- SolarCity (SCTY) installed 153MW of solar systems in Q1, +87% Y/Y and above guidance of 145MW. Installations are expected to rise to 180MW (+69% Y/Y) in Q2. Full-year guidance for 920MW-1GW of solar deployments (not the same as installations) is reiterated.
- Q2 revenue guidance of $86M-$92M ($70M-$74M for op. lease and system incentive revenue, and $16M-$18M for system and component sale revenue) is below a $96.8M consensus. EPS guidance of -$1.60 to -$1.70 is below a -$1.48 consensus.
- Q1 bookings totaled 237MW, +15% Q/Q and +74% Y/Y. 27.4K new customers were added, up from Q4's 21.3K and bringing the total count to 217.6K. Estimated contracted payments remaining rose by over $1.1B Q/Q to $6.11B, and retained value forecast by ~$250M to $2.7B.
- Cost/watt was $2.95, up 3% Q/Q (seasonality is blamed) but down 9% Y/Y. A record low cost/watt is expected in Q2; the company is still aiming for $2.50 by 2017. SolarCity ended Q1 with $576M in cash/short-term investments, $479M in long-term debt, $100M in solar bonds, $312M in solar asset-backed notes, and $796M in convertible debt.
- Shares have fallen to $57.90 AH.
- Q1 results, shareholder letter (.pdf), slides (.pdf)