U.S. distributed solar energy system developer Vivint Solar has announced its financial results for the third quarter of 2015. During this quarter, the company’s cumulative solar installation capacity officially reached 400MW, contributed by approximately 61MW of additional installations.
Third Quarter 2015 GAAP Financial Results
- Operating Leases and Incentives Revenue was $21.8 million, up 205% from $7.1 million in the third quarter of the prior year. Total revenue for the quarter was $22.5 million, up 170% from $8.3 million in the third quarter of the prior year.
- Cost of Revenue – Operating Leases and Incentives was $37.6 million, up from $19.5 million in the same period of 2014.
- Total Operating Expenses, including cost of revenue, were $76.9 million, compared to $66.7 million in the third quarter of 2014. Operating expenses included non-cash stock-based compensation expense of $2.6 million and amortization of intangibles of $3.7 million.
- Loss from Operations was $54.4 million compared to $58.4 million in the same period of 2014.
- GAAP Net Income Available to Stockholders per Diluted Share was $0.00, up from ($0.45) in the third quarter of 2014.
- Non-GAAP Loss Before Non-Controlling Interests and Redeemable Non-Controlling Interests per Share was ($0.47), up from ($0.66) in the same period of 2014.
- Cash and Cash Equivalents as of September 30, 2015 were $81.8 million.
Third Quarter 2015 Operating Highlights
- MW Booked of approximately 71 MWs for the quarter, up 15% year-over-year.
- MW Installed of approximately 61 MWs, up 24% year-over-year. Total cumulative MWs installed were approximately 400 MWs.
- Installations were 8,658 for the quarter, up 25% year-over-year. Cumulative installations were 60,116.
- Estimated Nominal Contracted Payments Remaining increased by approximately $214 million during the quarter and was approximately $1.7 billion, up 97% year-over-year.
- Estimated Retained Value increased by approximately $113 million during the quarter to approximately $793 million, up 99% year-over-year.
- Estimated Retained Value per Watt was $1.98.
- Cost per Watt was $3.12, up from $3.00 in the second quarter of 2015 and flat compared to the third quarter of 2014.
