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SolarCity Announces First Quarter 2013 Financial Results

Q2 2013 Guidance and Update to 2013 Outlook

For Q2 2013, the Company expects to deploy between 48 MW and 53 MW.

For its Q2 2013 GAAP income statement, the Company also expects:

  • GAAP Operating Lease Revenue : $16 million - $18 million
  • GAAP Solar Energy Systems Sale Revenue : $5 million - $10 million
  • GAAP Gross Margin : 40%-55%
  • GAAP Operating Expenses : $38 million - $42 million

For 2013, we continue to expect MWs deployed of 250 MW. In addition, we not only continue to expect to turn consistently net cash flow positive by Q4 2013 but we also now expect positive net cash flow in Q2 2013.

Earnings Conference Call

The Company will hold a conference call today to discuss its first quarter results and its outlook for the remainder of 2013 at 5:00 pm Eastern. A live webcast of the call may be accessed over the Internet from the Company's Investor Relations website at http://investors.solarcity.com

Participants should follow the instructions provided on the website to download and install the necessary audio applications. In addition, an earnings related presentation will be available on the Company's Investor Relations site at 5:00 pm Eastern. The conference call can be accessed live over the phone by dialing 1-877-407-4018, or for international callers, 1-201-689-8471. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode for the live call and the replay is 412030. The replay will be available until May 20, 2013.

About SolarCity

SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding SolarCity's customer and market growth opportunities, financial strategies for cash generation and increasing shareholder value, the deployment of megawatts (including megawatts currently in backlog), the amount of megawatts that can be deployed based on committed available financing, expected future GAAP income statement results, the timing of the Company becoming net cash flow positive, additional financial and operational forecasts to be discussed during the conference call referenced in this release, and assumptions relating to the foregoing.

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