US residential solar installer Vivint Solar deployed around 44MW of solar in the second quarter of 2020, beating expectations and helping to shrink its losses.
Having originally forecast for Q2 installations to fall within the 35 – 38MW range, Vivint produced a better-than-expected performance to install 43.6MW spread over 6,735 separate projects. While this is down on the 56MW deployed in Q2 2019, that the performance is stronger than expected compounds suggestions elsewhere that the US solar market is rebounding from the impact of the ongoing pandemic quicker than expected.
That helped send quarterly revenues up 17% year-on-year to US$106.4 million, with gross profit climbing by 46% to US$46.4 million. That growth in revenue was driven by an increase in turnover from operating leases and expenses (US$81.8 million), with solar and product sales having actually slid year-on-year to US$24.6 million.
But the performance was not enough to completely eradicate total losses at the company. Vivint did record a net loss of US$1.2 million in the quarter, however this is a 96% reduction on the US$28.6 million loss recorded in Q2 2019.
The performance comes as the firm prepares to be acquired by rival Sunrun in a US$3.2 billion, all-stock deal first announced early last month.
The transaction is expected to close in Q4 2020, subject to the companies receiving all requisite approvals, and will establish the combined entity as the largest residential solar installer in the US by some distance.
Sunrun’s Q2 2020 results disclosure takes place next week.