SunWorks Inc (SUNWQ)

[maverick1856]

Your comparison is inaccurate...Solar3d's business model is primarily a sales based installation model where SLTD books revenue based upon completion of projects, and there is very little if any future revenue associated with any of these jobs once they are completed.

While SolarCity books revenue based upon the current/realized period of the Solar System Lease..which are usually 20 year leases...basically this means that the $124M in revenue SolarCity reported for FY14 YTD in November is only the current portion of the revenue...it does not include the additional $2.4B SolarCity has as an asset for future revenue based on the solar leases they have sold. This is why SolarCity has such a higher market cap, investors have visibility into a substantial stream of out year revenues which makes SolarCity very similar to a utility company.

If you want to compare these two companies then you need to adjust the SolarCity revenues to include all of the deferred revenues for projects completed during the period in comparison.

Hopefully you do not take this the wrong way...and before you start bashing me, I'll disclose that I am holding a decent long position in SLTD.