US solar and storage provider Sunrun reported third-quarter results showing storage installations surpassed guidance, while solar installations met the upper end of projections.
In Q3, Sunrun achieved 336 MWh of storage installations—a 92% year-on-year increase—with a 60% attachment rate for storage systems. Newly installed solar reached 230 MW, pushing Sunrun's networked capacity to 7.3 GW.
The company posted a net loss of $83.8 million, significantly improved from a $1.07 billion loss in the same period last year.
Revenue dropped 5% to $537.2 million, attributed to an increased subscriber mix impacting upfront revenue. Subscription revenue grew by 28% year-over-year to $405.9 million, while revenue from solar system sales declined 47% to $131.3 million.
“In the third quarter, we delivered on our commitments for solar and storage installations, margin expansion and Cash Generation,” said CFO Danny Abajian, adding that the quarter's Net Subscriber Value was Sunrun's highest to date.
Sunrun sustained positive cash generation, with $2.5 million recorded in Q3 and a projected $50 million-125 million for Q4. It reaffirmed its cash generation target for 2025 at $350 million-600 million.
Sunrun expects fourth-quarter storage installs between 320 MWh and 350 MWh, while solar installations are anticipated in the 240 MW-250 MW range.
