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Vivint Solar's Q3 revenue rises 33% but loss widens

Image by Twitter, @VivintSolar

November 7 (Renewables Now) - US residential solar company Vivint Solar (NYSE:VSLR) saw its attributable net loss expand to USD 13.8 million (EUR 12.5m) in the third quarter of 2019 from USD 7.9 million a year back, even as revenue increased 33% on the year.

During the three-month period, the company installed 65 MW for a 20% year-on-year increase and achieved 1,228 MW of cumulative megawatt installations. Estimated gross retained value rose by USD 74 million to about USD 2.2 billion, with estimated gross retained value per watt standing at USD 1.98 at the quarter end.

Cost per watt went down to USD 3.48 from USD 3.56 in the second quarter of 2019, but was up from USD 3.16 in July-September 2018.

More details are available in the following table.

Figures in USD million, except per share data Q3 2019 Q3 2018
Total revenue 103.8 77.8
-- from customer agreements and incentives 70.8 53.5
-- from solar energy system and product sales 33.0 24.3
Operating profit (loss) (44.0) (28.3)
Net profit (loss) attr. to common shareholders (13.8) (7.9)
Non-GAAP net loss per share (0.99) (0.61)

For the fourth quarter of 2019, Vivint Solar forecasts installations of between 64 MW and 67 MW, cost per watt in the range of USD 3.46 to USD 3.54 and net present value (NPV) per watt of USD 1.04-1.08.

(USD 1.0 = EUR 0.903)

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