SolarCity (SCTY) deployed 103MW of solar systems in Q4, +32% Q/Q and +115% Y/Y, and slightly above guidance of 101MW. Residential deployments +130% Y/Y to 70MW. Cumulative deployments now stand at 567MW.
Q4 revenue was $47.3M, +87% Y/Y and beating consensus by $4.2M.
101MW were booked in Q4, up from 91MW in Q3. Energy contracts totaled 10.8K vs. 12.3K in Q3 and a year ago, new customers totaled 10.7K vs. 12.4K in Q3 and 13.1K a year ago. Cost per watt fell 30% in 2013.
Cumulative energy contracts were at 83.3K (+105% Y/Y) at the end of Q4, and cumulative customers at 93K (+92%). Nominal contracted payments +15% Q/Q and +79% Y/Y to $1.99B, retained valued forecast +24% Q/Q to $1.05B.
SolarCity expects to deploy 78MW-82MW of systems in Q1, +74% Y/Y at the midpoint. 2014 deployment guidance (475MW-525MW) is reaffirmed.
Full (GAAP) Q4 results will be provided on March 3.
CC at 5PM ET.