SolarCity Corp (SCTY) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $53.22 million, or $ 0.48 a share in the quarter, against a net loss of $19.07 million, or $0.20 a share in the last year period.
Revenue during the quarter surged 76.14 percent to $200.55 million from $113.86 million in the previous year period. Gross margin for the quarter expanded 1349 basis points over the previous year period to 35.70 percent.
Operating loss for the quarter was $186.09 million, compared with an operating loss of $191.07 million in the previous year period.
Operating cash flow remains negative
SolarCity Corp has spent $36.81 million cash to meet operating activities during the nine month period as against cash outgo of $140.63 million in the last year period.
The company has spent $385.36 million cash to meet investing activities during the nine month period as against cash outgo of $380.32 million in the last year period.
Cash flow from financing activities was $535.80 million for the nine month period, up 8.09 percent or $40.11 million, when compared with the last year period.
Cash and cash equivalents stood at $259.34 million as on Sep. 30, 2016, down 38.46 percent or $162.08 million from $421.42 million on Sep. 30, 2015.
Working capital remains negative
Working capital of SolarCity Corp was negative $499.21 million on Sep. 30, 2016 compared with negative $2.73 million on Sep. 30, 2015. Current ratio was at 0.58 as on Sep. 30, 2016, down from 1 on Sep. 30, 2015.
Cash conversion cycle (CCC) has increased to 86 days for the quarter from 51 days for the last year period. Days sales outstanding went down to 30 days for the quarter compared with 44 days for the same period last year.
Days inventory outstanding has decreased to 74 days for the quarter compared with 306 days for the previous year period. At the same time, days payable outstanding went down to 190 days for the quarter from 299 for the same period last year.
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