Vivint Solar Inc. on March 7 booked a non-GAAP net loss of $48.8 million, or 43 cents loss per share, compared to a net loss of $45.4 million, or 41 cents loss per share, in the comparable period in 2016.
Total revenue for the quarter was $66.8 million, up 60% from $41.8 million a year ago. Loss from operations narrowed to $26.9 million, from $38.1 million a year ago.
The company booked approximately 55 MW of solar power for the quarter and installed approximately 45 MW. Cost per watt was $2.95, down from $3.08 in the fourth quarter of 2016.
On a GAAP basis, fourth-quarter net income available to common stockholders rose was $183.9 million, or $1.54 per diluted share, up from $20.1 million, or 18 cents per diluted share, in the last quarter of 2016.
For full year 2017, Vivint Solar posted non-GAAP net loss of $179.0 million, or $1.58 loss per share, compared to a net loss of $205.9 million, or $1.90 loss per share, in 2016.
Revenues for 2017 rose 98% to $268.0 million, from $135.2 million a year ago. Loss from operations narrowed to $84.2 million from $202.5 million a year ago.
Net income available to common stockholders totaled $209.1 million, or $1.77 per diluted share, rising from $18.0 million, or 16 cents per diluted share in 2016.
For the first quarter of 2018, Vivint Solar expects to install 40 MW of solar power, with a cost per watt target of $3.15 to $3.20.
