Sunrun enjoys growing solar, storage installations in Q3

US residential solar and storage provider Sunrun (NASDAQ:RUN) delivered third-quarter storage installations that exceeded its guidance, while solar installations reached the high end of the forecast, its quarterly report showed on Thursday.

During the reporting period, Sunrun installed 336 MW of storage capacity, recording a 92% year-on-year increase, with storage attachment rates reaching 60%. With 230 MW of newly installed solar, the company achieved 7.3 GW of networked solar energy capacity.

Sunrun closed the third quarter with a net attributable loss of USD 83.8 million (EUR 77.7m), narrowing its deficit of USD 1.07 billion from a year back. Total revenues declined by 5% to USD 537.2 million as an increasing mix of subscribers led to a reduced upfront revenue recognition. About USD 405.9 million from the total revenue came from customer agreements and incentives, with the result marking a 28% increase in annual terms. Revenue from solar energy systems and product sales contracted by 47% to USD 131.3 million.

“In the third quarter, we delivered on our commitments for solar and storage installations, margin expansion and Cash Generation. Net Subscriber Value was the highest level the company has ever reported, a testament to our margin-focused and disciplined growth strategy,” said CFO Danny Abajian.

Sunrun reiterated its cash generation outlook of USD 350 million-600 million in 2025 after booking USD 2.5 million in the third quarter, its second consecutive quarter with positive cash generation. Cash generation in the closing trimester of 2024 is seen at USD 50 million-125 million.

Sunrun anticipates its installed storage capacity in the fourth quarter to stand at between 320 MWh and 350 MWh, while solar energy installs are expected to be within the 240 MW-250 MW range.

(USD 1.0 = EUR 0.928)

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