Industry Trend - Australia's largest power retailer anticipates increased adoption of home batteries connected to "virtual power plants" [1] - The industry views this shift as a means to control the expenses associated with the energy transition [1]

Financial Performance - Q2 2025 revenue reached €383 million, a 2% increase QoQ[8] - Q2 2025 gross margin was 378%[8] - Adjusted EBITDA loss for Q2 2025 was €75 million[8] - Q2 2025 cash costs decreased by 35% YoY[10] Sales and Product - Approximately 39000 AC units were sold in Q2 2025[10] - Approximately 140 DC units were sold globally in Q2 2025[10] - AC sales accounted for 69% of Q2 2025 revenue, DC sales for 11%, and Software, Services & Others for 20%[13] Geographical Revenue - Europe accounted for 68% of Q2 2025 revenue, with €261 million[11] - North America accounted for 30% of Q2 2025 revenue, with €114 million[11] - LATAM accounted for 1% of Q2 2025 revenue, with €550k[11] - APAC accounted for 1% of Q2 2025 revenue, with €260k[11]

Energy Solutions & Grid Support - Tesla Energy's Powerwall Virtual Power Plants are actively supporting the US grid [1] - The company conducted its first event of the year in New England to support the grid during a heat wave [1] - A test event is planned for California [1] - Tesla Energy is preparing to provide needed support in Puerto Rico [1]

May 7, 2025 Safe harbor & forward looking statements This communication contains forward-looking statements related to Sunrun (the "Company") within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company's financial and operating guidance and expectations; the Company's business plan, trajectory ...

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]