64.1 million. During the first quarter of 2016, Enphase sold 143MW (AC) or 611,000 microinverters. GAAP gross margin for the first quarter of 2016 was 18.3 percent and non-GAAP gross margin was 18.8 percent.

GAAP operating expenses for the first quarter of 2016 were $30.8 million and non-GAAP operating expenses were $28.1 million. GAAP operating loss for the first quarter of 2016 was $19.1 million and non-GAAP operating loss was $16.0 million. GAAP net loss for the first quarter of 2016 was $18.8 million, or a net loss of $0.41per share. On a non-GAAP basis, net loss was $15.7 million, or a net loss of $0.34 per share.

“We are gaining market share with several new and existing customer wins in both the U.S. and international markets,” said Paul Nahi, president and CEO of Enphase Energy. “We continue to execute on our cost reduction roadmap that will significantly drive down our product costs. Also, we are making solid progress on the expansion of the Enphase Home Energy Solution with the upcoming launch of the AC Battery storage system. Together, these will drive long-term growth with new and existing partners worldwide.”

Business Outlook

“We expect revenue for the second quarter of 2016 to be within a range of 76 to 82 million dollars,” said Kris Sennesael, CFO of Enphase Energy. “At the midpoint of the range, revenue is expected to be up 23 percent sequentially and megawatt shipments are expected to be up 32 percent sequentially, demonstrating further market share gains. We expect gross margin to be within a range of 17 to 20 percent. We also expect non-GAAP operating expenses for the second quarter of 2016 to be within a range of 27 to 29 million dollars.” (Original Source)

Shares of Enphase Energy are down 4.5% to $2.35 in after-hours trading. ENPH has a 1-year high of $12.50 and a 1-year low of $1.63. The stock’s 50-day moving average is $2.50 and its 200-day moving average is $2.59.

On the ratings front, Enphase has been the subject of a number of recent research reports. In a report issued on February 24, Roth Capital analyst Philip Shen downgraded ENPH to Hold, with a price target of $2.35, which represents a slight downside potential from current levels. Separately, on the same day, Oppenheimer’s Colin Rusch downgraded the stock to Hold .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Colin Rusch have a total average return of -15.0% and 11.7% respectively. Shen has a success rate of 26.3% and is ranked #3811 out of 3838 analysts, while Rusch has a success rate of 48.1% and is ranked #263.

Enphase Energy, Inc. designs, develops, and sells microinverter systems for the solar photovoltaic industry. Its products and services include Enphase microinverters, Enphase Envoy, Enphase Enlighten Manager, and accessories such as Enphase Engage cable, connector clip, frame mount, coupler, mobile connect, and consumption monitor. The company was founded by Raghuveer R. Belur and Martin Fornage in March 2006 and is headquartered in Petaluma, CA.