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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> recorded a net loss of $1.47 billion during the third quarter (Q3) of 2023, a year-over-year (YoY) increase of 848% compared to a net loss of $155.51 million.</p>
<p>The primary reason behind the surge in losses in Q3 was the non-cash goodwill impairment charge of about $1.2 billion, as the company reduced the goodwill value from $4.3 billion to $3.1 billion following the drop in stock prices.</p>
<p>The goodwill came from their acquisition of Vivint Solar in October 2020, with its value determined based on market capitalizations at the time of the acquisition.</p>
<p>The drop majorly impacted the company’s performance in the quarter and led to a loss of $1.35 billion from operations.</p>
<p>Sunrun recorded a revenue of $563.18 million, a 10% YoY decrease from $631.91 million. The decrease was mainly due to the drop in revenue generated from solar energy systems and product sales, which decreased to $246.65 million, by 31% YoY, from $360.69 million.</p>
<p>The cost of revenue amounted to $518 million, which is 1% lower than the previous year. Total operating expenses, excluding the non-cash goodwill impairment, stood at $752.7 million, showing a 2% YoY decrease from the previous year.</p>
<p>“We have sharpened our focus on cash generation and continue to execute a customer-first, sustainable growth strategy that does not require equity funding. We are using challenges from this macroeconomic environment to accelerate our leadership position and tighten our operations,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are fundamentally and rapidly transitioning to a storage-first company to offer the most pro-consumer product, expand our margins, and lay the foundation for increased value streams from our growing fleet of networked storage systems.”</p>
<p><strong>Operational Highlights</strong></p>
<p>In Q3, over 33% of customers added storage to their solar systems, nearly double compared to Q2. California led with 85% of new customers getting solar and storage. Sunrun has installed 76,000 systems with 1.1 GWh of storage.</p>
<p>During the quarter, the company completed a $715 million deal for its solar and battery systems.</p>
<p>The company said it is launching a backup power system in California using premium batteries. It stores solar energy for use during power outages and helps save on electricity costs.</p>
<p>In Q3 2023, Sunrun added 33,806 customers, including 29,303 subscribers. The annual recurring revenue from subscribers reached over $1.2 billion as of September 30, 2023.</p>
<p>Sunrun&#8217;s gross earning assets were $13.3 billion, with net earning assets at $4.6 billion, including $952 million in cash as of September 30, 2023.</p>
<p>In terms of capacity, they installed 175.6 MWh of storage in Q3. Solar energy capacity installed was 258.2 MW in the same period, with 229 MW dedicated to subscribers.</p>
<p>The company said its Q3 solar system deployments are expected to offset 5.2 million metric tons of CO2 emissions over the next thirty years. In the past year, their systems are estimated to have offset 3.6 million metric tons of CO2.</p>
<p><strong>9M 2023</strong></p>
<p>For the first nine months (9M) of 2023, Sunrun recorded a net loss of $2.15 billion, a 312.6% YoY increase from a $521.73 million net loss.</p>
<p>For the January to September period, the company recorded a revenue of $1.74 billion, a slight YoY increase from $1.71 billion.</p>
<p>Sunrun <a href="https://www.mercomindia.com/sunruns-q2-net-loss-solar-system-sales-drop" target="_blank" rel="noopener">recorded</a> a net loss of $340.72 million during the second quarter of 2023, a YoY increase of 62.4% from $209.76 million.</p>
<p>In January, Sunrun <a href="https://mercomindia.com/sunrun-expand-assets-loan-835-million/" target="_blank" rel="noopener">closed</a> $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.</p>


Sunrun Reports $1.47 Billion Q3 Loss, Driven by Goodwill Impairment Charges


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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> 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.</p>
<p>During Q2 of 2023, the company generated a revenue of $590.19 million, marking a modest YoY increase of 1%.</p>
<p>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.</p>
<p>The increase in the net loss can be attributed to the increased loss in operations, which surged by 32% YoY.</p>
<p>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.</p>
<p>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.</p>
<p>Sales outside California grew by 25% in Q2 and maintained that growth rate in June and July.</p>
<p>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.</p>
<p>On April 12, 2023, Sunrun launched Sunrun Shift™, a solar subscription optimizing value under California&#8217;s net billing tariff by increasing self-consumption during peak hours.</p>
<p>On July 27, 2023, Sunrun&#8217;s fleet began participating in Puerto Rico&#8217;s Battery Emergency Demand Response program, providing rapid emergency response and flexible power from residential solar and storage systems.</p>
<p><strong>1H 2023</strong></p>
<p>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.</p>
<p>The company achieved a revenue of $1.18 billion, showcasing a 9.2% YoY increase compared to the $1.08 billion.</p>
<p>Sunrun has made several adjustments to pricing and go-to-market strategies throughout 2022 and 2023 in response to inflation and higher interest rates.</p>
<p>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.</p>
<p>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.</p>
<p>&#8220;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,&#8221; said Mary Powell, Sunrun’s Chief Executive Officer.</p>
<p>Sunrun <a href="https://www.mercomindia.com/sunruns-q1-loss-widens-higher-expenses" target="_blank" rel="noopener">reported</a> a net loss of $335.8 million during the first quarter of 2023, compared to a loss of $156.5 million YoY.</p>
<p>In January this year, Sunrun <a href="https://mercomindia.com/sunrun-expand-assets-loan-835-million/" target="_blank" rel="noopener">closed</a> $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.</p>


Sunrun’s Q2 Net Loss Increased by 62.4% YoY as Solar System Sales Drop

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