Sunrun Inc. · Q2 2024 earnings

Briefing

Announced financial results for the quarter ended June 30, 2024, achieving record storage installation and attachment rates, and solid growth in solar installation and cash generation.

Sunrun reported Q2 2024 financial results, highlighting record storage installation and attachment rates, along with solid growth in solar installations. The company generated $217 million in cash during the quarter and is introducing cash generation guidance of $350 million to $600 million for 2025.

• Storage attachment rates reached 54% in Q2, up from 18% year-over-year, with 264.5 Megawatt hours installed.
• Solar Energy Capacity Installed was 192.3 Megawatts in Q2.
• Cash Generation was $217 million in Q2, including recovery of ITC-related working capital investments.
• The company welcomes Matt Brost and Ellen Struck to its new homes division.

Headline financials

Revenue & EPS history

Sunrun is reiterating guidance for Cash Generation of $50 million to $125 million in Q4 ($200 million to $500 million annualized). Cash Generation is expected to be positive in Q3. Management is introducing Cash Generation guidance of $350 million to $600 million for the full-year 2025. Storage Capacity Installed is expected to be in a range of 1,030 to 1,100 Megawatt hours for the full-year 2024, and increase from the prior range of 800 to 1,000 Megawatt hours. This range represents approximately 80% to 93% growth year over year. Storage Capacity Installed is expected to be in a range of 275 to 300 Megawatt hours in the third quarter of 2024. This range represents approximately 64% growth year over year. Solar Energy Capacity Installed is expected to decline approximately 15% for the full-year 2024, in-line with the low-end of the prior guidance range. Year-over-year growth is expected to be positive in Q4. Solar Energy Capacity Installed is expected to be in a range of 220 to 230 Megawatts in the third quarter of 2024. This range represents approximately 14% to 20% sequential growth from Q2.