Sunrun(US:RUN)2025-11-06 21:10Financial Performance - Total revenue for Q3 2025 was $724.6 million, a 35% increase from Q3 2024[16] - Net loss for Q3 2025 was $277.8 million, compared to a net loss of $412.2 million in Q3 2024, showing an improvement[29] - Cash Generation was $108 million in Q3 2025, marking the sixth consecutive quarter of positive Cash Generation[10] - Total operating expenses for Q3 2025 were $720.9 million, up from $665.0 million in Q3 2024, reflecting an 8.3% increase[29] - The company reported a basic net income per share of $0.07 for Q3 2025, compared to a loss of $0.37 per share in Q3 2024[29] - Cash and cash equivalents rose to $709.1 million, compared to $575.0 million at the end of 2024, indicating a 23.2% increase[27] - Net cash used in operating activities for Q3 2025 was $121,523, a slight improvement from $156,156 in Q3 2024[32] - Net cash used in investing activities for Q3 2025 was $743,641, compared to $764,363 in Q3 2024, reflecting ongoing investments in solar energy systems[32] Subscriber Metrics - Subscriber Additions totaled 30,104 in Q3 2025, a 1% decrease from Q3 2024, while total Subscribers grew 13% year-over-year to 971,805[7] - Net Subscriber Value increased by 38% to $13,205 in Q3 2025 compared to $9,579 in Q3 2024[9] - Subscriber Value increased from $47,335 in Q3 2024 to $52,446 in Q3 2025, reflecting a growth of approximately 10.5%[44] - Total customers reached 1,015,910 in Q3 2024, projected to grow to 1,137,913 by Q3 2025[46] - The storage attachment rate improved from 60% in Q3 2024 to 70% in Q3 2025, showing a significant increase in customer adoption of storage solutions[46] Asset and Liability Management - Total assets increased to $22.2 billion as of September 30, 2025, up from $19.9 billion at the end of 2024, representing a 16.6% growth[27] - Total liabilities increased to $17.6 billion as of September 30, 2025, compared to $15.7 billion at the end of 2024, marking a 11.7% rise[27] - The company’s total stockholders' equity grew to $3.0 billion as of September 30, 2025, up from $2.6 billion at the end of 2024, indicating a 16.8% increase[27] Revenue Streams - Customer agreements and incentives revenue was $491.6 million in Q3 2025, up 21.1% from $405.9 million in Q3 2024[29] - Solar energy systems and product sales increased to $233.0 million in Q3 2025, a 77.6% increase from $131.3 million in Q3 2024[29] Future Projections - The company expects Aggregate Subscriber Value for Q4 2025 to be between $1.33 billion and $1.63 billion, indicating a 5% decline at the midpoint compared to Q4 2024[12] - Contracted Net Value Creation for the full-year 2025 is projected to be between $1.0 billion and $1.3 billion, representing 67% growth compared to 2024 at the midpoint[14] Environmental Impact - Positive Environmental Impact from Customers is estimated at millions of metric tons of avoided carbon emissions due to energy produced from the company's solar systems[87] Capital Management - Proceeds from issuance of non-recourse debt in Q3 2025 were $1,847,950, compared to $749,700 in Q3 2024, indicating strong capital raising efforts[32] - Deferred revenue increased to $55,370 in Q3 2025 from $32,013 in Q3 2024, suggesting growth in customer commitments[32] Cost Management - Aggregate Creation Costs are calculated as total operating expenses adjusted for certain items and capital expenditures, with specific items detailed in the Non-GAAP reconciliation table[67] - Creation Costs per Subscriber Addition are derived from Aggregate Creation Costs divided by Subscriber Additions[68]