Quarterly Figures: US Solar Company Sunrun Significantly Increases Sales - Losses Widened
San Francisco, USA - US solar company Sunrun has reported figures for the first quarter of 2023 (Q1 23).
Total sales in Q1 23 amounted to USD 589.8 million. This was 19 percent higher than the same quarter last year (Q1 2022: $495.8 million) and also beat analysts' expectations, who on average expected total revenue of $520 million. In this regard, Sunrun's revenue from customer contracts and incentives reached $246.5 million in the first quarter, an 18 percent increase over the same quarter last year (Q1 2022: $209.7 million). Sunrun increased sales of solar energy systems and products by 20 percent to $343.4 million (Q1 2022: $286.1 million).
On balance, the solar company posted a net loss attributable to shareholders of -$240.4 million in Q1 23 (Q1 22: -$87.8 million), or -$1.12 per diluted share (Q1 2022: -$0.42). Here, analysts had expected a significantly better result on average and only expected a loss of - 0.146 USD per share.
Sunrun CFO Danny Abajian sees the company on track for further development in 2023 and expects strong growth. "A continued focus on operational efficiency and cost discipline, dramatically improving supply chain dynamics and smart execution in the capital markets places us on a path to achieving our goal for meaningful cash generation," Abajian said.
By Thursday evening close of trading, Sunrun shares are down 17.1 percent this week to 16.21 euros (closing price, May 04, 2023, Stuttgart Stock Exchange). Also this morning, the share price continues to decline. The share is currently trading at 15.52 euros, down 4.3 percent. Compared with the price at the turn of the year, this represents a drop of around 30 percent.
Source: IWR Online, 05 May 2023