SolarCity's Q2 net loss shrinks to USD 24m

Aug 8, 2013 - US solar solutions provider SolarCity Corp (NASDAQ:SCTY) said yesterday it had narrowed its second-quarter 2013 net loss to USD 23.9 million (EUR 18m) from USD 25.8 million a year back.

Net loss attributable to common stockholders was USD 0.31 per basic and diluted share, compared to USD 2.37 per share in April-June 2012. On a non-GAAP basis, the company lost USD 0.43 per share.

Operating loss expanded to USD 27 million from USD 15.5 million as operating costs grew to USD 42.5 million from USD 26.5 million.

In spite of its improved bottom line in the quarter, SolarCity saw its revenues slip to USD 37.9 million from USD 46.6 million. Solar energy systems sales fell to USD 17.3 million from USD 35 million, whereas revenue from operating leases rose to USD 20.6 million from USD 11.5 million.

SolarCity, which completed an initial public offering (IPO) in December 2012, deployed 53 MW of systems in the three months, up from 31 MW in the corresponding period of 2012.

For the third quarter of 2013, the company forecasts a non-GAAP loss per share of USD 0.50-0.60. Operating lease revenue is seen at USD 21 million-23 million, and solar energy system sales at USD 15 million-25 million. The firm expects to deploy between 70 MW and 77 MW of solar systems. SolarCity confirmed its previous expectations for 270 MW of installations in 2013.

(USD 1.0 = EUR 0.750)

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