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Dec 31, 2024
Sunrun Q4 2024 Earnings Report
Sunrun reported its fourth quarter and full year 2024 financial results, highlighting positive cash generation, increased net earning assets, and significant growth in storage capacity installed.
Key Takeaways
Sunrun achieved its third consecutive quarter of positive Cash Generation, reaching $34.2 million in Q4 2024. The company also paid down $132 million of recourse debt and saw its Net Earning Assets increase to $6.8 billion. Storage Capacity Installed grew significantly by 78% year-over-year, with attachment rates reaching 62%.
Achieved $34.2 million in Cash Generation in Q4 2024, marking the third consecutive quarter of positive cash flow.
Reduced recourse debt by $132 million in Q4 2024, contributing to a total of $186 million paid down since March 2024.
Increased Net Earning Assets to $6.8 billion, including $947 million in total cash.
Grew Storage Capacity Installed by 78% year-over-year to 392 Megawatt hours in Q4 2024, with storage attachment rates reaching 62%.
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 expects continued positive Cash Generation in Q1 2025 and for the full year 2025, alongside robust growth in Storage Capacity Installed and flat Solar Energy Capacity Installed.
Positive Outlook
- Expected Cash Generation of $40 million to $50 million in Q1 2025.
- Anticipated full-year 2025 Cash Generation in the range of $200 million to $500 million.
- Projected Storage Capacity Installed in Q1 2025 to be between 265 and 275 Megawatt hours, representing approximately 30% year-over-year growth at the midpoint.
- Expected robust growth in Storage Capacity Installed year over year for the full-year 2025.
- No recourse debt maturities until March 2027, providing financial flexibility.
Challenges Ahead
- Solar Energy Capacity Installed expected to be approximately flat year over year for the full-year 2025.
- Solar Energy Capacity Installed in Q1 2025 expected to be in a range of 170 to 180 Megawatts, approximately flat year over year growth at the midpoint.
- The company will explore further capital allocation options to maximize shareholder value based on market conditions and long-term outlook, which could imply various strategic decisions.
- The company's ability to meet its guidance depends on market conditions and operational execution.
- The guidance ranges indicate potential variability in performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income