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					</table><p>United States-based residential solar, battery storage, and energy services company <a href="https://www.sunrun.com/" target="_blank" rel="noopener">Sunrun</a> swung to a loss in the fourth quarter (Q4) of 2023, hurt by lower sales, higher interest expense, and a non-cash investment charge.</p>
<p>The company reported a net loss of $350.1 million in Q4 2023 versus net income of $63 million in Q4 2022. Excluding the $58.6 million non-cash charge related to its investment in <a href="https://www.lunarenergy.com/" target="_blank" rel="noopener">Lunar Energy</a>, the Nasdaq-listed company recorded a loss of $291.5 million.</p>
<p>Total quarterly revenue decreased 15% year-over-year (YoY) to $516.6 million from $609.2 million last year. The decline was driven by a 47% drop in solar energy systems and product sales revenue, from $366.9 million to $195 million.</p>
<p>Meanwhile, customer agreements and incentives revenue rose 33% to $321.6 million, compared to $242.3 million last year. This resulted from Sunrun’s strategic shift towards a greater mix of solar subscriptions versus direct purchase agreements.</p>
<p>However, beyond the top-line numbers, Sunrun posted positive metrics related to its transition to a solar subscription-focused business model. Installations accelerated, with 227.1 MW of solar capacity installed in Q4, up 18% from 209.6 MW last year. Storage deployments also grew substantially, with 219.7 MWh of capacity installed in Q4, a 154% increase from 86.6 MWh in the same period last year.</p>
<p>The company added 30,005 customers in the quarter, with total customers reaching 933,275, up 17% YoY. During the quarter, it launched a pilot to offer customers the ability to renew their subscription agreements early and extend the price protection.</p>
<p>The company also announced a preferred retail partnership with home improvement retailer <a href="https://www.lowes.com/" target="_blank" rel="noopener">Lowe’s</a>. Sunrun said it is staffing more than 260 Lowe’s stores in 10 states with its representatives to guide customers in accessing residential solar.</p>
<p><strong>Full Year 2023</strong></p>
<p>Sunrun’s full-year (FY) net loss widened significantly in 2023, primarily due to a $1.2 billion goodwill <a href="https://www.mercomindia.com/sunrun-loss-driven-by-goodwill-impairment-charges" target="_blank" rel="noopener">impairment charge</a> taken in Q3 due to a decline in its stock price, which has fallen by 35% in the past 12 months.</p>
<p>Net loss attributable to shareholders was $1.6 billion in 2023, compared to net income of $173.4 million in 2022. Excluding the impairment charge, it was $387.8 million.</p>
<p>Meanwhile, the total FY revenue decreased 3% to $2.26 billion, from $2.32 billion in 2022. The decline was largely due to a 20% drop in solar energy systems and product sales revenue, from $1.34 billion to $1.07 billion, partially offset by a 21% rise in customer agreements and incentives revenue, from $983 million to $1.19 billion. Higher revenue and operating expenses costs also contributed to the decline.</p>
<p>According to the Lawrence Berkeley National Laboratory, new residential solar installations in the U.S. had a median size of 7.2 kW in 2022, a significant <a href="https://www.mercomindia.com/reduced-cost-residential-solar-growth-in-the-us" target="_blank" rel="noopener">jump</a> from the 2.4 kW seen in 2000, thanks to cost reductions and improved module efficiencies.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Sunrun Swings to Q4 Loss Weighed by Lower Sales and High-Interest Rates

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