Sunrun narrows net loss in Q2 as revenues grow 46%

Image by Twitter, @Sunrun

August 5 (Renewables Now) - US residential solar and storage provider Sunrun Inc (NASDAQ:RUN) narrowed its net loss attributable to common stockholders to USD 12.4 million (EUR 12.1m) in the second quarter of 2022 from USD 41.2 million a year earlier as revenues expanded 46%.

The company installed 246.5 MW in the quarter, up 33% year-over-year and slightly above the top end of its guidance. Third-quarter installations are seen at between 250 MW and 260 MW and Sunrun confirmed its expectations for solar energy capacity installed growth of at least 25% for the full year.

Below are some figures from the company's results, released this week:

in USD million Q2 2022 Q2 2021 H1 2022 H1 2021
Total revenue 584.6 401.2 1,080 736
--customer agreements and incentives 259.9 219.5 469.6 394.1
--solar energy systems and product sales 324.7 181.7 610.8 341.9
Operating expenses 739.9 542.9 1,417 1,056
Profit (loss) from operations (155.3) (141.8) (336.8) (320.3)
Net profit (loss) (209.8) (213.4) (366.2) (417.7)
Net profit (loss) attributable to common stockholders (12.4) (41.2) (100.2) (65)

The company said subscriber value in the second quarter was USD 38,712, with net subscriber value increasing to USD 7,910 from USD 7,141 in the first quarter of 2022.

“The adjustments we made to our offerings in response to higher input and capital costs earlier this year have been received well, and these changes are partially reflected in our higher Net Subscriber Value during Q2 and our outlook is for even higher Net Subscriber Value in Q3,” commented chief financial officer Danny Abajian.

During the quarter the company added 34,403 customers, including 25,339 subscribers, taking its total number of customers to 724,177, which is 21% more than a year ago.

(USD 1 = EUR 0.982)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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