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Mar 31, 2021
Sunrun Q1 2021 Earnings Report
Sunrun's Q1 2021 financial results were reported, highlighting customer growth and increased full-year growth guidance.
Key Takeaways
Sunrun reported a strong first quarter in 2021, with customer additions of 23,556, bringing the total to over 573,000. The company increased its full-year growth guidance to 25% to 30%.
Customer additions reached 23,556 in Q1, bringing the total customer base to over 573,000.
Full-year growth guidance increased to 25% to 30%.
Net Subscriber Value was $8,197, resulting in Total Value Generated of $165 million during Q1.
Networked Solar Energy Capacity reached 4.1 Gigawatts.
Sunrun
Sunrun
Sunrun Revenue by Segment
Revenue by Segment
Customer Agreements and Incentives Revenue
CapyFin.comSolar Energy Systems and Product Sales Revenue
CapyFin.com Forward Guidance
Sunrun expects Solar Energy Capacity Installed growth to be in a range of 25% to 30% for the full-year 2021 and Total Value Generated is now expected to be above $750 million in 2021.
Positive Outlook
- Solar Energy Capacity Installed growth is expected to be in the range of 25% to 30% for the full year 2021.
- Total Value Generated is expected to be above $750 million in 2021.
- Cost synergies derived from the acquisition of Vivint Solar are expected to be approximately $120 million in run-rate synergies by the end of 2021.
- Closed transactions and executed term sheets provide expected tax equity and project debt capacity to fund over 540 megawatts of Solar Energy Capacity Installed for Subscribers.
- Brightbox installations are expected to increase more than 100% in 2021 compared to the prior year.
Challenges Ahead
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Revenue & Expenses
Visualization of income flow from segment revenue to net income