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Long only, tech, Growth, solar

Enphase: More Problems Ahead

Enphase Energy (NASDAQ:ENPH) announced its fourth quarter earnings on Tuesday. Revenue of $65.6M was nearly a 37% drop from Q3 sales of $102.9 million. While this was in the middle of the guided number, the results for the quarter were clearly disappointing. Non-GAAP gross margin of 24.5% was a big drop from the prior quarter's 30.9%. Management talked about taking back market share at many customers, but there should be little doubt that the Company has lost and is continuing to lose market share to SolarEdge (NASDAQ:SEDG). Management stated that there is no more inventory build in the channel for Q1 and the inventory on books is slightly above normal levels. However, when measured by percent ...
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