UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2016
SolarCity Corporation
(Exact name of registrant as specified in its charter)
Delaware | 001-35758 | 02-0781046 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3055 Clearview Way
San Mateo, California 94402
(Address of principal executive offices, including zip code)
(650) 638-1028
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On August 1, 2016, SolarCity Corporation (SolarCity or the Company) issued a press release regarding certain of its operating results for the quarter ended June 30, 2016. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02.
In accordance with General Instruction B.2 of Form 8-K, the information in this report, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities of that section, nor shall such information, including Exhibit 99.1, be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits:
Exhibit No. |
Description | |
99.1 | Press release issued on August 1, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SolarCity Corporation | ||||
By: | /s/ Lyndon Rive | |||
Lyndon Rive | ||||
Date: August 1, 2016 | Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
Description | |
99.1 | Press release issued on August 1, 2016. |
Exhibit 99.1
SolarCity Preannounces Q2 2016 Operating Metrics and
Updates 2016 Guidance
Earnings Release and Conference Call Scheduled for August 9, 2016
SAN MATEO, Calif., Aug. 1, 2016 SolarCity Corporation (NASDAQ: SCTY) today preannounced its second quarter 2016 operating metrics and updated its full year 2016 guidance.
For the second quarter of 2016, Megawatts (MW) Installed were 201 MW, exceeding guidance of 185 MW, and MW Booked increased 40% over the first quarter of 2016 to help drive a significant improvement in Sales Cost per watt.
A range of sales process improvements and the introduction of a new loan offering began to help improve bookings in the second quarter, but residential bookings in the first half of the year were still lower than we anticipated overall. As a result, we are lowering our 2016 guidance for MW Installed to 900 1,000 MW, as compared to our previous guidance of 1,000 1,100 MW. As a result of the lower installation forecast, the company will be adjusting our fully loaded cost structure accordingly.
We anticipate two new product releases in the second half of the year that we expect to meaningfully impact MW installed in 2017. These include (1) a new, integrated solar and storage offering and (2) a new solar product focused on the 5 million new roofs installed each year in the U.S.
SolarCity will report its second quarter earnings after the markets close on Tuesday, August 9, 2016. A conference call has been scheduled to discuss these results at 2:30 p.m. (Pacific Time). The conference call can be accessed live over the phone by dialing 1-877-407-0784, or for international callers, 1-201-689-8560. A replay will be available two hours after the call and can be accessed by dialing 1-877-870-5176, or for international callers, 1-858-384-5517. The passcode is 13642830. The replay will be available until August 16, 2016.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging on at the Events and Presentations link of the Investor Relations section of the Companys website at http://investors.solarcity.com/events.cfm. The online replay will be available for a limited time beginning immediately following the call.
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 makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.
Investor Relations | Aaron Chew | |
Contact: | SolarCity | |
650-963-5920 | ||
investors@solarcity.com |