Sunrun, a U.S.-based residential solar, battery storage, and energy services company, announced financial results for the first quarter (Q1) of the calendar year (CY) 2022.

The company’s total revenue in the first quarter (Q1) of 2022 was $495.78 million, up by 48% from $334.8 million during the same period last year. The revenue from the sale of solar energy systems and product sales stood at $286.09 million, increasing 79% compared to $160.2 million in the same period last year.

The total cost of revenue increased by 53% and stood at $451.6 million, and the total operating expenses were $677.2 million, an increase of 32% year-on-year. Included in the operating costs for Q1 were $7.3 million of non-recurring restructuring expenses related to the acquisition of Vivint Solar. Operating costs include stock-based compensation expenses of $39.2 million in the first quarter of 2022.

The company installed 213 MW of solar capacity in Q1 2022.

In Q1 2021, the company added 29,463 customers, including 21,197 subscribersQ1. The company had 689,774 customers, including 588,941 subscribers, at the end of March 2022. Customers grew 20% in Q1 of 2022 compared to Q1 2021

“Over the last month, we successfully implemented meaningful pricing changes to offset higher material and capital costs and continue to see very strong demand as utility rate inflation exceeds 11% across the country,” said Tom von Reichbauer, Sunrun’s Chief Financial Officer. “Despite continuing to grow our backlog of customers and the effects of Omicron early in the quarter, we generated sequentially higher Net Subscriber Values and expect margins to increase meaningfully throughout the year.”

Source: Sunrun

Sunrun has installed over 37,000 solar and battery systems nationwide. Its battery installations increased by more than 100% in 2021 compared to the prior year despite battery supply and logistical constraints. Sunrun expects battery installations to increase by more than twice the growth rate of overall installations in 2022.

Sunrun announced the retirement of its $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor than the company’s prior term extensions. The new recourse lending facility expands the borrowing base to support more efficient inventory financing at a higher advance rate while maintaining the same borrowing costs