Utah-based Vivint Solar a leader in residential solar installations across the U.S. has announced extremely positive first quarter financial results for 2015.
The solar company increased its year-on-year revenue by 172% in Q1 2015, reaching $9.5 million compared to $3.5 million posted in Q1 2014. Vivint installed 46 MW of solar PV in the first quarter, a 131% increase in the space of 12 months that took the companys installed portfolio to 274 MW. A further 50 MW is in the pipeline, according to the company.
Cumulative installations across the States now stands at 42,146 following a 100% year-on-year increase that saw 6,426 new customers added in the first quarter. Estimated nominal contracted payments remaining a metric used by the lease provider to calculate future income was boosted by a further 146% in the first quarter, taking the total future revenue figure to $1.2 billion.
In turn, this performance increased Vivints retained value per watt by 138%, reaching $2.05/W, with the company stepping up its operating expenses significantly in order to continue its expansion: expenses grew from $33.4 million in Q1 2014 to $58.2 million in Q1 2015.
Over the course of the first quarter, Vivint was able to attract investment from private funds totaling $350 million, which the company calculate can be used to install solar energy systems with a value of approximately $865 million, or 193 MW of future deployments.
Vivint also revealed that it has a "commitment letter" from two investors for a new $100 million fund which, once finalized, would underpin a further solar energy installation expansion of around 63 MW, worth a market value of $285 million.
For the second quarter of the year, Vivint forecasts MW installations to grow to between 63 MW and 67 MW, generating total revenue of $14 – $15 million. Over the course of 2015, Vivint was happy to reiterate its earlier guidance of 290 310 MW installed.