Vivint Solar Q2 profit hits $13.7 million

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Utah-headquartered U.S. solar leasing provider Vivint Solar has published a solid set of second quarter (Q2) financials that reveal the company made a $13.7 million profit for the quarter.

The company ended the quarter with an additional 66 MW of solar installed – a 78% increase on Q2 2014, taking total cumulative installed capacity to 340 MW.

Vivint Solar’s order books were relatively robust, with 73 MW of new solar capacity booked in the quarter – an annual increase of 40% – while the 9,312 installations in Q2 were 78% more than last year. Cumulatively, the company has installed 51,458 solar systems, worth approximately $1.4 billion in nominal contract payments remaining.

Profit for the quarter stood at $13.7 million net income, while revenue of $15.3 million represented an impressive 146% increase on Q2 2014. Vivint Solar’s business model – which is hedged against the future contract payments of its clients – meant that the company’s total operating losses rose to $72.3 million – up from $334.1 million last year.

Since the beginning of 2015, shares in Vivint Solar have increased by 38%, but fell 15% last month on the back of the company’s acquisition by SunEdison and its yieldco, TerraForm Power, for $2.2 billion.