Enphase Energy (NASDAQ:ENPH) entry into the public markets in 2012 was an act of irrational exuberance. At the time it went public, ENPH was losing money and did not even have a viable product. The second generation microinverter product that the company was shipping at that time had such high defect rates that ENPH stopped shipping the product promptly after introducing its third generation product. ENPH now uses the remaining production of the second generation microinverter exclusively to replace the failed field units.
In the two years as a public company, ENPH has come a long way both in terms of its products and in terms of its P&L. ENPH is likely to post its first quarterly profit...
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