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Vivint Solar swings to Q3 net loss

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Vivint Solar swings to Q3 net loss


November 7 (Solar) – US residential solar company Vivint Solar (NYSE:VSLR) said on Tuesday it installed 54 MW of capacity in the third quarter, in line with guidance, but posted a negative profit result.

The figure represents an increase from the 47 MW installed in the preceding quarter and is at the high end of the company’s forecast of 51 MW-54 MW. The cost per watt rose to USD 3.21 (EUR 2.8) from USD 3.11 in the second quarter and USD 2.94 in the year-ago period. Adjusting for closing fees related to a financing agreement, cost per watt amounted to USD 3.06.

Vivint Solar saw its cumulative installations reach 1,007 MW in the third quarter and booked about 74 MW in the three months. It lifted its estimated retained value during the quarter by about USD 74 million to around USD 1.9 billion.

The US solar installer closed the July-September quarter with a net loss of USD 7.9 million, against a profit of USD 6.9 million a year back. Revenues, however, improved by 4% and totalled USD 77.8 million.

More details of the company’s financial performance can be seen in the table:

in USD millions Q3 2018 Q3 2017 9mo 2018 9mo 2017
Revenues 77.8 75.1 226.9 201.2
 — from operating leases and incentives 53.5 45.9 139.3 119.7
 — from solar energy system and product sales 24.3 29.2 87.5 81.5
Gross profit 18 18.2 41.9 34
Result from operations (28.3) (12) (72.5) (57.4)
GAAP net profit (loss) available to common stockholders (7.9) 6.9 (2.7) 25.1
Non-GAAP net profit (loss) (72.7) (37.7) (192.8) (130.2)

For the fourth quarter, Vivint Solar expects to install between 53 MW and 57 MW of capacity. The cost per watt is seen to range between USD 3 and USD 3.07.

(USD 1.0 = EUR 0.873)


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