Summary by Futu AI
Sunrun delivered strong Q3 2024 results with record storage installations of 336.3 Megawatt hours, up 92% YoY, and solar installations of 229.7 Megawatts. Storage attachment rates reached 60%, nearly doubling from 33% in the prior year. The company generated positive cash flow of $2.5 million, marking the second consecutive quarter of positive cash generation.Financial performance showed total revenue of $537.2 million, with customer agreements revenue increasing 28% YoY to $405.9 million. Net loss attributable to common stockholders was $83.8 million. Net Subscriber Value reached a record high of $14,632, while Net Earning Assets grew to $6.2 billion, including over $1 billion in Total Cash.Management reiterated 2025 Cash Generation guidance of $350-600 million and Q4 2024 guidance of $50-125 million. The company expects Q4 storage capacity of 320-350 Megawatt hours and solar capacity of 240-250 Megawatts, projecting continued growth. Sunrun also achieved a milestone of surpassing 1 million residential solar customers.
