- Sunrun installed 275.4 MW new solar energy capacity in Q4/2022 increasing it by 25% YoY
- Its total revenues for 2022 went up with an additional $711.5 million to $2.32 billion, reflecting annual jump of 44%
- Management guides for 2023 solar energy capacity installed growth to range between 10% to 15%
US residential solar company Sunrun turned profitable again in Q4/2022 as it reported $63 million in net income compared to -$38 million net loss a year back. Its annual revenues for 2022 soared 44% to $2.3 billion, yet Roth Capital Partners believes its annual growth forecast for solar energy installations for 2023 is ‘very conservative’.
Sunrun management has forecasted its solar energy capacity installed growth in 2023 to be within the range of 10% to 15%. In Q1/2023, it expects to install between 215 MW to 225 MW of new solar energy capacity. Net Subscriber Value is expected to be approximately $10,000 in Q1 and to increase sequentially throughout 2023.
“We acknowledge that greater battery attach rates likely result in longer installation times, but we believe there is still substantial upside to the official 2023 guide. Beyond this, management expects to deliver ‘smooth and sequentially growing installations throughout 2023’ despite NEM3 risk,” said Philip Shen of Roth.
The company deployed 275.4 MW new solar in Q4/2022 having gone up from 255.8 MW reported for the previous quarter and annual increase of 25%. On annual basis, this contributed to 991 MW it reported for 2022.
For Q4, total revenues jumped 40% to $609.2 million dominated by solar energy systems and product sales of $366.8 million. For full year 2022, revenues increased by $711.5 million or 44% annually to $2.32 billion. Solar energy systems and product sales revenue was $1.38 billion with 71% YoY increase.
The company added 37,359 new customers to its database in the last quarter of the reported year. It exited 2022 with 797,296 customers.
“The actions we took throughout the year to respond to higher interest rates and material costs have resulted in significantly improved cash proceeds against assets we are deploying, setting the company in a strong position as we focus on unit-level cash generation,” said Sunrun CFO Danny Abajian.
The company also announced that Co-Founder and Co-Executive Chair Edward Fenster will henceforth be associated with the company as a director and strategic advisor to be able to spend more time with his family.