SAN FRANCISCO - Sunrun Inc . (NASDAQ:RUN), a leading provider of residential solar, storage, and energy services, reported a first-quarter loss per share of -$0.40, slightly below the analyst consensus of -$0.38.
Revenue for the quarter was $458.19 million, falling short of the consensus estimate of $470.25 million. The results led to a 2.6% decline in the company's stock.
Despite the earnings miss, the company exceeded its Q1 guidance range for both storage and solar installations. Storage capacity installed reached 207 Megawatt hours, marking a significant 192% increase YoY. Solar energy capacity installed was 177 Megawatts, contributing to a total networked solar energy capacity of 6.9 Gigawatts. Sunrun's CEO, Mary Powell, attributed the strong installation growth to a 50% storage attachment rate on installations, rising from 15% in the same period last year.
The company reiterated its cash generation guidance, aiming for an annualized level of $200 million to $500 million in Q4. However, cash generation was negative $311 million in the first quarter, which the company attributes to one-time transaction costs and timing-related items. These are expected to be recovered in Q2, as per Danny Abajian, Sunrun’s Chief Financial Officer.
Sunrun's net earning assets increased to $5.2 billion, including $783 million in total cash. The company remains committed to its margin-focused and disciplined-growth strategy, expecting to see a recovery from the timing headwinds experienced in Q1.
Looking ahead, Sunrun anticipates storage capacity installed for the full year 2024 to be in the range of 800 to 1,000 Megawatt hours, equating to a 40% to 75% growth YoY. However, the company has adjusted its solar energy capacity installed guidance for the full year to reflect a decline of 15% to flat growth, down from the prior guidance range of -5% to +5% growth.
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