Business
Sunrun Reports Second Quarter 2023 Financial Results
Storage Capacity Installed of 103 Megawatt hours in Q2, 35% growth year-over-year, reaching 918 Megawatt hours of Networked Storage Capacity, as storage
About this update from Sunrun Inc.
[{"type":"text","content":"Storage Capacity Installed of 103 Megawatt hours in Q2, 35% growth year-over-year, reaching 918 Megawatt hours of Networked Storage Capacity, as storage attachment rates surge to 18% of new installations Recent backup storage attachment rates for new sales nearly double to over 30% nationally, driving higher Net Subscriber Value outlook as systems are installed in the coming quarters Sales activities outside of California have been robust in Q2, growing 25% year-over-year, and this growth rate has been maintained through June and July Solar Energy Capacity Installed of 296.6 Megawatts in Q2, significantly exceeding the high-end of guidance, reaching 6.2 Gigawatts of Networked Solar Energy Capacity Net Subscriber Value of $12,321, increasing $321 from Q1 Net Earning Assets increases $409 million, reaching $4.4 billion, including a $78 million increase in Total Cash compared to Q1 SAN FRANCISCO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the quarter ended June 30, 2023. \"Sunrun is rapidly expanding its lead as America’s clean energy company. We are seeing a tremendous acceleration in storage attachment rates on new sales, in California and across the country, which provides increased customer value and superior margins for Sunrun, while building a foundation of controllable generation assets that enables a clean energy future for all,\" said Mary Powell, Sunrun’s Chief Executive Officer. \"Recent sales performance in California is encouraging and sales growth outside of California remains robust, allowing us to reiterate our guidance for 10% to 15% growth in new installations this year, which we believe represents strong market share gains. While sales in California in Q2 were below our initial expectations following the transition to the new Net Billing Tariff, our team is focused on generating value for shareholders, as we execute against our disciplined, margin-focused growth strategy.\" “We delivered a strong Q2 on our key operating and financial metrics, exceeding our guidance for Solar Energy Capacity Installed, increasing in our Net Subscriber Value, along with growing Net Earning Assets and cash. Sunrun is committed to delivering meaningful cash generation through a continued focus on operati...