SolarCity Corp Posts Better Than Expected Losses

SolarcityBy BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

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.

For exclusive info on hedge funds and the latest news from value investing world at only a few dollars a month check out ValueWalk Premium right here.

Multiple people interested? Check out our new corporate plan right here (We are currently offering a major discount)

About the Author

Michelle Jones
Michelle Jones was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Michelle has been with ValueWalk since 2012 and is now our editor-in-chief. Email her at

Be the first to comment on "SolarCity Corp Posts Better Than Expected Losses"

Leave a comment

Your email address will not be published.