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Sunrun Quarterly Figures: Revenues Up - Loss Still High - Outlook Positive - Share Price Rises

San Francisco, USA - Sunrun has announced results for the 2nd quarter ended June 30, 2022. Operationally, the leading provider of residential solar, battery storage and energy services in the US reported continued strong demand.

In Q2 2022, customer additions totaled 34,403 customers. This is a 31.8 percent increase over the same quarter last year (Q2 2021: 26,110 new customers). As of June 30, 2022, Sunrun thus had 724,177 customers (+ 20.7 percent, Q2 2021: 599,743). The total installed PV capacity of the RENIXX Group at the end of June 2022 was 5,136 megawatts (30.06.21: 4,238 MW).

In total, RENIXX Group generated revenues of $584.6 million in the second quarter of 2022. Compared to Q2 2021, this represents an increase of $183.4 million, or 46 percent (Q2 2021: $401.2 million). On balance, Sunrun posted a net loss of $209.8 million despite the significant increase in revenue, which is about the same as the same quarter last year (Q2 2021: - $213.4 million). Sunrun is able to narrow the net loss attributable to common shareholders to USD 12.4 million in Q2, down from USD 41.2 million in the year-ago period, due to the positive performance. This results in a loss of $0.06 per share in Q2 2022 (Q2 2021: - $0.2).

Based on the first six months of 2022, the net loss amounts to $366.2 million. Compared to the first half of 2021, Sunrun thus records a slightly lower net loss (1 HY 2021: - $417.7 million). Despite the positive development in the second quarter, the net loss attributable to common shareholders in the first six months is higher than in the same period of the previous year (1 HY 2021: - $65.0 million) with a minus of $100.2 million.

Looking ahead to the full year 2022, management continues to expect a 25 percent growth in installed solar energy capacity. In terms of total value generated, Sunrun expects the figure to exceed $900 million.

Yesterday, Sunrun's share price increased by 2.4 percent to 31.47 euros (04.08.2022, closing price, Stuttgart Stock Exchange).



Source: IWR Online, 05 Aug 2022