Published on July 30th, 2015 | by Joshua S Hill6
Despite Net Loss, SolarCity Enjoys Record Bookings & Installations
July 30th, 2015 by Joshua S Hill
US solar company SolarCity has released its second quarter earnings report, which centred upon a narrowing net loss of $22.4 million and record installations and bookings.
SolarCity released its second quarter earnings report yesterday, revealing net losses closing in on $22.4 million. However, these losses are narrowing compared to a year earlier, when net loss attributable to stockholders sat at $47.6 million — though, there hasn’t been much change from Q1’15 to Q2’15, leaving some concern as to SolarCity’s performance for the rest of 2015. Losses per share for Q2’15 were also down on a year earlier, dropping from a loss of 52 cents to only 23 cents.
Despite these failings, SolarCity still looks to be performing relatively well, installing a record 189 MW of solar PV over the second quarter and adding more than 44,000 new customers. SolarCity also booked another 395 MW, up 81% year over year.
These records also helped the company outperform Wall Street forecasts, according to PV-Magazine, which notes that Wall Street experts had anticipated a revenue of $90.8 million, which was topped by SolarCity’s Q2’15 revenue of $102.8 million.
SolarCity provided strong guidance for Q3’15, with an expected 260 MW of new capacity installed, and bringing in operating lease and solar energy system incentive revenue of between $80 million and $86 million, and solar energy system sale revenue of between $26 million and $28 million. The company also provided a guidance of a net loss of between $2.05 and $2.15 on non-GAAP earnings per share (EPS), though could not provide such guidance on GAAP EPS “owing to difficulties in forecasting HLBV.”
SolarCity’s earnings came in at the same time as the company announced that it intends to raise $123.5 million through a private placement of Solar Asset Backed Notes, with an anticipated repay date of February 21, 2022. The aim is to raise the cash necessary to continue offering cheap and affordable solar to customers throughout the US, a seriously cash-hungry business.