Utah-based solar leasing firm Vivint Solar, one of the largest residential installers in the U.S., has published encouraging third quarter financial data revealing a modest profit and solid turnaround on 2014s Q3 figures.
Although profit for the quarter was a modest $468,000 (compared to more than $13 million in the second quarter of the year), in terms of bookings, installations and contracted payments remaining the firms financials and future growth looks rosy.
Over the quarter, Vivint Solar secured 71 MW of bookings, an increase of 15% on Q3 2014, with the 62 MW installed up 24% year-over-year increasing Vivints cumulative portfolio in the U.S. to 400 MW, or 60,116 installations across the nation.
Vivint Solars estimated nominal contracted payments remaining increased by approximately $214 million during the quarter, reaching $1.7 billion in total and representing the most impressive yearly increase of 97% on 2014.
This increase in future contractual payments also served to lower Vivints operational losses, which in Q3 2015 were $54.4 million, down slightly from $58.4 million in Q3 2014, but meant that the cost of revenue servicing leases and incentives increased to $37.6 million, up from $19.5 million in 2014.
Total operating expenses were $76.9 million, an increase of around $10 million in a year, yet Vivint Solar still managed to post a profit due to an increase in incentives revenue drawn from the larger installed base of customers the company brought in $21.8 million in lease payments, which is a large increase on the $7.1 million achieved in Q3 2014.
The financial results are the first to be published by Vivint Solar since its acquisition in July by SunEdison and its yieldco, TerraForm Power, for a sum of $2.2 billion.