"Closing our first full year as a public company, SolarCity executed on each of the targets we set forth at the outset of the year," said Lyndon Rive, CEO.
"MW Deployed in 2013 totaled 280 MW, 12% above our initial guidance of 250 MW. We reduced our cost per watt by (30%) in 2013, surpassing our forecast by a healthy margin. We securitized the first portfolio of distributed solar assets in the world as planned, and we achieved positive cash flow in Q4 2013 as predicted." Rive continued.
In the fourth quarter of 2014, SolarCity continued to make progress in building out its platform for delivering cleaner and cheaper distributed energy.
MW deployed reached a new quarterly record of 103 MW as residential MWs Deployed grew 130% year-over-year to 70 MW. Cumulative total MWs Deployed reached 567 MW as of December 31, 2013.
MW Booked totaled 101 MW. Cumulative energy Contracts increased to 83,265, up 105% since the end of 2012 (and 15% since the end of the third quarter of 2013).
Cumulative customers grew to 92,998, up 92% since the end of 2012 (and 13% since the end of the third quarter of 2013).
For the fourth quarter of 2013, Operating Lease Revenue was $22.4m, up 59% from $14.0 million in the fourth quarter of 2012, owing largely to a higher base of operating lease MW deployed. Operating Lease Revenue declined as compared to the $24.8m reported in the third quarter of 2013 due to seasonally lower solar production during the winter quarters. Total revenue for the fourth quarter increased 87% as compared to the year-ago period to $47.3m.
