Residential Solar Company Sunrun’s Revenue Up by 46% YoY in Q2 2022
The company installed 246.5 MW of solar capacity during the quarter
August 4, 2022
Sunrun, a U.S.-based residential solar, battery storage, and energy services company, registered total revenue of $584.6 million in the second quarter (Q2) of the calendar year (CY) 2022, up 46%, from $401.2 million in Q2 2021.
Customer agreements and incentives revenue totaled $259.9 million, an increase of 18%, compared to $219.5 million in the last quarter. The revenue from the sale of solar energy systems and products stood at $324.7 million, an increase of 79% from $181.7 million in Q2 2021.
The total cost of revenue was $495 million, an increase of 50% year-over-year (YoY).
The net loss attributable to common stockholders was $12.4 million, or $0.06 per share. The company reported net earning assets of $4.6 billion, including $863 million of cash.
In Q2 2022, the company added 34,403 customers, including 25,339 subscriber additions. As of June 30, 2022, Sunrun had 724,177 customers, including 614,280 subscribers. The customer base grew 21% in Q2 2022 compared to the same period last year.
Source: Sunrun
The company installed 246.5 MW of solar capacity in Q2 2022. The solar energy capacity installed for the subscribers was 181.9 MW during the same period.
Earlier this week, Sunrun announced the launch of its new Level 2 electric vehicle (EV) charger to complement the company’s home energy management solutions as customers electrify their homes and transportation. Available in September in select California, New Jersey, and Vermont markets, the charger will be rolled out to all Sunrun markets by year-end as an optional add-on with options for bundling with a Sunrun home solar-plus-battery system for significant savings.
Sunrun has now installed over 42,000 solar and battery systems nationwide, allowing homeowners to power through multi-day outages with clean and reliable home energy.
The company’s total revenue in Q1 2022 was $495.78 million, up 48% from $334.8 million during the same period last year. The revenue from the sale of solar energy systems and product sales in Q1 2022 stood at $286.09 million, increasing 79% compared to $160.2 million in Q1 2021.
The company announced that it had retired its $250 million recourse lending facility and arranged a larger $425 million facility at enhanced terms and longer tenor.
Rakesh Ranjan
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