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.

Popular content

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:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

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.