Core Insights - Scanifly has announced a new integration with SnapNrack, enhancing workflow efficiency in solar project management [1][2] - The integration automates the transfer of critical project data, significantly reducing manual data entry and errors [3][4] Company Overview - Scanifly is a leader in PV design and field operations software, enabling faster, safer, and more accurate project installations [6] - SnapNrack, a unit of Sunrun, specializes in innovative solar mounting solutions aimed at reducing installation costs and improving quality [7] Integration Benefits - The integration allows solar contractors to save 1-3 hours from each design cycle and reduces installation prep time by 2-4 hours per project [9] - It improves the first-time pass rate by over 30% and prevents costly revision cycles, enhancing overall project efficiency [9]

Core Insights - Sunrun reported revenue of $504.27 million for Q1 2025, a year-over-year increase of 10.1% and a surprise of +2.09% over the Zacks Consensus Estimate of $493.97 million [1] - The EPS for the same period was $0.20, a significant improvement from -$0.40 a year ago, resulting in an EPS surprise of +190.91% compared to the consensus estimate of -$0.22 [1] Financial Performance Metrics - Sunrun's shares have returned +24.6% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The company has a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3] Revenue Breakdown - Networked Solar Energy Capacity was reported at 7,721 MW, slightly below the estimated 8,009.15 MW [4] - Revenue from customer agreements and incentives was $402.92 million, exceeding the estimate of $378.92 million, representing a +24.8% year-over-year change [4] - Revenue from solar energy systems and product sales was $101.35 million, below the estimate of $114.44 million, reflecting a -25.1% year-over-year change [4] - Revenue from solar energy systems was $40.07 million, significantly lower than the $57.83 million estimate, marking a -38.4% year-over-year change [4] - Revenue from incentives was $21.56 million, compared to the estimate of $32.02 million, showing a +14.5% year-over-year change [4] - Revenue from products was $61.28 million, slightly above the estimate of $59.26 million, but a -12.7% change year-over-year [4] - Revenue from customer agreements was $381.36 million, exceeding the estimate of $346.90 million, representing a +25.4% year-over-year change [4] Gross Profit Analysis - Gross profit from solar energy systems and products was $4.55 million, below the average estimate of $6.12 million [4] - Gross profit from customer agreements and incentives was $94.29 million, significantly higher than the average estimate of $56.14 million [4]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $56 million in cash, marking the fourth consecutive quarter of positive cash generation [5] - The unrestricted cash balance increased by $30 million from the previous quarter, reaching $605 million [5] - The subscriber value increased to approximately $52,000, a 15% increase compared to the prior year [25] - Aggregate subscriber value was $1.2 billion in Q1, a 23% increase from the prior year [26] - Net value creation was $246 million, approximately $1.09 per share, with contracted net value creation at $164 million, a 104% increase from last year [27] Business Line Data and Key Metrics Changes - Customer additions grew by 6% year-over-year, with a record high storage attachment rate of 69%, up by over 46% from Q1 of last year [8][9] - The company has nearly quadrupled its solar and storage business in the last two years, achieving a market share of approximately 19% for new solar installations and 45% for new storage installations [10] - The storage attachment rate increased by 19 percentage points to 69%, contributing to a 66% year-over-year growth in net subscriber value [25][26] Market Data and Key Metrics Changes - Demand for residential solar and storage remains strong, with favorable trends such as increasing grid instability and utility rate escalation [9] - The company is experiencing strong demand across channels, leading to a forecast of mid-single-digit growth in subscriber additions for the year [36] Company Strategy and Development Direction - The company is focused on delivering innovative products, such as Sunrun Flex, which allows customers to plan for their growing energy needs flexibly and affordably [18][19] - The strategy includes leveraging AI for operational efficiencies and cost discipline, which has contributed to market share gains [7][16] - The company is actively working on scenario planning regarding potential changes in tax and tariff policies, indicating