SAN FRANCISCO, April 10, 2024 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ:RUN), the nation's leading provider of clean energy as a subscription service, today announced it has priced a securitization of leases and power purchase agreements. The securitized leases and power purchase agreements have been in service for an average of 6.75 years, and thus the vast majority of the portfolio is after the ‘flip point' in tax equity structures. "Sunrun's industry-leading performance as an originator and servicer of resident ...

SAN FRANCISCO and DEARBORN, Mich., March 19, 2024 (GLOBE NEWSWIRE) -- Sunrun (NASDAQ:RUN), the nation's leading provider of clean energy as a subscription service, and Carhartt, America's premium workwear brand, announced today a partnership to make Carhartt the official apparel supplier for Sunrun and its thousands of installers, technicians and service team members. Sunrun, which revolutionized the home solar industry by removing financial barriers and democratizing access to self-generated, renewable ene ...

Sunrun, Inc. (NASDAQ:RUN) Q4 2023 Earnings Conference Call February 21, 2024 4:30 PM ET Company Participants Patrick Jobin - SVP, Finance & IR Mary Powell - CEO Danny Abajian - CFO Paul Dickson - CRO Conference Call Participants Andrew Percoco - with Morgan Stanley Julien Dumoulin-Smith - Bank of America Kashy Harrison - Piper Sandler Moses Sutton - BNP Paribas Michael Blum - Wells Fargo Tristan Richardson - Scotiabank Joseph Osha - Guggenheim Partners Philip Shen - ROTH MKM Brian Lee - Goldman Sachs Colin ...

Sunrun (RUN) reported $516.59 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 15.2%. EPS of -$1.33 for the same period compares to $0.29 a year ago.The reported revenue represents a surprise of +3.37% over the Zacks Consensus Estimate of $499.74 million. With the consensus EPS estimate being -$0.13, the EPS surprise was -923.08%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determi ...

Sunrun (RUN) came out with a quarterly loss of $1.33 per share versus the Zacks Consensus Estimate of a loss of $0.13. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -923.08%. A quarter ago, it was expected that this solar energy products distributor would post a loss of $0.05 per share when it actually produced earnings of $0.40, delivering a surprise of 900%.Over the last four quarters, th ...

Shares of SunRun Inc. fell in extended trading Wednesday after the residential solar-power installer and energy-storage provider reported fourth-quarter results that missed Wall Street’s expectations, making it the latest solar-industry player to take a hit from concerns about weaker demand. The company reported a fourth-quarter net loss of $535.4 million, or $1.60 a share, compared with a $327.9 million loss — with a per-share profit of 29 cents — in the same quarter that ended in 2022. The fourth-quar ...

