May 10 (Renewables Now) - US residential solar company Vivint Solar (NYSE:VSLR) reported an expanded net loss to common stockholders of USD 26.2 million (EUR 23.4m) for the first quarter of 2019 after sales and marketing expenses nearly trebled.
A year earlier, the result was a loss of USD 13 million.
Vivint Solar said on Thursday it installed 45.6 MW in the three months, with total cumulative installations reaching 1,107 MW. This included 7.1 MW of system sales, while the remaining 38.5 MW were PPA and lease agreements.
The company expects to install 52 MW to 55 MW in the second quarter of 2019.
The cost per watt in the reporting period rose to USD 3.46 from USD 3.18 in the preceding quarter and from USD 3.22 a year earlier. In the second quarter the cost per watt is expected to range between USD 3.32 and USD 3.40.
The sales and marketing cost per watt has been on the rise for many quarters, reaching USD 1.16 in the first three months of 2019. It stood at USD 0.84 in the first quarter of 2018 and at USD 0.68 in the first quarter of 2017.
The table shows details on the company’s quarterly performance, as released by Vivint on Thursday.
|Results in USD million||Q1 2019||Q1 2018|
|- of which from customer agreements and incentives||39.6||31.1|
|- of which from solar energy system and product sales||29.8||37.1|
|Cost of revenue||57.5||64.7|
|- of which sales and marketing expenses||29.6||11.1|
|- of which general and administrative expenses||23.05||20.0|
|Loss from operations||(41.2)||(28.1)|
|Net loss attr. to common shareholders||(26.2)||(13)|
|Non-GAAP net loss||(89.2)||(61.4)|
The estimated gross retained value rose by roughly USD 54 million to USD 2.1 billion.
(USD 1 = EUR 0.89)