Hi Paul,
the Siemens MM150 you use, it appears to be a 240VAC Single Phase input device,
No. The Siemens MM150 VFD I am using is the 1.5kW 500v three phase input version. It is fed from the single phase 415vac output of a step up transformer.

All VFDs run on DC internally, so they do not really require more than one phase to work. High power ones have 3ph input because they need more current and it is easier (i.e. smaller, cheaper capacitors) to smooth the DC from a poly-phase input (like a single cylinder engine needs a bigger flywheel than a multi- cylinder engine) .

There is sufficient capacity in most VFDs to operate on a single phase input without causing any real problems (especially on a lathe with a low duty cycle operation).

Some VFDs have phase loss detection, which would prevent single phase operation, but most newer ones just sense DC bus ripple voltage so will operate fine on single phase input (they will still fault if excessively loaded).

Bill