In 3Q17, Vivint Solar (VSLR) posted $34.7 million as its cost of revenue for its operating leases and incentives, higher than the $33.8 million in 2Q17 but lower than the $39.3 million in 3Q16.
SunEdison (SUNEQ) announced the intent to acquire residential rooftop solar (TAN) power provider Vivint Solar (VSLR) on July 19, 2015. However, the market reacted negatively.
For the coming quarter, analysts expect Sunrun’s (RUN) revenue to be ~$130 million, and they expect significant improvement in company revenue in the latter half of 1H17.
Sunrun (RUN) announced its 3Q16 earnings results on November 10, 2016, after market hours. Sunrun reported earnings per share of $0.16, compared to analysts’ consensus EPS estimate of -$0.20.
Vivint Solar (VSLR) reported $39.3 million in operating leases and incentives revenue costs for 3Q16 compared to $38.5 million in 2Q16 and $37.6 million in 3Q15.
Of the 11 analysts covering Sunrun (RUN) stock, nine analysts (81.8%) gave the company a “buy” rating. Two analysts (18.2%) rated it a “hold,” and there weren’t any “sell” ratings on Sunrun’s stock on November 4, 2016.
Vivint Solar reported its total cost per watt as $3.34 for 1Q16 compared to $3.12 in 4Q15. Uncertainty about its net metering system increased customer acquisition cost.
Vivint Solar (VSLR) reported $17.2 million in consolidated revenue for 1Q16 and $16.1 million for 2Q15. Analysts estimate 2Q15 revenue of $25.0 million.
Vivint Solar (VSLR) will announce its 2Q16 earnings results on August 8, 2016, after Market hours. In this series, we’ll look at analysts’ expectations for 2Q16 and 2016 guidance.
As of March 31, 2016, SolarCity (SCTY) had about $3.2 billion in consolidated debt on its books. Of the $3.2 billion, ~$1.5 billion was total recourse debt.
The downstream solar business is all about capturing market share. Because the solar lease contracts and power purchase agreements typically last for 20 years, a company with higher market share in the mature stage could get more revenue than the company with lower market share.
Sunrun (RUN) announced its 1Q16 earnings results on May 12, 2016. In this series, we’ll look at the 1Q16 results, compare them with analysts’ estimates, and see the factors behind deviations.
Of the eight analysts covering Sunrun (RUN) stock, six analysts, or 75%, gave the company a “buy” rating. Two analysts, or 25%, rated it a “hold.” There weren’t any “sell” rating on Sunrun’s stock.
The major factors that led to SunEdison’s bankruptcy were leveraged acquisitions and the liquidity crisis. More than the macro factors, SunEdison’s fall appears to be self-made.
The downstream solar business is capital intensive and requires companies like SolarCity to hold huge upfront capital for the sale of products and services.
SolarCity began its journey in 2006, with a vision to provide renewable energy to residential and commercial customers at a price lower than utility rates.
SolarCity initially raised funds through the issue of warrants to investors on preferred stock. It also raised capital through a range of investment funds.
ITCs (investment tax credits) are dollar-for-dollar reductions on income taxes. These apply to the residential and commercial deployment of solar systems.
SolarCity was founded in 2006 with the initial focused on selling, financing, and installing solar energy systems for residential and commercial customers.
One out of four analysts covering Vivint Solar (VSLR) has rated the stock a “buy,” two analysts rated the stock a “hold,” and one analyst recommends a “sell” for the stock.
The elimination of net metering system in Nevada affected the expansion plans of Vivint Solar and also led to the market exit of its peers Sunrun and SolarCity.
Vivint Solar intends to expand its presence in existing solar markets and penetrate into new markets by leveraging its brand presence and customer base.
ITCs (investment tax credits) are a dollar-for-dollar reduction on an income tax bill. It is applicable to both residential and commercial deployment of solar systems.
Vivint Solar has witnessed rapid growth since inception with installed capacity reaching 129.7 megawatts as of June 30, 2014. The company went public on October 1, 2014.
The extension of the investment tax credit for owning eligible solar systems and a decrease in solar hardware prices provide a strong growth opportunity for downstream solar companies.
Unlike its peers, Sunrun is building an open platform of services and tools to provide a differentiated customer experience and, at the same time, gaining a wide customer base.
On March 10, 2016, Sunrun launched a new product, BrightBox. It is the first time that the company will be offering energy storage facility to homeowners.
In February 2014, Sunrun (RUN) acquired the residential business of REC Solar, AEE Solar, and SnapNrack from Mainstream Energy Corporation for $78.8 million.
Investment tax credits are dollar-for-dollar reductions in an income tax bill. It is applicable to both residential and commercial deployment of solar systems.
Extension of ITCs for investments in solar energy has been key for the rapid expansion of downstream solar companies like Sunrun, Vivint Solar (VSLR), SolarCity (SCTY), and SunPower (SPWR).
Sunrun was co-founded in 2007 as a startup by Ed Fenster and Lynn Jurich, with an aim to create worldwide use of solar energy. It began offering solar services in 2008.
The business model of downstream solar players like Vivint Solar generate income over the term of customer agreements, which typically last for 20 years.
Debt So far in this series, we’ve looked at operating metrics, liquidity, and fixed assets for SunEdison (SUNE) and its family, including TerraForm Power (TERP) and TerraForm Global (GLBL). Without discussing debt and related metrics, we can’t test the hypothesis in the series title properly. The most important reason for the recent fall in SunEdison’s […]
With 3Q15 earnings season over and all eyes shifted to 4Q15 and beyond, we’re taking an opportunity to update our readers on the 3Q15 earnings of all major American solar companies.
SolarCity is a vertically-integrated solar company. Despite advancing technology and expanding reach, it has seen negative earnings most years since 2007.
SunPower (SPWR) reported total cost of revenues of $310.1 million in 2Q15, or 81% of revenues. In spite of reduced revenues, the company maintained its gross margin at 19% in 2Q15.
