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 Solars 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 Solars business model which is hedged against the future contract payments of its clients meant that the companys 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 companys acquisition by SunEdison and its yieldco, TerraForm Power, for $2.2 billion.