Enphase Energy, a domestic maker of solar-related electronics, shot up some 20% pre-market this morning to share prices around $26.
Yesterday, the company reported second-quarter revenues with gains of 107% in the U.S. market.
Leaders cited one of the company’s main products, a next-generation line of solar microinverters, as well as a solar inverter battery home energy management system, as driving some of the company’s Q2 success.
“We had a pretty strong quarter,” CEO Badri Kothandaraman reportedly said on the earnings call.
The earnings report also mentioned Enphase shipping over 1.3 million microinverters during the quarter, with non-GAAP gross margin of 34.1% and that the company held $206 million in cash at the end of the quarter.
Enphase gains today help to reverse a prior slump where stock prices declined to well under five dollars per share after 2015.
Analysts cited component scarcity as one factor in the less profitable years between 2015 and 2019.
Now, on strategic partnerships with manufacturing company Flex and new confidence in the U.S. market because of pressure on Chinese competitor Huawei, Enphase hopes to build on its solar energy play – watch how much gains this equity holds today and in the weeks to come.
