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Sunrun Achieves Growth in Solar and Storage Capacity
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Sunrun Achieves Growth in Solar and Storage Capacity

Sunrun Inc. ( (RUN) ) has released its Q3 earnings. Here is a breakdown of the information Sunrun Inc. presented to its investors.

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Sunrun Inc. is the nation’s leading provider of clean energy as a subscription service, primarily offering residential solar and storage solutions with no upfront costs. The company announced its third-quarter 2024 financial results, highlighting significant growth in storage capacity installations and a milestone of surpassing one million residential solar customers.

In the third quarter of 2024, Sunrun reported a storage capacity installation of 336 Megawatt hours, marking a 92% year-over-year growth and achieving the high end of its guidance range. Solar energy capacity installed was 230 Megawatts, contributing to a total networked capacity of 7.3 Gigawatts. The company also achieved positive cash generation for the second consecutive quarter, generating $2.5 million in cash during Q3.

Sunrun’s strategic focus on expanding its customer base and enhancing its product offerings, such as virtual power plants and partnerships with home builders, has shown positive results. The company launched several virtual power plant programs across the U.S. to improve grid stability and introduced innovative deals with new home builders, like the exclusive agreement with Toll Brothers in California.

Financially, Sunrun reported a net loss of $83.8 million for the third quarter but highlighted a significant increase in net earning assets to $6.2 billion. The firm also managed to reduce its parent debt by over $100 million since March, showcasing a strong balance sheet with no near-term corporate debt maturities.

Looking forward, Sunrun remains focused on its growth strategy, reiterating its cash generation guidance for 2025 and expecting continued growth in storage capacity installations. The management aims to leverage its strong market position to drive shareholder value while maintaining disciplined financial management.

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