Vivint Solar Inc. on Aug. 8 reported a non-GAAP net loss of $37.0 million, or a loss of 33 cents per share, for the second quarter of 2017, compared to a non-GAAP net loss of $52.3 million, or a loss of 49 cents per share, in the second quarter of 2016.
The solar panel manufacturer's second-quarter results beat the S&P Capital IQ consensus normalized EPS estimate of a loss of 41 cents.
Total revenues for the quarter increased to $73.0 million, from $34.9 million in the same period of 2016. Vivint Solar reported operating expenses of $87.3 million during the second quarter of 2017, compared to $71.4 million in the corresponding quarter of 2016.
Net income available to common shareholders for the quarter was $5.0 million, or 4 diluted cents per share, compared to $12.4 million, or 11 diluted cents per share, in the 2016 quarter.
Net cash and cash equivalent at the end of the second quarter was $115.6 million, compared to $69.6 million at the end of the same period in 2016.
The company reported a second-quarter 2017 loss from operations of $14.3 million, compared to a loss of $36.5 million in the same period of 2016.
Vivint Solar reported that it installed 46.9 MW during the second quarter of 2017, up from 45.8 MW in the first quarter of 2016. The cost per watt decreased to $2.88, from $2.94 in second-quarter 2016. The company also booked 55 MW during the second quarter of 2017.