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NEW YORK (TheStreet) -- Shares of SolarCity (SCTY) are declining by 19.65% to $31.59 in pre-market trading on Friday morning, after the seller of renewable energy equipment reported its 2015 third quarter earnings results.

The company's latest financial report showed a non-GAAP net loss of $2.41 per diluted share versus the loss of $1.95 analysts surveyed by Thomson Reuters had forecast.

Total revenue for the three month period ending September 30 came in at $113.9 million, topping the $111.4 million analysts were expecting.

Looking ahead to the fourth quarter, SolarCity is expecting a net loss to be in a range between $2.60 and $2.75 per share, wider than the loss of $2.51 per share analysts are looking for.

"In the third quarter of 2015, SolarCity reached two major milestones. First, we officially launched our international expansion with our first installations in Mexico. Second, we became the first solar company to reach 1 GW in annualized distributed solar installations in the U.S.-and likely the world," the company said in a letter to shareholders.

Separately, TheStreet Ratings team rates SOLARCITY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

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TheStreet Recommends

We rate SOLARCITY CORP (SCTY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: SCTY

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