August 8, 2013 - SolarCity reported a narrower second-quarter loss as demand for rooftop power systems surged 71 percent.
The company installed 53 megawatts of panels in the quarter. The net loss shrank to $23.9 million, or 31 cents a share, from $25.8 million, or $2.37, a year earlier, SolarCity said today in a statement.
The company hasn't reported a profit since its December initial public offering and Chief Executive Officer Lyndon Rive is boosting investment in new projects that he expects will deliver long-term revenue.
"We remain confident we'll deploy 270 megawatts in 2013 and be cash flow positive in Q4," Rive said today on a conference call with analysts.
SolarCity invested $158 million to install solar systems in the quarter, compared with $138.2 million in the prior quarter.
Revenue slipped to $37.9 million from $46.6 million a year earlier as the company focused on solar leases and shifted away from selling rooftop systems to customers who paid upfront for the projects.
The company expects to install 70 megawatts to 77 megawatts of panels in the current quarter and a total of 270 megawatts of panels this year.