Business
Sunrun Reports Fourth Quarter and Full Year 2022 Financial Results
Net Subscriber Value expands significantly to $16,569, reaching the highest level reported in Sunrun’s history Over 25% year-over-year growth in Solar Energy
About this update from Sunrun Inc.
[{"type":"text","content":"Net Subscriber Value expands significantly to $16,569, reaching the highest level reported in Sunrun’s history Over 25% year-over-year growth in Solar Energy Capacity Installed for both Q4 and for full year 2022 Customer interest at record-setting levels entering 2023 with January early-funnel sales activities growing over 30% year-over-year, with even higher growth in California Net Earning Assets increased by $487 million from the prior quarter, now at $5.6 billion, including $953 million in Total Cash Annual Recurring Revenue now over $1 billion with Average Contract Life Remaining of 17.6 years Networked Solar Energy Capacity of 5.7 Gigawatts SAN FRANCISCO, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the fourth quarter and full year ended December 31, 2022. “Sunrun is poised to gain market share and help lead the country towards a clean energy future. Our focus on becoming faster, better and stronger continues to deliver tremendous value to our customers and shareholders. Our team is operating at record-levels of efficiency in Q4 while also breaking records with robust early-funnel sales growth in January,” said Mary Powell, Sunrun’s Chief Executive Officer. “Sunrun is particularly well positioned in the current economic environment, where our subscription model is advantaged. Our immense operating scale and customer reach, along with our strengths being the leader in storage solution procurement, complex system design expertise, and advanced installation capabilities, are driving considerable differentiation in the marketplace, both as the platform company attracting the best sales talent and our ability to offer the best value to customers. I am confident 2023 will be a break-out year for Sunrun as we extend our market-leading position.” “The Sunrun team executed well in Q4, moderately exceeding our volume guidance while also delivering substantial improvements in Net Subscriber Value, driven by operating efficiency and price optimization. The actions we took throughout the year to respond to higher interest rates and material costs have resulted in significantly improved cash proceeds against assets we are deploying, setting the company in a strong position as we focus on unit-level cash gener...