United States-based residential solar, battery storage, and energy services company Sunrun recorded a net loss of $340.72 million during the second quarter (Q2) of 2023, a year-over-year (YoY) increase of 62.4% compared to $209.76 million.

During Q2 of 2023, the company generated a revenue of $590.19 million, marking a modest YoY increase of 1%.

Revenue from sales of solar energy systems and products decreased by 11% to $288 million, a decline of $36.7 million, compared to the corresponding period in 2022.

The increase in the net loss can be attributed to the increased loss in operations, which surged by 32% YoY.

The installed storage capacity reached 103 MWh, showing significant YoY growth of 35%. This brought the total grid-connected storage capacity to 918 MWh, with storage attachment rates surging to 18% of new installations.

The company said Q2 saw 296.6 MW of solar energy capacity installed, surpassing expectations and bringing the total grid-connected solar energy capacity to 6.2 GW.

Sales outside California grew by 25% in Q2 and maintained that growth rate in June and July.

New sales for backup storage nearly doubled to over 30% nationally. This is expected to boost net subscriber value as installations continue in the coming months.

On April 12, 2023, Sunrun launched Sunrun Shift™, a solar subscription optimizing value under California’s net billing tariff by increasing self-consumption during peak hours.

On July 27, 2023, Sunrun’s fleet began participating in Puerto Rico’s Battery Emergency Demand Response program, providing rapid emergency response and flexible power from residential solar and storage systems.

1H 2023

In the first half (1H) of the year, Sunrun reported a net loss of $676.5 million, showing a significant YoY increase of 84.7% from $366.23 million in 1H 2022.

The company achieved a revenue of $1.18 billion, showcasing a 9.2% YoY increase compared to the $1.08 billion.

Sunrun has made several adjustments to pricing and go-to-market strategies throughout 2022 and 2023 in response to inflation and higher interest rates.

The company said the increased cost of capital has led to a reduction in upfront proceeds that Sunrun can obtain against the value of deployed systems. Advance rates have declined since the beginning of 2022 but have been partially offset by price increases and the higher 30% investment tax credit.

In addition to providing a superior energy experience and more cost-effective electric service, the company said it is building one of the largest networks of storage capacity. The move is expected to enable them to tap into the $127 billion annual market for utility capex.

“Sunrun is rapidly expanding its lead as America’s clean energy company. We are seeing a tremendous acceleration in storage attachment rates on new sales in California and across the country, which provides increased customer value and superior margins for Sunrun while building a foundation of controllable generation assets that enables a clean energy future for all,” said Mary Powell, Sunrun’s Chief Executive Officer.

Sunrun reported a net loss of $335.8 million during the first quarter of 2023, compared to a loss of $156.5 million YoY.

In January this year, Sunrun closed $835 million in non-recourse financings to expand its assets that will help the company maintain the growth trajectory across various segments in its business, including energy storage and diverse energy services.