Net losses at U.S. solar group Vivint Solar doubled in the fourth quarter of 2014 and nearly tripled to $165.9 million for the full year, the company reported on Wednesday.
Vivint nevertheless increased business operations, with fourth-quarter revenue up from $1.97 million a year ago to $6.86 million and full-year sales more than quadrupling to $25.3 million.
The company installed approximately 50 MW in the fourth quarter, a year-on-year increase of 191%, bringing its total cumulative installed megawatts to 228 MW. The number of installations climbed 135% to 6,864, with cumulative installations at 35,720. The company reported some 52 MW booked for the quarter, up 150% year-on-year.
Vivint said full-year revenue from operating leases and incentives rose 270% to $21.7 million from $5.9 million in 2013.
The company also announced it had signed an agreement this week for a working capital facility of up to $131 million. In addition, it recently closed two tax equity partnerships. The company estimates the two funds will help it install around 66 MW of solar systems.
Vivint is expanding its downstream business — in January it acquired California-based Solmetric Corporation, a developer of PV installation instruments and software products, in an all cash transaction.
Solmetric test and measurement instruments help solar installation companies deliver more accurate solar energy assessments during the pre-install process and fast and accurate performance testing during commissioning and operation and maintenance.
"Further in-house, advanced development of Solmetric products will help strengthen our pre-installation site assessment and CAD design process even further at this crucial market expansion time for Vivint Solar," said Vivint CEO Greg Butterfield, announcing the acquisition.
Outlook
Vivint is expects to install between 40 and 42 MW this quarter and anticipates sales of between $8 and $8.5 million. The company expects to install between 290 and 310 MW this year.
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