Enphase Energy boosts sales, reduces losses

Petaluma solar component maker Enphase Energy reported revenues rose to $58.2 million in the second quarter, up 4 percent from a year ago.

The company reduced its losses to $6.4 million, or 15 cents per share, during the three-month period ending June 30, compared to a loss of $11.4 million, or 29 cents per share, a year ago.

Excluding stock-based compensation and interest expenses, it would have reported a loss of $4.8 million, or 12 cents per share, compared to a loss of $7.3 million, or 19 cents per share, a year ago.

The company, which introduced its fourth-generation microinverter system in July, kept operating expenses flat for the third consecutive quarter while improving its gross margins to a record 28.1 percent, CEO Paul Nahi said.

"Our second quarter financial results provide tangible evidence of the progress we are making in the execution of our key initiatives," Nahi said in a statement.