SolarCity Corp (SCTY) Adds 21,318 New Customers In 4Q
SolarCity Corp (NASDAQ:SCTY) said that it was able to add 21,318 fresh customers during the fourth quarter. The company also said that MW booked per fresh customer was higher during the December quarter citing increased mix of commercial and new Solar Strong contracts. It was serving the multi-unit military housing, which needed bigger system sizes.
SolarCity Corp (NASDAQ:SCTY) disclosed that energy contracts grew by 21,406 during the December quarter and its Estimated Nominal Contracted Payments Remaining advanced by a net $837 million after the third quarter ended. The company disclosed that these metrics as better for its fresh sales activity compared to revenue. This was because it was recognized as payments received from customers and spread over 2 – 3 decade lives of its lease, loan contracts, and PPA.
The company suffered a net loss of $141.44 million in the fourth quarter. In comparison, it incurred a net loss of $39.8 million in the prior year quarter. On an adjusted basis, it would have incurred a loss of $1.33 a share, which was wider the Street analysts’ estimations of a loss of $1.27 a share.
SolarCity Corp (NASDAQ:SCTY)’s top line surged 52% to $71.81 million from $47.3 million in the previous year quarter. Street analysts’ predicted the company to generate $71.75 million revenue. Revenue from operating leases and solar energy systems more than doubled to $49.21 million from $22.36 million. However, revenue from solar energy systems and components sales fell 9.4% to $22.6 million from $24.94 million in the same quarter last year.
Full Year Results
The company’s net loss widened to $375.23 million from $151.76 million in the prior year. Its total revenues jumped 55.7% to $255.03 million from $163.8 million in the previous year.
The company ended the year with cash and cash equivalents of $504.38 million.
Moving ahead, SolarCity Corp (NASDAQ:SCTY) said that it projects $47 – $52 million revenue from operating lease and solar energy systems incentive for the first quarter. The company expects solar electricity production to remain lower during the winter season.
Full Release: here
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