SolarCity posted a record net loss of $250 million for the second quarter of this year, according to financial statements filed Tuesday with the Securities and Exchange Commission.
Losses for the first half of this year stand at a staggering $533 million, putting the company on pace to lose more than $1 billion for 2016. Losses last year totaled $710 million.
SolarCity’s financial woes are one of the reasons it’s in line to be taken over by Tesla, the electric car manufacturer. Noted entrepreneur Elon Musk is chairman of both companies and their largest shareholder. Tesla has its share of financial problems, however, posting losses in the first half of this year of $575 million.