Sunrun Inc

Latest Results (07.08.2024):

Revenue Highlights

Sunrun Inc. reported total revenue of $523.9 million in the second quarter of 2024. This represents a decrease of $66.3 million, or 11%, compared to the second quarter of 2023. The revenue from customer agreements and incentives increased by $85.7 million, or 28%, to $387.8 million, while solar energy systems and product sales revenue decreased by $152.0 million, or 53%, to $136.0 million.

Net Income

Sunrun Inc. achieved a net income attributable to common stockholders of $139.1 million in the second quarter of 2024. This translates to $0.63 per basic share and $0.55 per diluted share. The company saw a significant improvement in net income compared to previous periods.

Operating Expenses

Total operating expenses for Sunrun Inc. in the second quarter of 2024 were $651.9 million. This marks a decrease of 18% year-over-year. The total cost of revenue also saw a reduction, amounting to $428.8 million, which is a 20% decrease compared to the same quarter in the previous year.

Customer Growth

In the second quarter of 2024, Sunrun Inc. added 26,687 new customers, including 24,984 subscriber additions. As of June 30, 2024, the company had a total of 984,000 customers, including 828,129 subscribers. This represents a 13% growth in customers compared to the second quarter of 2023.

Cash Generation and Assets

Sunrun Inc. reported cash generation of $217 million in the second quarter of 2024. Gross earning assets were valued at $15.7 billion, while net earning assets stood at $5.7 billion, which included $1,042 million in total cash as of June 30, 2024. The company also noted a significant increase in storage capacity installed, which was 264.5 Megawatt hours, representing a 152% year-over-year increase.