Vivint Solar saw dramatic increases in both revenue, although company CEO Greg Butterfield, Vivint Solar expressed confidence that this year the group would more than double the amount of megawatts it installed in all previous years combined.
The Utah-based company, which went public last month, posted third-quarter sales of $8.3 million, up a whopping 266% from $2.3 million generated in the same period a year ago, while net losses more than tripled from $15 million to $51.7 million.
Vivint, which relies on a solar leasing business model for residential customers, booked some 62 MW in the quarter, up 206% year-over-year, and installed about 49 MW an increase of 196%. The companys total cumulative installed megawatts reached approximately 178 MW at the end of September.
The group secured additional financing during the quarter that included two new investment funds with new partners that made tax equity commitments to fund approximately 91 MW of installations; a new credit facility of up to $350 million; and $103.5 million from the sale of more than 9.7 million shares of common stock.
The companys initial public offering in October generated net proceeds of some $301 million.
For the rest of the year, Vivint said it expected fourth-quarter revenue of between $5.5 and $6.5 million; operating expenses of between $47 and $51 million and the installation of between 45 and 47 MW.