SolarCity posts US$31 million loss in Q1

Share

U.S.-based full-service provider SolarCity announced today its unaudited Q1 financial results. It posted revenues of almost $30 million in the first quarter of 2013, compared to $24.84 million recorded last year in Q1.

In terms of operating lease revenue, it reaped $15.1 million, up 85% from $8.1 million in the first quarter of 2012.

With respect to net loss, it posted almost $ 31 million in Q1 2013, while in the same period of last year it had only recorded $2.8 million.

The company's operational loss rose to $21.8 million in the first three months of the year, compared to $14.56 million in 2012. In addition, it almost doubled its investment activities to $140.58 million in Q1, in comparison to $86.83 million in Q1 2012. In terms of current liabilities, they amount to $212.36 million, almost unchanged with respect to $213.62 million of Q1 2012.

Overall, the company yielded a gross profit margin of 42% in Q1 2013. Its gross profit, year-over-year grew 25%, from $10.1 million to $12.7 million.

SolarCity exceeded its Q1 2013 guidance by installing 46 MW, instead of the forecasted 41 MW. Looking ahead, the U.S. firm expects to deploy 250 MW of photovoltaic installations in 2013.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.