Sunrun, a U.S.-based provider of solar energy, battery, and storage services, reported a total revenue of $523.9 million for the second quarter (Q2) of 2024, marking an 11% year-over-year (YoY) decline.

The company said its revenue from customer agreements and incentives rose by 28% YoY to $387.8 million. However, the revenue of solar energy systems and product sales fell by 53% to $136 million.

Sunrun explained that the growing number of subscribers has led to less upfront revenue recognition, as revenue is now recognized over the life of customer agreements, typically spanning 20 to 25 years.

The company’s net profit for Q2 2024 stood at $139.1 million, up by 151% from the same period last year.

Sunrun’s installed storage capacity reached 264.5 MWh during the quarter from 104.8 MWh in the previous year’s corresponding quarter. The company installed 192.3 MW of solar capacity, with 182.1 MW specifically for subscribers.

The company added 26,687 new customers in this quarter. As of June 30, 2024, Sunrun has 984,000 customers, representing a 13% YoY growth in customer base.

Half-year 2024

Sunrun reported a total revenue of $982 million in the first six months of 2024, a 17% YoY decline.

The company’s net profit for the period stood at $51.2 million, compared to a loss of $184.9 million in the corresponding period last year.

Net earning assets were $5.7 billion, which included $1,042 million in total cash as of June 30, 2024.

As of June 30, 2024, Sunrun’s networked solar energy capacity totaled 7,058 MW, with 5,984 MW dedicated to subscribers. Additionally, the company’s networked storage capacity reached 1.8 GWh by the end of Q2 2024.

Sunrun incurred a net loss of $87.8 million in the first quarter of 2024 due to the company’s transition from traditional tax equity to tax credit sales, causing it to invest $181 million in working capital.

Last year, Sunrun closed $835 million in non-recourse financings to help the company maintain its growth trajectory across various segments in its business, including energy storage and the diverse services it offers to its customers.