Vivint Solar installs 178 MW; revenue up 266% Y-o-Y

Greg Butterfield, Vivint Solar's CEO
Greg Butterfield, Vivint Solar's CEO

Vivint Solar has reported revenue of $8.3 million in the third quarter, up 266% from $2.3 million in the third quarter of the prior year.

However, Vivint posted an adjusted loss per share of 66 cents wider than the loss of 20-cent average of analyst estimates, which caused the stocks to fall after the results.

With 62 MWs booked and 49 MWs installed during the quarter, total cumulative MWs installed stands at approximately 178 MWs as of September 30, 2014.

The result comes at the juncture of Vivint Solar’s recent initial public offering (IPO) of common stocks which has generated net proceeds of approximately $301 million.

“In three short years we’ve become the second-largest U.S. residential solar company,” CEO Gregory Butterfield said, adding, “This level of growth requires significant investment in the business.”

Greg Butterfield, Vivint Solar's CEO
Greg Butterfield, Vivint Solar’s CEO

Commenting on the results, Greg Butterfield, Vivint Solar’s CEO, said, “I am pleased with our performance in the third quarter. Vivint Solar continues to build momentum,” said Greg Butterfield, Vivint Solar’s CEO. “This year, the business is on track to more than double the megawatts we installed in all the previous years combined.”

Total installations for the quarter were 6,935, up 137% year-over-year. Cumulative installations were 28,856 as of September 30, 2014.

Total operating expenses were $66.7 million, compared to $15.7 million in the third quarter of 2013.

Vivint Solar secured additional financing during the quarter. The company closed two new investment funds with new partners, which made tax equity commitments to fund approximately 91 MWs of installations.

The company also entered into an aggregation credit facility which would allow it to borrow up to an aggregate of $350 million in term loan borrowings.

Equity Financing increased in the quarter due to the sale and issuance of $103.5 million of common stock to 313 Acquisition and two of the company’s directors.

For the fourth quarter of 2014, Vivint Solar expects to install 45 to 47 MWs, resulting in revenues in the range $5.5 – $6.5 million and total operating expenses of $47 – $51 million.

Rajani Baburajan

[email protected]