Vivint Solar, a distributed solar systems provider, announced that it installed more megawatts of solar systems in the second quarter comparing to the first three months in 2015. Financial performance was better in 2Q than in 1Q.
The financial report represents that the GAAP total revenue for 2Q15 was $16.1 million, up 146% from $6.6 million in 2Q14. The Operating leases and incentives revenue was $15.3 million, representing a 164% y-o-y increase from $5.8 million.
The total operating expenses, including cost of revenue, were $88.5 million, compared to $40.7 million in the second quarter of 2014. Operating expenses included non-cash stock-based compensation expense of $17.9 million and amortization of intangibles of $3.7 million. Loss from operations was $72.3 million compared to $34.1 million in the same period of 2014.
The GAAP Net Income Available to Stockholders per Diluted Share was $0.12. Cash and cash equivalents as of June 30, 2015 was $152.2 million. As of June 30, 2015, the Company had $100 million in undrawn capacity in our working capital facility, $216.5 million in undrawn capacity in our aggregation facility, and 231 MWs of installation capacity remaining in our tax equity funds.
Key operating and development highlights for the quarter ended June 30, 2015 include:
- MW Booked of approximately 73 MWs for the quarter, up 40% year-over-year.
- MW Installed of approximately 66 MWs, up 78% year-over-year. Total cumulative MWs installed were approximately 340 MWs.
- Installations were 9,312 for the quarter, up 72% year-over-year. Cumulative installations were 51,458.
- Estimated Nominal Contracted Payments Remaining increased by approximately $238 million during the quarter and was approximately $1.4 billion, up 123% year-over-year.
- Estimated Retained Value increased by approximately $120 million during the quarter to approximately $680 million, up 119% year-over-year.
- Estimated Retained Value per Watt was $2.00.
- Cost per Watt was $3.00, down from $3.21 in the first quarter of 2015 and down from $3.55 in the second quarter of 2014.