Debt and Financial Risks - The company has substantial debt, including convertible senior notes and credit facilities, which may require significant cash flow to service, potentially leading to asset sales, debt restructuring, or equity capital raises if cash flow is insufficient[115] - The company may face challenges in repurchasing convertible notes upon a fundamental change, such as a change of control, due to potential cash flow limitations or financing constraints[118] - Net cash used in operating activities in 2023 was $820.7 million, a decrease from $848.8 million in 2022[394][395][396] - Net cash used in investing activities in 2023 was $2.6 billion, primarily for solar energy systems and components, including a $5.0 million investment in Lunar Energy[397] - Net cash provided by financing activities in 2023 was $3.5 billion, driven by $1.4 billion from fund investors and $2.2 billion from debt[399] - Interest expense, net increased by 46% to $652.9 million in 2023, primarily due to additional non-recourse debt[386] - Other expense, net increased by $324.6 million in 2023, including a $58.7 million loss on an equity investment in Lunar Energy[387] - Income tax benefit decreased by $15.0 million in 2023, primarily due to a higher pre-tax loss and goodwill impairment[388] - As of December 31, 2023, the company had net operating loss carryforwards of $720.7 million for federal and $3.3 billion for state income tax purposes[389] - The company had cash of $678.8 million as of December 31, 2023, with $1.0 billion in new credit facility commitments and $0.8 billion in long-term non-recourse loan commitments[392] - The company has purchase commitments of $366.4 million for photovoltaic modules, inverters, and batteries by the end of Q1 2025[393] - The company recorded a goodwill impairment of $1.2 billion in Q3 2023 due to a sustained decline in stock price[252] - The company has committed and available capital of approximately $386.9 million as of December 31, 2023, for purchasing and installing solar energy systems[402] - The company's U.S. federal NOLs generated after December 31, 2017, total approximately $2.0 billion with indefinite carryover periods[250] - The company may face limitations on using NOLs and tax credits if an "ownership change" occurs under Sections 382 and 383 of the Code[250] - The company's ability to use NOLs and tax credits may be limited under state tax laws, potentially affecting financial performance[250] - The company's financial results may be impacted by changes in accounting principles, affecting comparability with industry peers[249] - The company does not anticipate declaring any cash dividends in the foreseeable future, and investors may need to rely on stock price appreciation for gains[272] - The acquisition of Vivint Solar resulted in dilution to stockholders, with 0.55 shares of common stock issued for each Vivint Solar share[273] - Additional issuances of capital stock or equity-linked securities could lead to further dilution for existing stockholders[273] - The Capped Call transactions are expected to reduce potential dilution from the conversion of Notes, subject to a cap[274] - Option counterparties may modify hedge positions through derivatives or secondary market transactions, potentially affecting the stock price[275] - The impact of these transactions on the stock price will depend on market conditions and cannot be determined at this time[276] Regulatory and Policy Risks - The company's solar service offerings could be adversely impacted by regulatory changes, such as the failure to extend retail net energy metering (NEM) caps or the elimination of policies valuing exported electricity to the grid[126] - Interconnection regulations and utility requirements for advanced inverter functionality could slow installations and increase costs in key markets like Hawaii, Puerto Rico, Colorado, and New Jersey[136] - California moved to a NBT structure on December 15, 2022, reducing the credit for exported electricity to the grid, with new solar customers applying under NBT starting mid-April 2023[127] - California passed SB 379 in fall 2022, requiring cities and counties to implement an online, automated solar permitting platform by September 30, 2023, potentially increasing installation rates[150] - Changes in rate design policies, such as those in Arizona and Utah, could reduce the value of electricity produced by the company's systems and deter potential customers[132] - The company's ability to benefit from ITC bonus credits depends on forthcoming Treasury regulations, with final rules expected in 2024 or early 2025[229] - Future reductions or changes in government incentives like the Commercial ITC and Residential Clean Energy Credit could harm the business by reducing customer demand and investor interest[232][238] - Changes in tax laws or unfavorable interpretations by the IRS could reduce investor willingness to fund solar energy systems, impacting financing and business operations[234][239] - The acquisition of Vivint Solar may trigger the loss of the Solar Exclusion and impose California property taxes, adversely affecting the business[244] - The company relies on state and local tax exemptions, which could expire or be challenged, impacting profitability[242] Supply Chain and Operational Risks - The company faces risks from industry-wide shortages of key components, such as solar panels, batteries, and inverters, which could lead to delays, increased costs, and reduced growth[143] - The company's supply chain could be disrupted by natural disasters, geopolitical unrest, or other events beyond its control, though it does not currently source materials from conflict regions[145] - The company has experienced increased customer cancellations in certain markets due to factors like labor shortages, adverse weather, and extended permitting times, which could negatively impact financial results[149] - The company faces risks related to battery supply chain disruptions, including delays and price volatility due to increased