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SolarCity Corp : SolarCity Announces Key Operating Metrics for Third Quarter 2013 and Provides 2014 Guidance for MW Deployed

10/11/2013 | 07:43am US/Eastern
Company Exceeds Guidance With 78 Megawatts (MW) Deployed in Q3 2013, Reaffirms FY2013 Guidance of 278 MW Deployed, and Establishes Range for FY2014 Guidance of 475 MW - 525 MW Deployed

SAN MATEO, Calif., Oct. 11, 2013 (GLOBE NEWSWIRE) -- SolarCity Corp. (Nasdaq:SCTY) , a leading provider of clean, distributed energy, today announced key operating metrics for the third quarter of its fiscal 2013, confirmed guidance for fiscal 2013 and established guidance for 2014 MW deployed.

Third Quarter 2013 Operating Metrics

  • In the third quarter of 2013, the Company deployed 78 MW.
  • As of September 30, 2013, cumulative energy contracts reached 72,506, and cumulative customers rose to 82,235.
  • Estimated nominal contracted payments remaining were $1,737 million as of September 30, 2013.

Fiscal Years 2013 and 2014 Guidance

  • The Company continues to expect to achieve 278 MW deployed for its current fiscal year 2013.
  • For its fiscal year 2014, the Company expects to deploy between 475 MW and 525 MW.

About SolarCity

SolarCity® (Nasdaq:SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 14 states and signs a new customer every five minutes. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.

Forward Looking Statements

This release contains forward-looking statements including, but not limited to, statements regarding 2013 and 2014 megawatt deployment, plans for investment, growth and future operations, and assumptions relating to the foregoing. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. As of the date hereof, we have bookings and financing for only a small percentage of the orders needed to achieve our 2014 megawatt projections and therefore expect the megawatts deployed in 2014 to be sourced almost exclusively from new deployments of solar systems not currently under contract. In order to meet our projections, we will need to substantially expand our workforce, increase our installation efficiency and exceed our existing bookings rate relative to what we have achieved to date.   Additional key risks and uncertainties include, but are not limited to, the level of demand for our solar energy systems, the availability of a sufficient and timely supply of solar panels and balance of system components, changes in federal tax treatment, the effect of electric utility industry regulations, net metering and related policies, the availability and amount of rebates, tax credits and other financial incentives, the availability and amount of financing from fund investors, the retail price of utility-generated electricity or the availability of alternative energy sources, the completion of year-end accounting procedures and the year-end audit and other factors. You should read the section entitled "Risk Factors" in our registration statement on Form S-1 related to our proposed offering of convertible notes and refer to our most recent Quarterly Report on Form 10-Q, which have been filed with the Securities and Exchange Commission, which identify certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.

CONTACT: Investor Relations Contact:

         Aaron Chew

         SolarCity

         (650) 963-5662

         investors@solarcity.com
Source: SolarCity Corporation

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