readiness to adapt to regulatory changes [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating meaningful cash this year despite uncertainties in tax policy and tariffs [6] - The company expects tariff impacts to create cost headwinds of approximately $1,000 to $3,000 per subscriber in 2025, which could affect cash generation guidance [36] - For the full year, the company introduced guidance for aggregate subscriber value between $5.7 billion and $6 billion, representing 14% growth at the midpoint [35] Other Important Information - The company repaid $27 million of borrowings under its working capital facility during Q1 and has paid down $214 million in recourse debt since March of last year [34] - The company is exploring further capital allocation options to maximize shareholder value based on market conditions [34] Q&A Session Summary Question: Can you bridge the contracted net value creation for Q2 and the full year? - Management indicated that the impact of tariffs will be more pronounced in the second half of the year, affecting the full-year guidance [41][42] Question: What is the sourcing strategy regarding tariffs? - Management noted that manufacturing has increasingly moved onshore, and they are prepared to adjust pricing and go-to-market strategies as needed [44] Question: How is customer demand responding to potential price increases? - Management stated that demand remains strong, particularly in uncertain economic conditions, which drives interest in their offerings [52] Question: What is the impact of potential changes to the ITC? - Management acknowledged that a reduction in the ITC would impact cash generation but emphasized their ability to mitigate some effects through pricing and operational efficiencies [78] Question: How does the company plan to handle safe harboring ahead of potential IRA modifications? - Management is focused on generating cash and maintaining substantial unrestricted cash on hand while being prepared to safe harbor if necessary [60] Question: How is the company managing competition in light of tariff impacts? - Management emphasized a focus on differentiation and innovation rather than competing solely on price, which has helped maintain market share [95]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated $56 million in cash, marking the fourth consecutive quarter of positive cash generation [4] - The unrestricted cash balance increased by $30 million from the previous quarter, ending Q1 with $605 million [4] - The company paid down $27 million in parent debt, continuing its deleveraging efforts [4] - Subscriber value increased to approximately $52,000, a 15% increase compared to the prior year [24] - Aggregate subscriber value reached $1.2 billion, a 23% increase from the prior year [25] - Contracted net value creation was $164 million, a 104% increase from last year [26] Business Line Data and Key Metrics Changes - Customer additions grew by 6% year-over-year, with storage customer additions increasing by over 46% [6][7] - The storage attachment rate reached a record high of 69% [7] - The company has nearly quadrupled its solar and storage business in the last two years [8] Market Data and Key Metrics Changes - The company has gained considerable market share, achieving approximately 19% of new solar installations and about 45% of new storage installations across the country [8] - Demand for residential solar and storage remains strong, with the industry only penetrating about 6% of households [8] Company Strategy and Development Direction - The company is focused on delivering innovative products, such as Sunrun Flex, which allows customers to plan for their growing energy needs flexibly and affordably [16][17] - The strategy includes leveraging AI for operational efficiencies and quality enhancements [6] - The company is actively working on scenario planning regarding potential changes in tax and tariff policies [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating meaningful cash this year despite uncertainties in tax policy and tariffs [5] - The company anticipates that tariff impacts will create cost headwinds of approximately $1,000 to $3,000 per subscriber in 2025 [35] - For the full year, the company expects aggregate subscriber value to be between $5.7 billion and $6 billion, representing 14% growth at the midpoint [34] Other Important Information - The company has increased its unrestricted cash balance by $118 million and grown net earning assets by $1.6 billion over the past year [33] - The company is exploring further capital allocation options to maximize shareholder value based on market conditions [33] Q&A