SolarCity’s Q2 2014 net loss doubles on rising costs

Aug 8, 2014 - US solar solutions provider SolarCity Corp (NASDAQ:SCTY) saw its net loss expand to USD 88.5 million (EUR 66.2m) in the second quarter of 2014 from USD 41.1 million a year earlier as expenses surged by 123%.

In a statement on Thursday, the company said it experienced “unprecedented demand” with triple-digit year-on-year growth in all key operating metrics. However, the result was offset by higher costs, which increased to USD 97.2 million from USD 43.6 million. Loss per share in the three months remained unchanged at USD 0.52.

SolarCity’s operating loss expanded to USD 74.3 million from USD 35.5 million. Consolidated gross margin was 37%.

The photovoltaic (PV) solutions provider managed to boost its second-quarter revenues by 62% in annual terms to USD 61.3 million. Sales of solar energy systems and components climbed to USD 18.2 million from USD 17.3 million. Meanwhile, operating lease and solar energy systems incentives revenue rose to USD 43.2 million from USD 20.6 million mainly thanks to growth in cumulative operating lease MW deployed.

In the three months ended June, SolarCity installed 107 MW of solar PV capacity, up from 53 MW in the year-ago period, staying on track to achieve its full-year goal of 500 MW-550 MW.

At the end of June, SolarCity’s cumulative deployed PV capacity stood at 756 MW.

(USD 1.0 = EUR 0.748)

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