SolarCity Corp (NASDAQ:SCTY)reported a loss of $2.27 per share, $.02 less than expectations of $2.29. The solar company posted losses of $2.41 per share a year ago. Revenue was revealed at $201 million, which beat expectations of $171 million. Q3 GAAP profits are $53 million.
Shareholders from Tesla and SolarCity vote on whether or not to merge the two companies on November 17th. Tesla stated on Nov. 1 that it expects SolarCity to add over $500 million in cash to Tesla’s balance sheet within 3 years. Tesla boasts that it will create the world’s “only integrated sustainable energy company.” SolarCity has grown quickly over the years, but costs continue to rise as the company grows, making it hard to achieve profitability.
Back in August, Tesla CEO mentioned in a conference call, “It’s really all part of solving the sustainable energy problem.” “That’s why we are all doing this, to accelerate the advent of a sustainable energy world.”