Vivint Solar is still reeling from the cancelled acquisition from SunEdisoin earlier in the year, but the company has picked itself up and is getting back to business. It released preliminary Q1 results in April, to reassure investors that the ship was being steadied, and now with the official release of its first quarter results nothing much has changed.
The company reported impressive year-on-year increases on installations, with a total of 55 MWs installed in Q1, up 19% from 2015, and a total of 66 MWs booked, up 33% year-on-year. This helped revenues increase 81% from $9.5 million in Q1 2015, up to $17.2 million.
Overall, Nominal Contracted Payments increased by approximately $193 million, to around $2.1 bn, showing a 71% increase year-on-year, while the companys Estimated Retained Value increased $106 million to approximately $1.0 bn.
However, operating costs also increased significantly. The costs per watt rose to $3.34, up from $3.12 in Q4 and $3.21 in Q1 2015. This increase, combined with the rise in installations, resulted in total operating expenses soaring to $111.8 million, compared to $58.2 million during the same period last year. This contributed to a loss from operations of $94.6 million, and a total net loss of $105.6 million.
Looking forward, Vivint Solar is looking to readjust itself back onto the trajectory that it was travelling along before the proposed acquisition by SunEdision. During the analyst and investor call in April, the company said that it hopes to increase installed capacity back to 60 MW, and hopes to complete 260 MWs of installations across the year.
It also hopes to bring the costs of installations back down, to fit in with the market trends. Over the full year its expects costs per watt to be as low as $2.85-$2.95.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Popular content
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.