Sunrun’s Q3/2021 Financial Results

Sunrun Deployed 219 MW New Solar Capacity In 3rd Quarter

Sunrun’s Q3/2021 Financial Results

With the addition of 30,698 customers in Q3/2021, Sunrun grew its total customer base to 630,441, reflecting an annual growth of over 20%. (Source: Sunrun)

  • Sunrun’s Q3/2021 revenues increased 109% YoY to a total of $438.8 million
  • It installed 219 MW new capacity with solar energy capacity installed for subscribers being 178 MW
  • At the end of Q3/2021, its networked solar energy capacity amounted to 4.457 GW and networked solar energy capacity for subscribers was 3.886 GW

To navigate through the current ‘dynamic’ supply chain environment with elevated logistics and material costs, leading US residential solar installer Sunrun said it ‘selectively’ and ‘modestly’ raised prices several times during Q3/2021 to mitigate some of the effects.

New CEO Mary Powell defended the increase, “That said, it is important to put these price increases in the context of utility rates which are continuing to escalate at a rapid pace, which means our value proposition continues to grow, particularly when you consider that we offer a form of resilience that customers are demanding, and utilities simply aren’t able to provide.”

The company also added a 3rd battery supplier which helped it gradually improve the ‘tightness’ for the customers.

In Q3/2021, Sunrun generated $189 million in total value while adding 30,698 new customers taking its total count to 630,441 reflecting 20% YoY growth in customers pro-forms for Vivint Solar. It increased net subscriber value of $7,605 during the period, up $2,031 from the previous quarter.

Sunrun’s total revenues were $438.8 million in Q3/2021, having grown 109% on annual basis, comprising customer agreements and incentives revenues of $231.9 million that grew 103% from previous year. Solar energy systems and product sales contributed $206.9 million having grown 117% annually.

It installed 219 MW new capacity during the reporting quarter, with solar energy capacity installed for subscribers being 178 MW. As of September 30, 2021, its networked solar energy capacity amounted to 4.457 GW and networked solar energy capacity for subscribers was 3.886 GW.

Citing ‘slightly higher material and logistics costs, continued strong sales growth, and a lower mix of margin-accretive battery installations than management had previously forecasted given the dynamic supply chain environment’, Sunrun forecasts total value generated to be around $700 million for the current year.

It has forecast solar energy capacity installed growth to be 30% for FY 2021, pro-forma for Vivint Solar.

Roth Capital Partners’ analyst Philip Shen seemed happy with the results. “Sunrun delivered a healthy Q3 and reiterated its 2021 solar installation guide. Q3 subscriber value was healthy, and it’s expected to improve in Q4 and remain strong through 2022.” Adding, “We see attractive growth continuing in 2022 and expect meaningful cash flow given management’s expectation for >$300mn of cash generation in the year.”

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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