Struggling US solar company Vivint Solar has reported better than expected financial results for the second quarter, resulting in renewed investor confidence.
Vivint Solar published its second quarter 2016 financial results this week, and though there wasn’t a lot of overall growth, for a company in Vivint Solar’s position, anything above the line is good news.
In fact, Vivint Solar was able to report increased revenue for the quarter of $34.9 million, up 116% from $16.1 million in Q2’15. Operating Leases and Incentives Revenue was also up for the company, reaching $30.1 million, up 97% from $15.3 million in the second quarter of 2015.
Vivint Solar booked a total of 74 MW for the second quarter, which is around what was expected and in line with the same quarter a year earlier. The company also just beat out its guided MW installed of 61 MW (guidance was 60 MW), though this was down 6% year-over-year. Vivint Solar’s cumulative MW’s installed now sits at 575 MW, while its cumulative installations reached 84,872 — though installations for the quarter were down 7% year-over-year, at 8,641 for Q2’16.
The cost per Watt of Vivint Solar installations dropped to $2.94, down from $3.34 in the first quarter of 2016, and down from $3.00 in Q2’15.
Vivint Solar is struggling to come back from its failed acquisition by SunEdison, which fell through earlier this year in spectacular fashion. However, Vivint Solar has managed to continue its work, and this year has taken in at least three separate financing deals — $200 million in March, $75 million in May, and $313 million just before July ended.