Sunrun today announced financial results for the third quarter ended September 30, 2015.
Third Quarter 2015 Operating Highlights
- 94.5MW booked, an increase of 54% quarter-over-quarter and 115% year-over-year.
- 55.7MW deployed, representing 85% organic growth year-over-year.
- CumulativeMW deployed of 528.2MW.
- Quarterly NPV creation was $49.5 million, an increase of 33% quarter-over-quarter.
- Pre-tax Project Value per watt was $4.70, compared to $5.00 in the prior quarter.
- Creation Cost per watt of $3.75 decreased $0.33, or 8% quarter-over-quarter.
"Our NPV growth in the third quarter demonstrates our ongoing focus on value creation," said Lynn Jurich, Sunrun's CEO. "Successful execution onMW deployed and bookings growth means we are poised to continue our strong growth in 2016. We recently added our 100,000th solar customer, a new milestone as we rapidly add to the nation's second largest residential solar fleet."
Key Operating Metrics
In the third quarter of 2015, MW booked increased to 94.5MW from 44.0MW in the third quarter of 2014 andMW deployed increased to 55.7MW from 30.1MW in the third quarter of 2014, excluding the impact of an opportunistic asset portfolio purchase in 2014. This resulted in 115% year-over-year growth inMW booked and 85% year-over-year organic growth inMW deployed.
NPV created in the third quarter of 2015 was $49.5 million, compared to $37.2 million in the second quarter of 2015. Pre-tax project value per watt was $4.70, compared to $5.00 in the second quarter of 2015. Creation cost per watt was $3.75 in the third quarter of 2015 compared to $4.08 in the second quarter of 2015.
Estimated nominal contracted payments remaining as of September 30, 2015 totaled $2,219 million, compared to $1,423 million as of September 30, 2014, an increase of 56%. Estimated retained value as of September 30, 2015 was $1,368 million compared to $897 million as of September 30, 2014, an increase of 53%.
As of November 12, 2015, we have closed on tax equity commitments to fund $4,018 million in cumulative value of solar systems, an increase of $916 million from the $3,102 million in system value funded by tax equity commitments as of the end of the second quarter.
Third Quarter 2015 GAAP Results
Total revenue grew to $82.6 million in the third quarter of 2015 from $56.1 million in the third quarter of 2014. Operating leases and incentives revenue grew 46% year-over-year to $31.7 million. Solar energy systems and product sales were $51.0 million in the third quarter of 2015, an increase of 48% year-over-year.
Total cost of revenue was $75.2 million, an increase of 52% year-over-year. Total operating expenses were $145.4 million in the third quarter of 2015, up 56% year-over-year.
Net loss attributable to common stockholders was $2.8 million in the third quarter of 2015, compared to a net income of $7.5 million in the second quarter of 2015 and a net loss of $15.2 million in the third quarter of 2014.
Non-GAAP net loss per share available to common shareholders, excluding a non-recurring, non-cash deemed dividend to preferred shareholders in connection with our IPO, was ($0.04) per share. GAAP net loss per share available to common shareholders was ($0.41) per share.
Guidance for Full Year 2015
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially.
For the full year 2015, we expectMW deployed of approximately 205, which represents 79% organic growth year-over-year.