Financial Performance Highlights - Aggregate Subscriber Value reached $1.6 billion in 2Q25, a 40% year-over-year increase[7] - Contracted Net Value Creation was $376 million in 2Q25, up 316% year-over-year[7] - Cash Generation was $27 million in 2Q25, marking the fifth consecutive quarter of positive cash generation[8] - Upfront Net Subscriber Value exceeded $5.7k, representing an 11% margin, expanding 17 percentage points year-over-year[10] Operational Achievements - Customer Additions grew 15% year-over-year in Q2[14] - Customer Additions with Storage grew 50% year-over-year in Q2, with Storage Attachment Rate reaching 70%[14] - Sunrun dispatched 325 MWs of capacity during peak demand in California dispatches in June 2025[20] - Customer enrollments in home-to-grid distributed power plant programs has grown >300% y/y to more than 71k customers[17] Guidance and Outlook - 3Q 2025 Aggregate Subscriber Value is guided to be $1.5 to $1.6 billion, representing 8% growth year-over-year at the midpoint[81] - Full-year 2025 Contracted Net Value Creation is projected to be $1.0 to $1.3 billion, an increase from the prior guidance of $650 to $850 million, representing 67% growth year-over-year at the midpoint[81]

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]