Vivint beat estimates with $91.2 million in revenue in Q1, though, like with most other third-party solar companies, that was outweighed by $51.9 million in losses from operations. Installation figures fell during the quarter and are only expected to fall further, as Covid-19 runs its course on residential solar.
It’s solar earnings season and there’s a clear, non-surprising theme: The first quarter was strong and largely unimpacted by the pandemic, but the second quarter and 2020 as a whole is uncertain.
Even though the U.S. market is showing some signs of stabilizing, the decline in installation rates in April alone was 33%.
The company reported strong solar deployments and revenue to start 2020, even with orders decreasing by as much as 40% for periods in March. And while the company has remained strong throughout the Covid-19 pandemic, additional sales decreases loom in Q2.
Enphase Energy’s Q1 revenue exceeded expectations as the company set an all-time gross margin record and announced plans for a new manufacturing location. Enphase stock is up 15%
Permitting and Google search data show substantially more resi solar installs in Q1 2020, compared with the same period in 2019. Data suggests that major national installers, leveraging online sales, are better positioned than most to weather the COVID-19 pandemic.
Despite the pandemic, capital is still pouring into solar.
Lennie Moreno, the CEO of Sofdesk, navigates the new world of selling solar remotely — in our free webinar today.
Residential solar asset owner-operator will use the funds to continue its acquisition spree.
IEA PVPS report: Global solar demand increased by 12% in 2019 compared to 2018 — but that was BC. According to the report, photovoltaics provided just under 3% of global electricity needs in 2019.
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