Business
Sunrun Reports Third Quarter 2021 Financial Results
Customer Additions of 30,698 in Q3, Bringing Total Customers to 630,441, 20% year-over-year growth in Customers pro-forma for Vivint Solar Net Subscriber
About this update from Sunrun Inc.
[{"type":"text","content":"Customer Additions of 30,698 in Q3, Bringing Total Customers to 630,441, 20% year-over-year growth in Customers pro-forma for Vivint Solar Net Subscriber Value of $7,605 in Q3, an increase of $2,031 from Q2 Annual Recurring Revenue of $787 Million with Average Contract Life Remaining of 17.3 years Net Earning Assets of $4.5 billion, including $941 million in Total Cash Networked Solar Energy Capacity of 4.5 Gigawatts SAN FRANCISCO, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the third quarter ended September 30, 2021. “Sunrun is empowering customers by offering clean, affordable and resilient energy options, while also addressing the urgent need to decarbonize our economy to combat climate change,” said Mary Powell, Sunrun’s Chief Executive Officer. “I believe we will have another break-out year in 2022 as we accelerate our efforts to transform our energy system, drive continued innovation and differentiated customer offerings, and deliver sustainable growth to create value for all stakeholders.” “The Sunrun team continues to execute well, delivering robust growth in our customer base while also delivering a strong improvement in our customer margins during Q3, despite a dynamic supply chain and operating environment,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “We remain on track to deliver a strong 2021 and are excited about the trajectory of the business heading into 2022. We believe the strong capital markets, combined with our operating scale and discipline, sets us up well for above-market growth and strong cash generation in 2022.” Growth & Market Leadership The growth opportunity for the solar industry is massive. Today, only 3.5% of the 77 million addressable homes in the US have solar. The US residential electricity market is over $187 billion per year and ongoing utility spending has resulted in escalating retail rates, increasing our value proposition and expanding our addressable market. Households that adopt electric vehicles consume approximately double the amount of electricity, increasing our market opportunity and value proposition even further. In addition to delivering a superior electricity service, we are increasingly working to network our dispatchable solar and ...