Vivint Solar Inc. (NYSE: VSLR) reported first-quarter 2015 results after markets closed Tuesday. The solar installer reported an adjusted diluted earnings per share (EPS) loss of $0.57 on revenue of $9.55 million. This is Vivint’s third quarterly earnings report since becoming a publicly traded company in the fall of last year. First-quarter results compare to the Thomson Reuters consensus estimates for a net loss per share of $0.38 and $8.06 million in revenue.

On a GAAP basis, the company posted earnings per share of $0.11. The adjusted, non-GAAP loss is defined as net loss attributable to non-controlling interests and redeemable non-controlling interests to reflect the joint venture fund investors’ allocable share in the results of these joint venture investment funds. Vivint says it reports non-GAAP EPS based on losses before net loss attributable to non-controlling interests and redeemable non-controlling interests per share, which the company views as a better measure of operating performance. Net loss attributable to non-controlling interests and redeemable non-controlling interests totaled $72.12 million in the quarter. Once that is backed out, the company posted EPS of $0.11.

The cost of revenues rose from $11.2 million in the year-ago quarter to $23.9 million in the first quarter. Total operating expenses rose from $33.4 million a year ago to $58.2 million, including a non-cash stock-based compensation expense of $1.2 million, amortization of intangibles valued at $3.8 million, and an impairment of intangible assets of $4.5 million. Operating loss rose from $29.9 million a year ago to $48.7 million.

For the second quarter, Viving expects to install 63 to 67 megawatts. The company estimates revenue at $14 million to $15 million and operating expenses of $80 million to $85 million. For the full year, the company expects to install 290 to 310 megawatts of solar energy systems.

Vivint’s revenues are growing fast and quarterly installation numbers are also increasing. The less-good news is that costs and expenses are rising faster. The latest filing does not indicate much beyond those facts, so we may want to wait for the conference call to pass judgment on the company’s performance.

Investors are not waiting though, sending the shares down about 6.5% in after-hours trading on Tuesday to $14.00. The stock closed up 1.35% in the regular session Tuesday, at $14.97 in a post-IPO range of $7.42 to $18.71. The consensus price target on the stock is $20.00, and the high target is $24.00.

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