US: SolarCity adds photovoltaic customers but losses widen

A bullish report of the fourth quarter and full year 2012 figures points out the San Mateo company signed up 30,950 customers last year, compared to just 9,034 in 2011.

Some 8,557 new customers came on board in the final three months of the year compared to 2,928 new signatures on contracts from October to December 2011.

But underlying the impressive figure of 157 MW deployed in 2012 (up from 72 MW the previous year) is the fact operating expenses ballooned from US$73.7 million in 2011 to $119.7 million last year.

Those higher costs, not accounted for in the press release announcing the figures, wiped out a rise in gross profit from $12.4 million to $50.9 million as SolarCity recorded a loss from operations of $68.9 million, up from the $61.3 million lost in 2011.

Those trading figures are reflected in the company’s balance sheet which shows SolarCity with total current assets of $315 million, up from $241 million, as part of total assets of $1.36 billion (up from $979.83 million). The company’s total liabilities – including redeemable preference stock and equity – stand at $1.36 billion, up from $979.83 million in 2011.