SolarCity (NASDAQ:SCTY) deployed 107MW of solar systems in Q2, +102% Y/Y and in-line with guidance of 105MW-110MW. 218MW of systems were booked, up sharply from Q1's 136MW. Cumulative deployments are at 756MW.
Deployments are expected to rise to 135MW-150MW in Q3. 2014 and 2015 deployment guidance is still at 500Mw-550MW and 900MW-1GW.
Q3 operating lease/incentive revenue is expected to total $50M-$55M (up from Q2's $43.2M), and EPS guidance is at -$1.10 to -$1.20 (below a -$1.00 consensus).
Cumulative energy contracts +28% Q/Q and +114% Y/Y to 128.9K. Cumulative customers +27% Q/Q and +102% Y/Y to 141K.
Estimated nominal contracted payments rose by $811M Q/Q to $3.31B. Retained value forecast rose by $513M to $1.8B; that equals $1.72/watt, up from a prior $1.56/watt.
Thanks to a breakneck construction pace, Q2 net cash flow was -$117.6M. SolarCity ended the quarter with $577.1M in cash, $246M in regular debt, and $230M in convertible notes, and $53M in solar asset-backed notes.
Shares +0.7% AH. Q2 results, PR.