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.