Sunrun Inc. · Q3 2024 earnings

Briefing

Sunrun reported strong operating and financial results, setting new records for storage installation attachment rates and delivering solid quarter-over-quarter growth for solar installations.

Sunrun announced its Q3 2024 financial results, highlighting a focus on customer experience and differentiated offerings. The company reported its second consecutive quarter of positive cash generation and surpassed 1 million residential solar customers.

• Storage capacity installed reached 336 Megawatt hours, exceeding the high-end of guidance and representing 92% year-over-year growth, with storage attachment rates reaching 60%.
• Solar energy capacity installed was 230 Megawatts, at the high-end of prior guidance, reaching 7.3 Gigawatts of networked solar energy capacity.
• Cash generation was $2.5 million, marking the second consecutive quarter of positive cash generation.
• Sunrun became the first clean energy company to surpass 1 million residential solar customers.

Headline financials

Revenue & EPS history

Sunrun is reiterating Cash Generation guidance of $350 million to $600 million for the full-year 2025. Management is reiterating guidance for Cash Generation of $50 million to $125 million in Q4. Storage Capacity Installed is expected to be in a range of 320 to 350 Megawatt hours in Q4, reflecting 52% growth at the midpoint compared to the prior year. Solar Energy Capacity Installed is expected to be in a range of 240 to 250 Megawatts in Q4, reflecting 8% growth at the midpoint compared to the prior year, and 7% growth at the midpoint compared to Q3. Net Subscriber Value is expected to increase in Q4 compared to Q3.