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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.
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 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