earnings
confidence high
sentiment negative
materiality 0.80
Sunrun Q3 net loss $1.07B on $1.2B goodwill impairment; storage growth 131% YoY, solar guidance cut
Sunrun Inc.
2023-Q3 EPS reported
-$5.81
revenue$1,743,223,000
- GAAP net loss $1,069.5M ($4.92/share) vs net loss $63.9M a year ago; non-GAAP net income $88.5M ($0.40 diluted excluding impairment).
- Revenue $563.2M, down 11% YoY; customer agreements revenue up 17% to $316.5M, product sales down 32% to $246.7M.
- Storage Capacity Installed 175.6 MWh (+131% YoY, +68% QoQ); storage attachment rate 33% in Q3, recent >40% nationally.
- Lowers FY 2023 solar capacity growth guidance to 2-5% (from 10-15%); Q4 storage guidance 180-200 MWh.
- Net Subscriber Value $11,030; pro-forma with full ITC adder and cost deflation $14,793 (6% discount).