PV energy provider (PVEP), SolarCity, reported strong residential adoption in the first quarter of 2013, collecting a total of 7,000 new customers with a total of 46MW deployed, which included 33MW of residential installations.
However, management noted in a call that the better-than-expected new customer gains was not expected to alter previous guidance for the year of achieving PV installations of around 250MW in 2013.
The reason was said to be delivery constraints from customers signing agreements to actual installation times, something the company has battled with in the past.
“Extending its leadership as the nation's premier clean energy provider, SolarCity not only grew its customer base 106% year over year to over 57,400 and increased its long-term contracted cash flows to $1.22 billion, but also exceeded guidance of megawatts deployed of 41MW with 46MW in the first quarter of 2013,” said Lyndon Rive, CEO at SunCity. “Through our unique, vertically-integrated platform of financing and installing solar systems, we offer customers a compelling value proposition of clean energy for lower than their local utility rate.”
SolarCity reported that cumulative capacity deployed had reached 333MW, driven by residential deployments that had increased 137% year on year. Its customer base reached a cumulative 57,416, growing 106% year on year and 14% from the fourth quarter of 2012.
The company noted that its investing activities for the quarter were US$141 million, raising US$98 million of financing with the result that cash fell by US$32.8 million. A positive net cash flow is expected in Q2 2013.
SolarCity reported Operating Lease Revenue of US$15.1 million, an 85% increase from US$8.1 million in the first quarter of 2012. Total revenue grew 21% year on year to US$30.0 million.
Gross profit was US$12.7 million in the first quarter, growing 25% year on year from US$10.1 million in the first quarter of 2012 and yielding a gross profit margin of 42%. Total operating expenses were US$34.5 million, rising from US$24.7 million in the first quarter of 2012. Loss from operations was US$21.8 million as compared to US$14.6 million in the same period last year.
The company expects to deploy between 48MW and 53MW in the second quarter and provide operating lease revenue of between US$16 million and US$18 million.