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SolarCity is in a ‘first-class crisis,’ Jim Cramer says

SolarCity needs to wake up and face reality, especially after it horrendous first quarter, CNBC's Jim Cramer said Tuesday.

"This is a company that I regard in a first-class crisis that acts as if everything is fine," Cramer said on "Squawk on the Street" Tuesday. "You know I'm an aficionado of conference calls. You may have found the bottom. Yes, [this is] the worst conference call of 2016."

"This is one where the CEO starts [saying] bookings are great, but they came in a lot lower than expected, so they're not as great as we thought."

The company did not immediately respond to CNBC's request for comment.

Shares of the Elon Musk-co-founded firm plunged almost 21 percent, a day after reporting a larger-than-expected loss.

SolarCity posted an adjusted first-quarter loss of $2.56 per share on Monday, while analysts polled by Reuters expected a loss of $2.32 per share.

The company also guided to a wider-than-expected loss for the second quarter. It expects sales of $135 million to $143 million in the second quarter, versus a forecast for $151 million, according to Thomson Reuters.

Analysts at R.W. Baird slashed their price target on the stock to $37 from $47, adding "We want to get more constructive on the stock but think management has ruined its credibility for now, although the Musk/Reeve relationship should attract long-term growth investors."

On Tuesday, the stock closed at $17.82.

SCTY in 2016Source: FactSet

— CNBC's Jacob Pramuk contributed to this report.

Disclosures: Cramer's trust did not own SolarCity stock when this story was published. Baird is a market maker for SolarCity.