Published on March 11th, 2019 | by Joshua S Hill0
Vivint Solar Finishes 2018 With A Whimper
March 11th, 2019 by Joshua S Hill
Vivint Solar, one of the United States’ leading residential solar providers, struggled to the end of 2018 according to its recently-released Fourth Quarter and Full Year 2018 financial results, published last week, with a lackluster fourth quarter which missed numerous financial metrics.
Vivint Solar published its Fourth Quarter and Full Year 2018 financial results early last week, revealing new bookings of 63 megawatts (MW) for the quarter and new installations of 54 MW over 7,730 systems for the quarter, bringing its total new installations for 2018 up to 195 MW, up from the 185 MW installed in 2017. Installation cost per Watt for the fourth quarter was $3.12, a decrease from the $3.21 in the third quarter but an increase from the $2.95 reported a year earlier.
Cumulatively, Vivint Solar has now installed approximately 1,061 MW of residential solar across the United States over 154,598 installations.
“Vivint Solar remains deeply committed to leading the residential solar industry when it comes to safety, security and peace of mind for homeowners who are investing in a clean energy system they expect to last 20 to 30 years,” said Vivint Solar CEO David Bywater, speaking on the company’s Earnings Call. “We have installed solar on over 150,000 homes, and with quality as a top priority, we are happy to share our knowledge with others to help set standards as the industry matures.”
Total revenue for the fourth quarter amounted to $63.5 million, down 5% from the $66.8 million taken in during the fourth quarter of 2017 and well down on the $77.8 million taken in during the company’s third quarter. The company also posted a net loss of $12.9 million for the quarter, continuing a downward trend that has persisted this year and reversing the net income of $183.9 million reported year-over-year. Net loss (GAAP) per share amounted to $0.11, missing market expectations by $0.78, while the non-GAAP net loss per share amounted to $0.73, missing market expectations by $0.52.
Unsurprisingly, therefore, the company’s shares have plummeted in the wake of the news, plunging 11.5% directly on the back of the company’s earnings report and hovering around the 10% mark below last week’s share price.
Looking forward, Vivint Solar expects to install between 43 MW and 45 MW of new residential solar in the first quarter of 2019 at a cost per Watt of between $3.45 and $3.52. For the Full Year 2019, Vivint Solar expects its total megawatts installed to increase by 15%.