It’s safe to say that most, if not all, solar installation companies in the U.S are facing a rather dim future as impacts of COVID-19 continue to wreak havoc on businesses.
The pandemic is likely to have a material impact on residential, commercial, and utility-scale solar this year, and perhaps even into 2021.
But for now, let’s review how the leading residential companies—really—faired during the first quarter of 2020:
SunPower successfully reduced its first-quarter GAAP net loss to USD 1.4 million as revenues increased.
The company recently unveiled steps aimed at lowering costs by cutting management payroll, freezing hiring and merit increases, and reducing capital expenditures. These are expected to bring cost and cash savings of up to USD 100 million.
Vivint Solar posted an expanded attributable net loss of USD 40.3 million in the first quarter of 2020 but said installed capacity rose by 23% year-on-year.
Vivint’s total operating expenses increased to USD 68.2 million from USD 53.2 million, with its loss from operations widening to USD 51.9 million from USD 41.2 million.
Sunrun reported an expanded net loss but said it enjoyed a 13% year-on-year rise in deployments and a single-day record for orders.
Sunrun saw a net loss attributable to common shareholders of USD 28 million, growing from USD 13.9 million in the first quarter of 2019.
It’ll be interesting to see how these numbers evolve in the second quarter as businesses in the U.S slowly reopen.