Core Insights - Sunrun's customer base reached 1.14 million, with an average year-on-year growth of 13.4% over the last two years, indicating that customers are spending less on the company's products and services [1] - The company's revenue growth has slowed significantly, remaining flat over the last two years despite a historical sales growth rate of 22.3% compounded annually over the past five years [2][3] - Sunrun reported Q3 CY2025 results with a revenue increase of 34.9% year-on-year to $724.6 million, exceeding market expectations by 22.4%, but its GAAP profit of $0.06 per share was 58.2% below analysts' estimates [5][6] Customer Dynamics - The number of customers has been growing, but the average spending per customer has decreased, suggesting a potential issue with pricing or product value perception [1] - The company is focusing on energy independence for Americans, which is reflected in its growing customer base and cash generation [4] Financial Performance - Sunrun's operating margin has been negative, averaging -72.3% over the last five years, raising concerns about its cost structure and ability to sustain profitability [9][10] - Despite a breakeven operational margin this quarter, the company has struggled with rising costs that it could not pass on to customers [10] - Earnings per share (EPS) declined by 208% annually over the last five years, despite revenue growth, indicating challenges in profitability [12][14] Future Outlook - Analysts project a revenue growth of 3.2% over the next 12 months, suggesting that newer products and services may improve performance, although this is still below the sector average [6] - The market reacted negatively to the earnings report, with the stock trading down 6% to $19.14, indicating that investor expectations were not met despite some positive revenue figures [16]