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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.
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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