American solar energy company Vivint Solar reported across-the-board growth for its Q4’15 and FY’15 report, but things are still heading downhill for the company.
On Monday, Vivint Solar revealed that it installed 230.7 MW in 2015, with a total of 58.6 MW in the fourth quarter. The total number of rooftop installations in the quarter were up to 8,411, which is significantly higher than a year earlier, but down on the third quarter in 2015. The company has now installed a cumulative total of 458.9 MW across a total of 68,527 installations.
The company’s financials were similarly steady, with Operating Leases and Incentives Revenue of $15.5 million, up 163% year-over-year, though the company’s losses from operations increased to $55.7 million, up from $40 million a year earlier.
Total revenue from operating leases and incentives was $61.2 million for the whole year, up 182% year-over-year.
Vivint Solar refrained from providing any guidance for 2016, though this is likely to be dramatically affected by its recent announcement that it had not only terminated its merger agreement with SunEdison due to “SunEdison’s failure to meet its obligations under the merger agreement,” but that it had already commenced “action in the Court of Chancery of the State of Delaware suing SunEdison, Inc. over its willful breach of the merger agreement between Vivint Solar and SunEdison.”
However, it is unclear what Vivint Solar is aiming to accomplish, considering just how long the company’s shares have been in free-fall, dropping from around the $10 mark three months ago to just underneath $4 this week.
Analysts are similarly down on Vivint Solar’s prospects, with Seeking Alpha proclaiming a “bleak future” for the company, and CNBC highlighting the company’s “52-week low” share prices following the announcement of the merger termination.
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