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Vivint Solar Continues Decline With First Quarter Net Loss

After its fallout with SunEdison, Vivint Solar continued its overall decline, reporting a net loss this week of $31.2 million in its first quarter.

Earlier this year, in advance of SunEdison’s filing for bankruptcy, Vivint Solar and SunEdison parted ways on acquisition plans. Though Vivint Solar pledged legal action, Vivint Solar’s own financial situation was becoming more and more bleak. In March, when the company published unimpressive fourth quarter and full year 2015 earnings, analysts predicted a “bleak future” for the company.

vivintThose predictions have come to fruition already, as Vivint Solar reported a net loss of $31.2 million in the first quarter of 2016, with a per-share loss of $0.29. Adjusting for non-recurring gains, that loss grows to $0.65 per share.

Vivint Solar tried valiantly to dismiss this news in a press release announcing its quarterly earnings, highlighting instead a swathe of first quarter operating highlights, including a total of 66 MW worth of new bookings for the quarter, up 33% over the same period a year earlier. The company also installed approximately 55 MW in the quarter, up 19% over Q1’15, with individual installations amounting to 7,704 for the quarter, up 20%, and bringing cumulative installations to 76,231.

The company also saw increases in revenue, with Operating Leases and Incentives Revenue of $16.6 million, up 93% from $8.6 million in Q1’15. However, the company’s Cost of Revenue was up, as were its Total Operating Expenses.

Unsurprisingly, given the company’s relatively lackluster quarter, and its overall net loss, Vivint Solar’s shares tumbled. Although the company’s shares had already begun falling on Thursday, May 5th, in advance of the company’s Monday, May 9th earnings publication. Analysts have been predicting an unpromising quarter, and between Thursday and Monday, the company’s shares fell 16%.

 
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