Session Summary Question: Can you bridge the contracted net value creation for Q2 and the full year? - Management indicated that the impact of tariffs will be more pronounced in the second half of the year, affecting the full-year guidance [40] Question: What is the sourcing strategy regarding tariffs? - Management noted that manufacturing has increasingly moved onshore, which may help mitigate tariff impacts [44] Question: How is customer demand responding to potential price increases? - Management stated that demand remains strong, particularly in uncertain economic conditions, as consumers seek price certainty [50] Question: What is the expected impact of tariffs on pricing? - Management indicated that the gross impact of tariffs could lead to a 10% increase in costs later in the year, primarily driven by battery costs [104] Question: How does the company plan to manage potential changes in tax credit transferability? - Management emphasized that they would rely more on the traditional tax equity market if transferability were removed, but they remain confident in their ability to adapt [85] Question: What is the expected trend for ITC levels throughout the year? - Management expects to maintain a mid-forty percent ITC level for the remainder of the year [97]

Financial Performance Highlights - Aggregate Subscriber Value reached $1.2 billion in 1Q25, a 23% year-over-year increase[6] - Contracted Net Value Creation was $164 million in 1Q25, up 104% year-over-year[6] - Cash Generation was $56 million in 1Q25, marking the fourth consecutive quarter of positive cash generation[6] - Contracted Net Earning Assets stood at $2.6 billion as of March 31, 2025, which includes $605 million of unrestricted cash[7] Subscriber and Storage Growth - Customer Additions with Storage grew 46% year-over-year in Q1, with Storage Attachment Rate reaching 69%[11] - Contracted Subscriber Value increased 14% year-over-year to $48,727 in Q1 2025 due to higher-value Storage customers[11] - Subscriber Additions were 23,692 in 1Q25, a 74% year-over-year increase[44] Unit Economics and Value Creation - Net Subscriber Value expanded year-over-year to $10,390, driven by a record-high Storage Attachment Rate of 69% and ITC levels of 44%[44] - Aggregate Subscriber Value increased 23% year-over-year to $1.2 billion, while Aggregate Creation Costs increased 14% to $991 million[50] Capital Management and Debt - The company is planning to allocate $100 million or more of Cash Generation to repaying parent debt in 2025[68] - The company repaid or repurchased $27 million of recourse debt during Q1 and $214 million over the last four quarters[68] Guidance - The company expects Aggregate Subscriber Value of $1.3 to $1.375 billion for 2Q 2025, representing 21% year-over-year growth at the midpoint, and $5.7 to $6.0 billion for full-year 2025, representing 14% year-over-year growth at the midpoint[70]

Company Overview - As of March 31, 2025, Sunrun operates the largest fleet of residential solar energy systems in the U.S. with a Networked Solar Energy Capacity of 7,721 megawatts (MW) and Gross Earning Assets of approximately $18.5 billion[119]. - The company has experienced substantial growth since its inception in 2007 and through the acquisition of Vivint Solar on October 8, 2020[119]. Financial Performance - Total revenue for the three months ended March 31, 2025, was $504.3 million, a 10% increase from $458.2 million in the same period of 2024[162]. - Revenue from customer agreements and incentives increased by $80.0 million, or 25%, to $402.9 million, driven by new systems placed in service[163]. - Revenue from solar energy systems and product sales decreased by $33.9 million, or 25%, to $101.4 million, primarily due to a shift towards customer agreements[163]. - Operating expenses totaled $619.2 million, a decrease of 3% from $641.3 million in the prior year[165]. - The cost of customer agreements and incentives decreased to 77% of revenue from 83% in the prior year, indicating improved pricing strategies[166]. - Net loss attributable to common stockholders was $50.0 million, compared to a loss of $87.8 million in the prior year[162]. - Basic net income per share attributable to common stockholders was $0.22, a recovery from a loss of $0.40 per share in the previous year[162]. Subscriber and Asset Growth - As of March 31, 2025, the company reported Subscriber Additions of 23,692, an increase from 22,058 in the same period of 2024, representing a growth of approximately 7.4%[138]. - The Contracted Subscriber Value per Subscriber increased to $48,727 as of March 31, 2025, up from $42,871 in 2024, reflecting a growth of about 