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SolarCity Announces Fourth Quarter And Full Fiscal Year 2012 Financial Results

Stocks in this article: SCTY

SolarCity (Nasdaq: SCTY), a leading provider of clean energy, today announced financial results for its fourth quarter and full year ended December 31, 2012.

“SolarCity grew its customer base more than 243% in 2012 and surpassed $1 billion in solar energy systems deployed. Customers consistently choose SolarCity over alternatives, whether they are solar providers or utility companies. We sign up a new customer every five minutes,” said Lyndon Rive, CEO.

“SolarCity’s growth is proof that the company’s vertically-integrated model—to provide cleaner energy directly to customers at a discount to utility rates—is the key to attracting homeowners and businesses to solar,” continued Rive. “Furthermore, despite our triple-digit growth rate, we’ve scarcely begun to tap the potential of the distributed solar market. Less than half of one percent of energy consumers in the U.S. have adopted solar, and a massive growth opportunity remains.”

Operating Activities

SolarCity’s operating activities include collecting energy contract payments, acquiring new customers, operating and maintaining solar energy systems, technology development and additional activities that enable selling energy to customers.

Q4 2012 Operating Activity Highlights

  • 48 MW Deployed, an increase of 129% from the prior year period
  • 8,557 Total Customers, an increase of 192% from the prior year period
  • 6,810 Energy Contracts, an increase of 190% from the prior year period
  • 4,992 Transactions from other energy products and services, an increase of 350% from the prior year period

Full Year 2012 Operating Activity Highlights

  • 157 MW Deployed, an increase of 118% from the prior year
  • 30,950 Total Customers, an increase of 243% from the prior year
  • 26,327 Energy Contracts, an increase of 269% from the prior year
  • 15,425 Transactions from other energy products and services, an increase of 315% from the prior year
  • $1,091 Million Nominal Contracted Payments Remaining, an increase of 124% from the prior year

Investing Activities

SolarCity’s investing activities are primarily comprised of the Company’s investments in distributed generation solar energy systems under energy contracts.

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