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Sep 30, 2024
Sunrun Q3 2024 Earnings Report
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.
Key Takeaways
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.
Revenue by Segment
Forward Guidance
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.
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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