SolarCity has leased the former Solyndra manufacturing facility in Fremont to house its Silevo team
SolarCity is scheduled to report its fiscal fourth-quarter results on Wednesday, February 18 after the market close. Analysts polled by FactSet expect the company to report a net loss of $119 million or $1.27 per share for the quarter. SolarCity had incurred a loss of $40 million or 46 cents a share in the corresponding quarter a year ago.
SolarCity’s Q4 revenue expected to jump 51.7%
The San Mateo-based company has forecast Q4 loss of between $1.25 and $1.35 a share. Revenue for the fourth-quarter is expected to jump 51.70% YoY to $71.75 million. For full-year 2014, analysts project $253.4 million in revenue and $3.77 a share in adjusted loss. SolarCity had generated $163.84 million in sales and $1.69 per share in losses in FY2013.
Investors will also be looking for details on the company’s expansion plans. The company’s residential solar market is limited to 15 states. Last week, Tesla CEO and SolarCity chairman Elon Musk said that Tesla will offer homeowners Li-ion batteries to store and reuse electricity in their houses. SolarCity investors will be looking for details on how SolarCity can participate in the new program.
SolarCity moving Silevo team to former Solyndra factory
Jonathan Gifford of PV Magazine reports that SolarCity has leased the former Solyndra manufacturing facility in Fremont to house its Silevo team. The Fremont facility will reportedly form an R&D center for Silevo to keep developing its technology. GTM Research analyst Shyam Mehta said that the former Solyndra facility was a good choice because it already has the required infrastructure.
SolarCity is also expected to provide details about its manufacturing plans. SolarCity acquired Silevo for $200 million last year. The company is setting up a solar plant in Buffalo, New York to produce high-efficiency panels. SolarCity plans to become a vertically integrated company to control its supply chain and cut costs. For FY2015, the company management expects to install 920MW to 1,000MW of panels.
SolarCity shares rose 0.90% to $58.12 in pre-market trading Wednesday.