SolarCity released the earnings results from its first fiscal quarter after closing bell tonight, posting losses of $1.52 per share on revenue of $67.5 million. Analysts had been expecting losses of $1.58 per share on $57.7 million in revenue for the quarter. In last year’s first quarter, the solar panel installer posted losses of 26 cents per share on revenue of $63.5 million.
Key metrics from SolarCity’s earnings report
SolarCity booked a record 237 megawatts in systems, a 74% increase from last year, during the quarter and installed 153 megawatts worth of systems, a year over year increase of 87%. Total cost fell 9% year over year to $2.95 per watt. The company had nearly 218,000 customers at the end of the March quarter, a 97% increase from last year, and $3.1 billion of solar panel systems assets on its balance sheet. Management said they are now more than 20% of the way to their goal of 1 million customers by the middle of 2018, adding almost 28,000 new customers during the first quarter of the year.
The solar panel installer reported a 144% increase in nominal contracted payments and installed 153 megawatts during the first quarter. Residential megawatts increased 108%, while total megawatts rose 87% year over year, beating management’s guidance of 145 megawatts.
SolarCity reported that it generated about 11% in unlevered IRR and created an incremental $147 million in economic value equity.
SolarCity provides guidance
For the current quarter, SolarCity expects to install 180 megawatts, which would be a growth rate of 69% compared to last year and include a more than 80% growth rate for residential. The company expects to post revenue of between $70 million and $74 million in operating lease and solar energy systems incentives and between $16 million and $18 million in sales from solar energy systems. In non-GAAP earnings, the company expects losses of between $1.60 and $1.70 per share for the quarter.
For the full year, SolarCity expects to deploy between 920 megawatts and 1,000 megawatts worth of systems.