13.5%[138]. - The Aggregate Contracted Subscriber Value reached $1,154,440,000 as of March 31, 2025, compared to $945,649,000 in 2024, indicating a year-over-year increase of approximately 22.1%[138]. - The company's Networked Solar Capacity grew to 7,721 megawatts as of March 31, 2025, up from 6,866 megawatts in 2024, marking an increase of about 12.4%[138]. - Total Gross Earning Assets amounted to $18,536,222,000 as of March 31, 2025, compared to $15,037,540,000 in 2024, representing a growth of approximately 23.3%[138]. - Contracted Gross Earning Assets were reported at $14,294,083,000 as of March 31, 2025, an increase from $11,545,364,000 in 2024, reflecting a growth of about 23.8%[138]. - Non-contracted or Upside Gross Earning Assets increased to $4,242,139,000 as of March 31, 2025, compared to $3,492,176,000 in 2024, indicating a growth of approximately 21.4%[138]. Market and Regulatory Environment - Market uncertainties, including rising interest rates and inflation, have impacted financing structures, potentially decreasing available capital for new solar energy system deployments[121]. - California's new net billing tariff (NBT) has limited the financial attractiveness of solar-only systems, shifting the market towards solar plus storage offerings[123]. - Since the implementation of NBT, originations in California have remained below pre-transition levels, potentially affecting new installations and financial performance[125]. - The recent transition in U.S. government may create regulatory uncertainties that could impact the residential solar industry, including federal tax credits and tariffs[132]. Financing and Capital Management - As of March 31, 2025, Sunrun had 64 active Funds to monetize customer agreements and related solar energy systems, providing a low weighted average cost of capital[134]. - The company emphasized the importance of financing systems with Fund investors to provide solar service offerings economically[136]. - The company anticipates raising additional capital from new and existing investors to meet future cash needs[176]. - Committed and available capital for solar energy systems as of March 31, 2025, was approximately $617.7 million[183]. - The company generated $790.7 million from financing activities in Q1 2025, compared to $473.9 million in Q1 2024[181]. - Cash used in investing activities was $655.0 million in Q1 2025, primarily for solar energy systems, up from $535.4 million in Q1 2024[180]. - Net cash used in operating activities was $(104.2) million in Q1 2025, an improvement from $(143.1) million in Q1 2024[178]. - As of March 31, 2025, cash totaled $604.9 million, with outstanding borrowings of $358.5 million on a $447.5 million credit facility[175]. Future Outlook and Strategy - Sunrun aims to capitalize on the electrification of U.S. households with renewable energy, expanding into EV chargers, battery retrofits, and home energy management services[129]. - The company plans to pursue acquisitions of previously installed solar systems opportunistically to enhance future upsell and retrofit opportunities[130]. - The company’s future cash flows are projected based on assumptions of a 30-year customer relationship and a 90% renewal rate after the initial contract term[139]. Other Financial Metrics - Interest expense increased by $35.3 million, or 18%, primarily due to additional non-recourse debt[171]. - The estimated production shortfall reduced revenue by approximately $2.1 million more than the prior year's period[151]. - If assumptions for redeemable noncontrolling interests were 10% higher, the impact would be a reduction of $22.4 million as of March 31, 2025[160]. - Other (expense) income decreased by $135.3 million, primarily due to losses on derivatives recognized in Q1 2025[172]. - Income tax benefit increased by $108.3 million, primarily from transferring investment tax credits, resulting in a benefit of $(2,201) in Q1 2025 compared to $(110,550) in Q1 2024[173]. - Net loss attributable to noncontrolling interests increased by 68% to $(327,182) in Q1 2025, attributed to the addition of eight new investment funds since March 31, 2024[174].

Exhibit 99.1 Sunrun Reports First Quarter 2025 Financial Results Aggregate Subscriber Value of $1.2 billion in Q1, 23% growth year-over-year Contracted Net Value Creation of $164 million, or $0.72 per share, 104% growth year-over-year Cash Generation of $56 million in Q1, the fourth consecutive quarter of positive Cash Generation Paid down $27 million of recourse debt in Q1 with excess cash Reiterating Cash Generation guidance of $200 million to $500 million in 2025 Customer Additions with Storage grew 46% ...

