Vivint Solar is still reeling from the cancelled acquisition from SunEdisoin earlier in the year, but the company has picked itself up and is getting back to business. It released preliminary Q1 results in April, to reassure investors that the ship was being steadied, and now with the official release of its first quarter results nothing much has changed.
The company reported impressive year-on-year increases on installations, with a total of 55 MWs installed in Q1, up 19% from 2015, and a total of 66 MWs booked, up 33% year-on-year. This helped revenues increase 81% from $9.5 million in Q1 2015, up to $17.2 million.
Overall, Nominal Contracted Payments increased by approximately $193 million, to around $2.1 bn, showing a 71% increase year-on-year, while the companys Estimated Retained Value increased $106 million to approximately $1.0 bn.
However, operating costs also increased significantly. The costs per watt rose to $3.34, up from $3.12 in Q4 and $3.21 in Q1 2015. This increase, combined with the rise in installations, resulted in total operating expenses soaring to $111.8 million, compared to $58.2 million during the same period last year. This contributed to a loss from operations of $94.6 million, and a total net loss of $105.6 million.
Looking forward, Vivint Solar is looking to readjust itself back onto the trajectory that it was travelling along before the proposed acquisition by SunEdision. During the analyst and investor call in April, the company said that it hopes to increase installed capacity back to 60 MW, and hopes to complete 260 MWs of installations across the year.
It also hopes to bring the costs of installations back down, to fit in with the market trends. Over the full year its expects costs per watt to be as low as $2.85-$2.95.