Vivint Solar’s Q2 loss shrinks amid growing revenues

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By Rusty Russ on 2016-01-28 17:06:49
tags Vivint Solar’s Q2 loss shrinks amid growing revenues

August 6 (Renewables Now) – US residential solar company Vivint Solar (NYSE:VSLR) narrowed its attributable net loss in the second quarter of 2020 and reported increased revenues and installed capacity.

The Utah-based company posted a quarterly net loss of USD 1.2 million (EUR 1m), narrowing its year-ago deficit of USD 28.6 million. Although operating expenses were higher than in the year-ago period, coming at USD 72.5 million, the operating loss contracted to USD 26.1 million from USD 36.9 million as revenues improved by 17% to USD 106.4 million.

Vivint Solar installed around 44 MW of capacity in the reporting period and thus surpassed its 35 MW-38 MW forecast. The new additions lifted its cumulative megawatt installations to 1,394 MW. Estimated gross retained value rose by USD 85 million to about USD 2.5 billion, with estimated gross retained value per watt standing at USD 1.98 at the end of June. Cost per watt was USD 3.87, up from USD 3.8 in the previous quarter and USD 3.56 in the year-ago period.

More details about the company’s second-quarter (Q2) results are given in the table.

Figures in USD million, except per share data	Q2 2020	Q2 2019
Total revenue	106.4	90.8
— from customer agreements and incentives	81.8	63.4
— from solar energy system and product sales	24.6	27.4
Operating profit (loss)	(26.1)	(36.9)
Net profit (loss) attr. to common shareholders	(1.2)	(28.6)
Net profit (loss) per share	(0.01)	(0.24)
Non-GAAP net loss	(84.4)	(87.7)
Non-GAAP net loss per share	(0.68)	(0.73)

At the end of June, Vivint Solar had USD 429 million in undrawn capacity in various debt facilities and around 192 MW of undeployed tax equity financing capacity.

(USD 1.0 = EUR 0.843)