## Founding Date | 2006 |

## Total Funding | $884.6 m |

## Investors | U.S. Bancorp, Valor Equity Partners, Silver Lake Kraftwerk, Shea Ventures, Mayfield Fund, DBL Investors, PG&E Corporation, Draper Fisher Jurvetson (DFJ), Google, First Solar, Generation Investment Management, Elon Musk |

In total, SolarCity had raised $884.6 m. SolarCity is a subsidiary of Tesla

usd | FY, 2012 | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|---|

## Revenue | 126.9 m | 163.8 m | 255 m | 399.6 m | 730.3 m |

| 29% | 56% | 57% | 83% | |

## Cost of goods sold | 34.7 m | 176.4 m | 280.8 m | 478.9 m | |

## Gross profit | 129.1 m | 78.6 m | 118.8 m | 251.4 m | |

| 79% | 31% | 30% | 34% | |

## Sales and marketing expense | 442.6 m | ||||

## R&D expense | 55 m | ||||

## General and administrative expense | 229 m | ||||

## Operating expense total | 726.5 m | ||||

## EBIT | (149.4 m) | (335.6 m) | (647.8 m) | (650.3 m) | |

| (91%) | (132%) | (162%) | (89%) | |

## Pre tax profit | (37.8 m) | (402 m) | (765.5 m) | (820.7 m) | |

## Income tax expense | 54 k | (24.8 m) | (26.7 m) | 3.3 m | 308 k |

## Net Income | (151.8 m) | (375.2 m) | (768.8 m) | (820.3 m) |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 |
---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 48.6 m | 63.5 m | 61.3 m | 58.3 m | 67.5 m | 102.8 m | 113.9 m | 122.6 m | 185.8 m | 200.6 m |

## Cost of goods sold | 31.1 m | 48.8 m | 38.5 m | 32.4 m | 45.7 m | 59.5 m | 88.6 m | 109.1 m | 114.5 m | 129 m |

## Gross profit | 17.5 m | 14.8 m | 22.9 m | 26 m | 21.8 m | 43.3 m | 25.3 m | 13.4 m | 71.3 m | 71.6 m |

| 36% | 23% | 37% | 45% | 32% | 42% | 22% | 11% | 38% | 36% |

## Sales and marketing expense | 24.3 m | 46.9 m | 55.8 m | 56.5 m | 86.7 m | 113.2 m | 129.3 m | 126.1 m | 116.6 m | 102.6 m |

## R&D expense | 3 m | 4.2 m | 12.1 m | 12.4 m | 17.7 m | 13.9 m | 14.4 m | 14.1 m | ||

## General and administrative expense | 21.9 m | 34.9 m | 38.4 m | 39.6 m | 48.7 m | 50.2 m | 69.4 m | 86.9 m | 86.1 m | 87.4 m |

## Operating expense total | 46.2 m | 81.8 m | 97.2 m | 100.3 m | 147.4 m | 175.8 m | 216.4 m | 226.9 m | 265.4 m | 257.7 m |

## EBIT | (28.7 m) | (67 m) | (74.3 m) | (74.3 m) | (125.7 m) | (132.4 m) | (191.1 m) | (213.5 m) | (194.1 m) | (186.1 m) |

| (59%) | (105%) | (121%) | (127%) | (186%) | (129%) | (168%) | (174%) | (104%) | (93%) |

## Interest expense | 5.8 m | |||||||||

## Pre tax profit | (34.6 m) | (75 m) | (88.5 m) | (93.6 m) | (146.3 m) | (155.7 m) | (233.8 m) | (283.2 m) | (250.2 m) | (226.2 m) |

## Income tax expense | (23 k) | (215 k) | 24 k | 23.5 m | (626 k) | (20 k) | (482 k) | 68 k | (9 k) | 848 k |

## Net Income | (34.6 m) | (75.2 m) | (88.5 m) | (70.1 m) | (146.9 m) | (155.7 m) | (234.3 m) | (283.1 m) | (250.3 m) | (225.3 m) |

usd | Y, 2011 | Y, 2012 | Y, 2013 | Y, 2014 | Y, 2015 | FY, 2016 |
---|---|---|---|---|---|---|

## Cash | 50.5 m | 160.1 m | 577.1 m | 504.4 m | 382.5 m | 290.7 m |

## Accounts Receivable | 23 m | 22.7 m | 34 m | 66.9 m | ||

## Inventories | 111.4 m | 217.2 m | 343 m | 172.7 m | ||

## Current Assets | 787.7 m | 1 b | 902.1 m | 692.9 m | ||

## PP&E | 101.9 m | |||||

## Total Assets | 2.8 b | 4.6 b | 7.3 b | 9.1 b | ||

## Accounts Payable | 121.6 m | 237.8 m | 365 m | 207.6 m | ||

## Short-term debt | 7.4 m | 12.9 m | 180 m | 617.6 m | ||

## Current Liabilities | 338.2 m | 567.1 m | 1.2 b | 1.5 b | ||

## Long-term debt | 238.6 m | 290.4 m | 1 b | 1.1 b | ||

## Total Debt | 246 m | 303.3 m | 1.2 b | 1.7 b | ||

## Total Liabilities | 6.9 b | |||||

## Common Stock | 10 k | |||||

## Additional Paid-in Capital | 819.9 m | 1 b | 1.2 b | 1.3 b | ||

## Retained Earnings | (202.3 m) | (258.4 m) | (316.7 m) | (77.9 m) | ||

## Total Equity | 804.4 m | 1.2 b | 1.4 b | 1.9 b | ||

## Debt to Equity Ratio | 0.3 x | 0.3 x | 0.8 x | 0.9 x | ||

## Debt to Assets Ratio | 0.1 x | 0.1 x | 0.2 x | 0.2 x | ||

## Financial Leverage | 3.5 x | 4 x | 5.2 x | 4.7 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 |
---|---|---|---|---|---|---|---|---|---|---|

