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Sep 30, 2023
Sunrun Q3 2023 Earnings Report
Sunrun's focus sharpened on cash generation, transitioning to a storage-first company, and lowering full-year growth guidance for Solar Capacity Installed.
Key Takeaways
Sunrun reported Q3 2023 financial results, highlighting a focus on cash generation and a transition to a storage-first company. Storage attachment rates surged to 33%, and the company installed 258.2 Megawatts of Solar Energy Capacity. Full-year growth guidance for Solar Capacity Installed was lowered.
Storage attachment rates reached over 33% in Q3, nearly double the rate in Q2.
Launched a premium storage-add-on offering in California.
Completed a record-setting $715 million securitization of residential solar and battery systems.
PG&E Grid Services program provided nearly 30 Megawatts to the grid.
Revenue by Segment
Forward Guidance
Sunrun is sharpening its focus on cash generation and continues to execute a customer-first, sustainable growth strategy that does not require equity funding. Storage Capacity Installed is expected to be in a range of 180 to 200 Megawatt hours in Q4. Solar Energy Capacity Installed is expected to be in a range of 220 to 245 megawatts in Q4. Net Subscriber Value is expected to be stable in Q4.
Positive Outlook
- Increasing installations of storage systems provide increased margins and value creation opportunities.
- Launching battery retrofit offerings.
- Meaningful hardware cost deflation tailwinds are expected.
- Forthcoming ITC adder value is expected to provide material uplift to Net Subscriber Values in 2024.
- Focus on delivering meaningful Cash Generation faster.
Challenges Ahead
- Presents near-term impacts as operations shift.
- Lowering full-year growth guidance for Solar Capacity Installed.
- Fixed cost absorption pressures offset many benefits from higher storage mix in Q4.
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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