Sunrun (NASDAQ:RUN) shares are trending higher today after the residential solar, storage, and energy services provider posted a positive second-quarter bottom line. Revenue inched up 1% year-over-year to $590.2 million but missed expectations by $40.9 million. EPS at $0.25, on the other hand, was in sharp contrast to analysts’ estimates of a net loss per share of $0.24. Moreover, the positive bottom line was a surprise as compared to a year ago net loss per share of $0.06 as well.
Importantly, Sunrun is witnessing gains in storage attachment rates on new sales in California as well as other major markets. The company added 39,755 new customers, including 32,389 new subscribers during the quarter. Further, while subscriber value was $44,727, annual recurring revenue from subscribers was more than $1.1 billion as of June 30.
At the end of the quarter, gross earning assets stood at $12.6 billion with installed solar energy capacity standing at 296.6 megawatts. Looking ahead, for the full-year 2023, Sunrun expects installed solar energy capacity to rise in the range of 10% to 15%. Additionally, net subscriber value is anticipated to be materially higher in the second half of the year than in the first half.
Overall, the Street has a $33 consensus price target on Sunrun alongside a Moderate Buy consensus rating. Short interest in the stock is now hovering at 17.7%.
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