SolarCity posts US$31 million loss in Q1

U.S.-based full-service provider SolarCity announced today its unaudited Q1 financial results. It posted revenues of almost $30 million in the first quarter of 2013, compared to $24.84 million recorded last year in Q1.

In terms of operating lease revenue, it reaped $15.1 million, up 85% from $8.1 million in the first quarter of 2012.

With respect to net loss, it posted almost $ 31 million in Q1 2013, while in the same period of last year it had only recorded $2.8 million.

The company’s operational loss rose to $21.8 million in the first three months of the year, compared to $14.56 million in 2012. In addition, it almost doubled its investment activities to $140.58 million in Q1, in comparison to $86.83 million in Q1 2012. In terms of current liabilities, they amount to $212.36 million, almost unchanged with respect to $213.62 million of Q1 2012.

Overall, the company yielded a gross profit margin of 42% in Q1 2013. Its gross profit, year-over-year grew 25%, from $10.1 million to $12.7 million.

SolarCity exceeded its Q1 2013 guidance by installing 46 MW, instead of the forecasted 41 MW. Looking ahead, the U.S. firm expects to deploy 250 MW of photovoltaic installations in 2013.