Core Insights - Sunrun reported a strong first quarter in 2025, achieving an aggregate subscriber value of $1.2 billion, reflecting a 23% year-over-year growth [1] - The company generated a contracted net value creation of $164 million, or $0.72 per share, marking a 104% increase year-over-year [1][8] - Cash generation reached $56 million, representing the fourth consecutive quarter of positive cash generation [1][10] Financial Performance - Total revenue for Q1 2025 was $504.3 million, a 10% increase from Q1 2024 [14] - Customer agreements and incentives revenue increased by 25% to $402.9 million, while solar energy systems and product sales revenue decreased by 25% to $101.4 million [14] - The total cost of revenue decreased by 5% year-over-year to $405.4 million, and total operating expenses decreased by 3% to $619.2 million [15] Subscriber Metrics - Subscriber additions totaled 23,692, a 7% increase compared to Q1 2024, bringing the total number of subscribers to 912,878, which is a 14% increase year-over-year [5] - The storage attachment rate reached a record 69%, up from 50% in the prior year, with customer additions with storage growing by 46% [3][6] - Subscriber value increased by 15% to $52,206, while contracted subscriber value rose by 14% to $48,727 [6] Debt Management - The company paid down $27 million of recourse debt in Q1 2025, contributing to a total reduction of $214 million over the last four quarters [9] - Sunrun has no near-term corporate debt maturities and expects to pay down an additional $100 million or more in recourse debt in 2025 [9] Market Position and Strategy - Sunrun's CEO highlighted the company's focus on delivering high-quality products, optimizing market routes, and leveraging AI for operational efficiencies [2] - The introduction of Sunrun Flex, a new solar-plus-storage subscription, aims to adapt to changing household energy needs, marking a significant innovation in the solar industry [9] - The CalReady distributed power plant has expanded significantly, providing critical energy to California's grid during peak demand periods [9] Outlook - For Q2 2025, aggregate subscriber value is expected to range from $1.3 billion to $1.375 billion, representing a 21% growth compared to Q2 2024 [11] - Contracted net value creation is projected to be between $125 million and $200 million for Q2 2025, indicating an 80% growth compared to the same period last year [11] - Full-year 2025 cash generation is expected to remain between $200 million and $500 million, consistent with previous guidance [13]

Core Viewpoint - Sunrun has introduced Sunrun Flex™, a solar and battery storage solution that adapts to customers' changing energy needs, marking a significant innovation in the solar industry since 2007 [1][4]. Product Features - Sunrun Flex is designed to accommodate increased energy consumption due to life events, such as family growth or electric vehicle purchases, offering a predictable monthly payment structure [2][5]. - Customers benefit from battery backup during outages and can earn Sunrun Rollover Credits, a unique feature in the solar industry [3][5]. - The system is sized above a customer's pre-solar usage to meet future energy needs, allowing customers to pay a minimum monthly bill and purchase additional electricity at a locked-in Flex Rate if they exceed their baseline [5][6]. Customer Benefits - Sunrun Flex provides cost predictability with affordable monthly payments and the ability to adjust energy usage as life changes, ensuring clarity on cost per kilowatt hour [7]. - Customers can earn Rollover Credits for using less energy than their baseline, which can be applied in future months when energy consumption exceeds the baseline [7]. - The offering includes premium battery storage for backup during outages and helps customers avoid peak utility rates by utilizing stored solar power [7]. Company Background - Sunrun Inc. revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to renewable energy, positioning itself as the leading provider of clean energy as a subscription service [9].

Core Insights - Sunrun's CalReady power plant has significantly expanded, now providing critical energy support to California's grid during peak demand periods [1][3] - The company emphasizes its role in transforming the energy grid towards a more reliable and independent energy source for consumers [2][4] Group 1: Expansion and Capacity - CalReady has more than quadrupled its power output, expected to deliver an average of 250 megawatts per two-hour event, with a peak capacity of 375 megawatts, sufficient to power approximately 280,000 homes [3][4] - In 2024, CalReady enrolled over 16,000 households, delivering an average of 48 megawatts during summer heat waves [3] Group 2: Customer Benefits and Compensation - Sunrun customers participating in CalReady can earn up to $150 per battery for sharing stored solar energy, with total expected compensation nearing $10 million this year [4][5] - The program has delivered over $1.5 million in value to customers last year, contributing to lower costs and grid stability [4] Group 3: Strategic Importance and Market Position - CalReady is recognized as the largest home storage aggregation in California's Demand Side Grid Support program, showcasing Sunrun's leadership in the virtual power plant space [2][4] - The storage-first strategy has led to over 60% of new customers opting for battery storage, with nearly 90% in California [6] Group 4: Operational Efficiency - Sunrun actively manages and dispatches the participating batteries, ensuring a seamless experience for customers while maintaining a backup reserve for outages [7]