global demand for lithium-ion battery cells[142] - The Uyghur Forced Labor Prevention Act, effective June 21, 2022, has affected the company's supply chain and operations, potentially causing delivery and installation delays[144] - The company bears the risk of loss and maintenance costs for solar energy systems sold or leased to investment funds, with potential unforeseen costs from natural disasters[156] - Workforce shortages and operational delays in California due to regulatory limits on electricians qualified to install solar systems, with proposed rules requiring C-10 license holders for certain work[203][204] Market and Customer Risks - Over 45% of the company's solar energy systems were located in California as of December 31, 2023, making the business susceptible to region-specific disruptions[158] - The average FICO score of customers under a Customer Agreement with a monthly payment schedule remained at or above 740 as of December 31, 2023[168] - A significant portion of the company's customer base is in California, where wildfire risks and grid instability are driving demand for solar and battery offerings[205] - The company's quarterly results may fluctuate due to seasonal factors, weather-related delays, and variable incentives revenue, making future performance difficult to predict[219] - The company's brand and reputation depend on delivering high-quality solar services and customer satisfaction, with failures potentially harming growth and referrals[199] - Noncompliance with laws governing customer interactions could lead to negative publicity, claims, investigations, and litigation, impacting financial performance[210] Legal and Compliance Risks - The company relies on third-party warranties and general liability insurance for product liability claims, but any significant claims could result in monetary damages, adverse publicity, and reputational harm[157] - The company's direct-to-home sales model is vulnerable to changes in laws and regulations governing direct sales and marketing, which could impose additional restrictions and increase compliance costs[161] - Compliance with OSHA and safety regulations is costly, and noncompliance could result in penalties, operational delays, and reputational damage[213] - Legal proceedings and regulatory inquiries could result in significant costs, damage awards, or changes in business practices, adversely affecting financial results and reputation[208][209] - Comprehensive data privacy laws in states like California impose fines up to $7,500 per intentional violation and allow private litigants to recover significant statutory damages, increasing legal risks and compliance costs[192] - Generative AI and emerging technologies pose risks of unintended biases, accuracy issues, and data privacy breaches, potentially leading to negative impacts on business operations and financial conditions[197] Growth and Expansion Risks - The company's growth strategy includes expanding into new markets and product offerings, such as EV chargers, which could strain management, operational, and financial infrastructure[153] - The company's growth depends on hiring and retaining skilled employees, particularly in solar installation, with labor shortages potentially increasing costs and delaying projects[200] - The company relies on tax equity investment funds to finance solar service offerings, and inability to monetize tax benefits could impact economic viability[224] - Product development risks include potential failures in new products or market penetration, which could adversely affect business and financial conditions[214] - The company has incurred net losses and may continue to do so due to expansion costs, with profitability dependent on revenue growth and cost management[215] Data Privacy and Technology Risks - The company processes personal data and sensitive information, subjecting it to stringent and evolving data privacy and security obligations, which require significant resources to comply with[189] - Information technology systems, including AI, are critical to the company's competitive strategy, and failure to innovate could adversely impact its financial condition[194] - The company faces risks from third-party service providers' potential security incidents, which could lead to adverse consequences despite contractual obligations[187] Stock Price and Market Risks - The company's stock price volatility is influenced by factors such as market fluctuations, competition, and regulatory changes[256] - The company's stock price could decline due to sales of substantial shares in the public market or perceptions of such sales[259]

Sunrun Reports Fourth Quarter and Full Year 2023 Financial Results Storage Capacity Installed of 219.7 Megawatt hours in Q4, exceeding guidance range and representing 154% year-over- year growth Exhibit 99.1 Nationally, storage attachment rates hit 45% of installations in Q4; recent storage attachment rates have reached ~48% on new sales Solar Energy Capacity Installed of 227.1 Megawatts in Q4, reaching 6.7 Gigawatts of Networked Solar Energy Capacity Net Subscriber Value of $13,445 in Q4, an increase of $2 ...

The most recent trading session ended with Sunrun (RUN) standing at $17, reflecting a +1.01% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.91%, while the tech-heavy Nasdaq added 0.3%.Coming into today, shares of the solar energy products distributor had gained 23.57% in the past month. In that same time, the Oils-Energy sector lost 0.35%, while the S&P 500 gained 4.61%.Investors will be eagerly watching for the performance o ...

Sunrun (RUN) closed at $15.44 in the latest trading session, marking a +0.85% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.06% for the day. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.Prior to today's trading, shares of the solar energy products distributor had lost 6.13% over the past month. This has lagged the Oils-Energy sector's loss of 1.2% and the S&P 500's gain of 6.45% in that time.Investors will be eagerly watching for the p ...