Sunrun Inc., a leading provider of residential solar, storage, and energy services, announced its financial results for the second quarter ended June 30, 2024. The company reported a net income of $139.1 million, or $0.63 per basic share and $0.55 per diluted share, with total revenue reaching $523.9 million, a decrease of 11% from the same quarter the previous year. The decrease in revenue was attributed to a shift in product mix, as the company continues to focus on subscriber growth over upfront revenue recognition. Sunrun's subscriber base grew to 828,129, with 26,687 customer additions in the quarter. The company installed 192.3 Megawatts of solar energy capacity and 264.5 Megawatt hours of storage capacity, representing a 152% year-over-year growth in storage installations. Sunrun also expanded its credit facility to...Show More

Sunrun Inc., a leading provider of residential solar, storage, and energy services, announced its financial results for the second quarter ended June 30, 2024. The company reported a net income of $139.1 million, or $0.63 per basic share and $0.55 per diluted share, with total revenue reaching $523.9 million, a decrease of 11% from the same quarter the previous year. The decrease in revenue was attributed to a shift in product mix, as the company continues to focus on subscriber growth over upfront revenue recognition. Sunrun's subscriber base grew to 828,129, with 26,687 customer additions in the quarter. The company installed 192.3 Megawatts of solar energy capacity and 264.5 Megawatt hours of storage capacity, representing a 152% year-over-year growth in storage installations. Sunrun also expanded its credit facility to $2.63 billion, reflecting the company's growth and market confidence. The company reiterated its Q4 Cash Generation guidance of $50 million to $125 million and introduced a 2025 guidance of $350 million to $600 million. Sunrun's CEO, Mary Powell, emphasized the company's focus on expanding differentiation and launching additional products and services to drive meaningful cash generation. CFO Danny Abajian highlighted the company's execution on a margin-focused and disciplined-growth strategy. Sunrun's operational updates included a 54% storage attachment rate, strategic hires to accelerate the new homes business, and partnerships to support grid stability and power through outages. The company's environmental impact was notable, with systems deployed in Q2 expected to offset 3.8 million metric tons of CO2 over 30 years.