Vivint Solar’s Q3 installs dip but revenue rebounds

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Vivint Solar said it had installed approximately 59MW in the third quarter of 2016, down from 61MW in the previous quarter.

US residential PV installer Vivint Solar said it had installed approximately 59MW in the third quarter of 2016, down from 61MW in the previous quarter, echoing management’s previous commentary that installations would be flat through the second-half of 2016. 

Management noted in its latest earnings call that capital constraints had limited installations in the quarter. However, a recent successful round of fund raising through tax equity commitments totalling US$200 million would enable around 123MW of future PV installations.

Financial results

Vivint Solar reported third quarter total revenue of US$41.3 million, up from US$34.9 million in the previous quarter and up from US$22.5 million in the third quarter of the prior year.

The company reported operating expenses of US$74.6 million, up from US$71.4 million in the previous quarter and down from US$76.9 million in the third quarter of 2015.

Loss from operations was US$33.3 million, down from US$36.5 million in the previous quarter and down from US$54.4 million in the same period of 2015.

PV installations in the third quarter were 8,266, down from 8,641 in the previous quarter, while cumulative installations reached 93,138.

PV installations in the third quarter were 8,266, down from 8,641 in the previous quarter, while cumulative installations reached 93,138. Estimated retained value increased by approximately US$113 million during the quarter to approximately US$1.2 billion, according to the company. 

Vivint Solar reported a cost per watt of US$2.85 for the third quarter, down from US$2.94 in the second quarter of 2016.

Vivint Solar reported a cost per watt of US$2.85 for the third quarter, down from US$2.94 in the second quarter of 2016.

Guidance

Due to lower installs bookings of approximately 59MW in the third quarter, management guided fourth quarter installs to be in the range of 48MW to 52MW. 

Therefore, full-year installations are being guided in the range of 223MW to 227MW, significantly below original full-year guidance of installations reaching around 260MW in 2016.

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