## Cash | 133 m | 519.6 m | 405.3 m | 696.5 m | 446.7 m | 421.4 m | 372.8 m | 361.7 m | 145.7 m | 259.3 m |

## Accounts Receivable | 32.8 m | 25.9 m | 22.3 m | 22.9 m | 25.6 m | 34.2 m | 38.6 m | 40.7 m | 63.7 m | 65.1 m |

## Inventories | 90.8 m | 106.3 m | 143.9 m | 186 m | 227.7 m | 279.8 m | 309.2 m | 306.7 m | 229.7 m | 206.2 m |

## Current Assets | 312.2 m | 727.1 m | 673.9 m | 1 b | 944.7 m | 923.3 m | 935.6 m | 836.4 m | 611.3 m | 677 m |

## PP&E | 163 m | 353.7 m | 243.8 m | |||||||

## Total Assets | 2 b | 2.9 b | 3.1 b | 4.1 b | 5 b | 5.7 b | 6.5 b | 8 b | 8.2 b | 8.7 b |

## Accounts Payable | 134.1 m | 98.9 m | 141.8 m | 206 m | 216.8 m | 278.6 m | 296.2 m | 294.2 m | 214.1 m | 253.1 m |

## Short-term debt | 9.2 m | 13.5 m | 136.2 m | 12.1 m | 11.7 m | 35.6 m | 44.5 m | 255.4 m | 264.7 m | 285.5 m |

## Current Liabilities | 320.4 m | 328.6 m | 511.3 m | 510.1 m | 671.1 m | 877 m | 938.3 m | 1.2 b | 1.1 b | 1.2 b |

## Long-term debt | 132.1 m | 286.8 m | 264.7 m | 263.2 m | 467.7 m | 588.3 m | 833.2 m | 1.1 b | 1.2 b | 1.3 b |

## Total Debt | 141.3 m | 300.3 m | 400.8 m | 275.3 m | 479.5 m | 623.9 m | 877.6 m | 1.4 b | 1.4 b | 1.6 b |

## Total Liabilities | 1.5 b | 2 b | 2.3 b | 3 b | 3.7 b | 4.2 b | 4.9 b | 6.2 b | 6.4 b | 6.7 b |

## Common Stock | 8 k | |||||||||

## Additional Paid-in Capital | 469.1 m | 845.1 m | 869.7 m | 982.7 m | 1 b | 1.1 b | 1.1 b | 1.2 b | 1.3 b | 1.3 b |

## Retained Earnings | (162.9 m) | (226.4 m) | (274 m) | (254.8 m) | (279.9 m) | (302.2 m) | (321.3 m) | (341.7 m) | (397.2 m) | (344 m) |

## Total Equity | 462 m | 820 m | 743 m | 954.9 m | 1.1 b | 1.2 b | 1.3 b | 1.4 b | 1.5 b | 1.7 b |

## Financial Leverage | 4.2 x | 3.6 x | 4.2 x | 4.3 x | 4.4 x | 4.8 x | 5 x | 5.6 x | 5.4 x | 5.1 x |

usd | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 |
---|---|---|---|---|

## Net Income | (151.8 m) | (375.2 m) | (768.8 m) | (820.3 m) |

## Depreciation and Amortization | 166.7 m | |||

## Accounts Receivable | 2.9 m | 22.7 m | (11 m) | (33 m) |

## Inventories | (20 m) | 217 m | (130 m) | 170.6 m |

## Accounts Payable | 50.8 m | 237.8 m | 125.5 m | (149.7 m) |

## Cash From Operating Activities | 174.5 m | (789.9 m) | (508.8 m) | |

## Purchases of PP&E | (9.1 m) | |||

## Cash From Investing Activities | (729.9 m) | (1.7 b) | (1.7 b) | |

## Long-term Borrowings | (65.3 m) | (215.9 m) | (866.9 m) | |

## Cash From Financing Activities | 972.4 m | 2.4 b | 2.1 b | |

## Interest Paid | 6.6 m | 54 m | 107.2 m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 |
---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (34.6 m) | (75.2 m) | (88.5 m) | (70.1 m) | (146.9 m) | (155.7 m) | (234.3 m) | (283.1 m) | (533.4 m) | (758.7 m) |

## Depreciation and Amortization | 55.8 m | |||||||||

## Accounts Receivable | 25.9 m | 22.3 m | 22.9 m | 25.6 m | 34.2 m | 38.6 m | (6.7 m) | (29.7 m) | (31.1 m) | |

## Inventories | 106.3 m | 143.9 m | 186 m | 227.7 m | 279.8 m | 309.2 m | 36.8 m | 114 m | 137.3 m | |

## Accounts Payable | 98.9 m | 141.8 m | 206 m | 216.8 m | 278.6 m | 296.2 m | (69.7 m) | (149.8 m) | (110.8 m) | |

## Cash From Operating Activities | (193.1 m) | (389 m) | (425.8 m) | |||||||

## Cash From Investing Activities | (466.1 m) | (913.3 m) | (1.3 b) | |||||||

## Long-term Borrowings | (212.6 m) | (412.7 m) | (630.9 m) | |||||||

## Cash From Financing Activities | 638.3 m | 1.1 b | 1.6 b | |||||||

## Interest Paid | 21.4 m | 43.5 m | 79.2 m |

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