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Mar 31, 2023
Sunrun Q1 2023 Earnings Report
Sunrun reported strong Q1 2023 financial results with solar energy capacity installed exceeding guidance and sales activities growing year-over-year.
Key Takeaways
Sunrun's Q1 2023 saw accelerated demand for clean energy, driven by their subscription offering and market presence. The company installed 240 MW of solar capacity, exceeding guidance, and is on track to add over 1 GW this year. They are also focused on operational efficiency and cost discipline, aiming for meaningful cash generation.
Solar Energy Capacity Installed of 240 Megawatts, exceeding the high-end of guidance
Net Subscriber Value of $12,000, exceeding guidance
Sales activities growing over 30% year-over-year in Q1, with over 80% growth in California
Launched Sunrun Shift™ offering in California, sales activities increasing significantly in recent weeks
Revenue by Segment
Forward Guidance
Management expects Solar Energy Capacity Installed growth to be in a range of 10% to 15% for the full year 2023. Management expects Solar Energy Capacity Installed growth to be in a range of 270 to 290 Megawatts in the second quarter of 2023. Net Subscriber Value is expected to increase sequentially in the second quarter and to be materially higher in the second half of 2023 compared to the first half of 2023.
Positive Outlook
- Expects Solar Energy Capacity Installed growth to be in a range of 10% to 15% for the full year 2023.
- Anticipates market share gains in 2023.
- Expects Solar Energy Capacity Installed growth to be in a range of 270 to 290 Megawatts in the second quarter of 2023.
- Net Subscriber Value is expected to increase sequentially in the second quarter
- Net Subscriber Value is expected to be materially higher in the second half of 2023 compared to the first half of 2023.
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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