Sunrun(US:RUN)2025-11-06 21:30Financial 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, a 316% year-over-year increase[7] - Cash Generation was $27 million in 2Q25, marking the fifth consecutive quarter of positive cash generation[8] - Trailing four-quarter Cash Generation totaled $119 million[9] - Contracted Net Earning Assets, inclusive of net debt, stood at $3.0 billion as of June 30, 2025, or $13.03 per share[9] - Upfront Net Subscriber Value exceeded $5.7k, representing an 11% margin, expanding 17 percentage points year-over-year[10] Operational Metrics - Customer Additions grew 15% year-over-year in Q2[14] - Customer Additions with Storage grew 50% year-over-year in Q2, with a Storage Attachment Rate reaching 70%[14] - Net Subscriber Value increased to a record high of $17,004, a 22% year-over-year increase[48] - Aggregate Subscriber Value increased 40% year-over-year to $1.6 billion, while Aggregate Creation Costs increased 11% to $1.1 billion[59] Home-to-Grid Distributed Power Plant - Over 71,000 customers are enrolled in grid service programs, representing a growth of over 300% year-over-year[17] - Sunrun delivered 354 MW of power during dispatches over the last year[16] - Networked Storage Capacity reached 3.2 GWhr[16] - Sunrun expects to have over 10 GWhrs of dispatchable capacity online by 2029[17] Investment Tax Credit (ITC) - The 48E Investment Tax Credits (ITC) are maintained for the storage portion of projects through 2033 at 30%+, while ITCs for the solar portion are maintained through 2027[23] - Subscriptions represented 94% of Sunrun's 2Q25 volume[27]