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SOLARCITY CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its FY2016 10-K, filed Mar 1, 2017. Its latest SEC filing is a ABS-15G from Nov 30, 2017.

The sections below describe the company as of the FY2016 annual report.

What Did They Do?

Provides solar electricity and installs solar and energy-storage systems for homeowners, businesses, and public and educational institutions.

How Did They Make Money?

SolarLease customers pay a fixed monthly fee, while SolarPPA customers pay based on the electricity produced. Lease revenue is spread over the lease term, and PPA revenue follows energy production.

FY2016 revenue

Who Were Their Customers?

Homeowners, businesses, schools and universities, and government entities use SolarCity for solar energy and related systems. SolarCity says it provides renewable energy directly to customers.

Did Revenues Turn Into Profits?

Yes. It kept 33 cents of every revenue dollar as net income in FY2016.

Operating income, FY2016
−89% of revenue
▲ 0% (Loss) vs FY2015 (−$647.8M, −162%)
Net income, FY2016
33% of revenue
▲ Now profitable vs FY2015 (−$58.3M, −15%)

How Were They Changing?

Grew. Revenue grew 5.8x in 4 years, from $126.9M in FY2012 to $730.3M in FY2016, about 55% a year.

Solar system sales The older report centers on selling renewable energy through leases and power purchase agreements. The latest report also describes cash sales and customer-financed system purchases, with Solar Loans replacing MyPower contracts.

Who Did They Compete With?

Competes with Vivint Solar, Sunrun, Trinity Solar, Sungevity, SunPower, Safari Energy, Greenskies Renewable Energy, and Borrego Solar Systems

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