Vivint Solar records increased costs per watt
Post date: 12/05/2019 - 20:59
U.S. PV distributor and installer Vivint Solar Inc. posted a year-on-year increase in revenue of almost two percent – from $68.3 million to $69.4 million – for the first quarter of 2019 compared to the same quarter of the previous year. Gross profit was $11.9 million compared to $3.5 million in Q1/2018 (up 239 percent), but the bottom line was a net loss attributable to shareholders of $26.24 million, 102 percent more than the $12.98 million loss in the previous-year period. The share price, which had risen sharply since early May (from $5.40 to as high as $7.24), fell to $6.42 at Friday’s close following the announcement of the results.
Vivint Solar installed approximately 6,514 systems with a total capacity of 46 MW in the reporting period, corresponding to an average capacity of 7.1 kW. The cost per watt, which includes not only the cost of selling and installing directly sold systems, but also, for example, the cost of financing leasing models and power purchase agreements, was $3.46, which is 8.8 percent more than in Q4/2018 ($3.18) and 7.5 percent more than in Q1/2018 ($3.22). Of the systems installed during the period, 69 percent was built under power purchase agreements, 15 percent under lease agreements, and 16 percent under direct sales.