Vivint Solar Reports Slight Third Quarter Improvement
One of America’s leading solar developers, Vivint Solar, reported slight improvements in its business this week when it published its third quarter financial results, with a slight bump in revenue and continued improvements in the cost-per-watt of its products.
Only a day after the company announced that it had secured tax equity commitments worth $200 million, Vivint Solar published its third quarter earnings report, and it was littered with mixed results. The total MW booked for installation measured only 59 MW, down from 74 MW in the second quarter, while the total MW installed was also 59 MW, down from 61 MW. This brought the company’s all time cumulative installations up to 634 MW.
Financially, the company reported a revenue of $41.3 million up from $22.5 million a year ago, and up from $34.9 million in the second quarter. Vivint Solar also reduced operating losses by 39% down to $33.3 million, and suffered a net loss of only $39.3 million, down significantly on a year-to-year comparison.
Of particular importance was the company’s estimated cost-per-Watt, which was down to $2.85, down from $2.94 in the second quarter, and down from $3.12 a year ago.
All of this adds up to relatively good news for a company that earlier this year had to terminate a merger agreement it had with SunEdison due to the latter’s failure to meet certain obligations — part of SunEdison’s larger issues which led it to file for bankruptcy in April. Vivint Solar has been able to maintain funding acquisitions throughout the year, and in August reported better than expected second quarter results, resulting in renewed investor confidence.
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