Welcome to our dedicated page for Sunrun news (Ticker: RUN), a resource for investors and traders seeking the latest updates and insights on Sunrun stock.
Sunrun Inc. (Nasdaq: RUN) is a pioneering force in the residential solar energy market in the United States. Founded in 2007, the company revolutionized the industry by making home solar accessible and affordable through its innovative solar service model. By allowing homeowners to pay for the electricity generated rather than the solar panels themselves, Sunrun removes the substantial upfront costs that have traditionally been a barrier to solar adoption.
Sunrun's core business involves the design, development, installation, sale, ownership, and maintenance of residential solar energy systems. Homeowners can enter into long-term agreements, typically ranging from 20 to 25 years, ensuring low, locked-in rates for the electricity produced. This model not only saves customers money over time but also provides them with energy security and predictability.
In recent years, Sunrun has been at the forefront of integrating solar energy with battery storage solutions. The company now offers solar-plus-storage systems, enabling homeowners to store excess energy for use during power outages or peak demand times. This not only enhances energy resilience but also contributes to grid stability, as seen in Sunrun's prominent virtual power plant initiatives in places like Puerto Rico and California.
Sunrun's financial performance underscores its market dominance, with significant milestones achieved in the fourth quarter of 2023 and the first quarter of 2024. The company reported a net subscriber value of $13,445 and $11,891 respectively in these quarters, demonstrating strong customer value creation. Despite facing challenges, such as a net loss attributable to common stockholders of $350.1 million in Q4 2023 and $87.8 million in Q1 2024, Sunrun remains committed to driving positive cash generation and margin-focused strategies.
Partnerships play a crucial role in Sunrun's growth strategy. The company collaborates with various solar and strategic partners to expand its customer base and enhance service offerings. Recent achievements include raising over $3 billion in capital in early 2024 and participating in significant projects like PowerOn Puerto Rico and the CalReady program in California.
Sunrun's commitment to environmental sustainability is evident in its efforts to reduce carbon emissions through its solar deployments. The company's systems have offset millions of metric tons of CO2, underlining its role in combating climate change while providing clean, affordable, and reliable energy to families across America.
Sunrun (RUN) reported a strong Q3 2021, with 30,698 new customers, totaling 630,441, marking a 20% annual growth. The company achieved an Annual Recurring Revenue of $787 million and a Net Subscriber Value of $7,605. Despite supply chain challenges, Sunrun's solar energy capacity reached 4.5 GW. Revenue soared to $438.8 million, up 109% from Q3 2020. However, total costs rose significantly, impacting net income to $24.1 million, or $0.11 per share. Sunrun anticipates continued growth, with a 30% increase in installed capacity projected for the year.
Sunrun (Nasdaq: RUN) has announced an expansion of its program with SPAN, integrating smart home electrical panels into its home solar and battery offerings. This initiative aims to enhance customer experience and streamline the adoption of clean energy solutions by reducing installation hurdles associated with outdated electrical panels. Approximately 40% of energy emissions stem from fossil fuel appliances, making electrification increasingly critical for consumers. The upgraded panels will allow improved energy management and resilience, supporting the transition to cleaner energy sources.
Sunrun (Nasdaq: RUN) will release its third quarter 2021 earnings report after market closure on November 4, 2021. A conference call is scheduled for 2:00 p.m. PT the same day to discuss the results. Investors can access the call via the Sunrun Investor Relations website or by phone. Sunrun is a leader in home solar, battery storage, and energy services, aiming to make clean energy accessible with innovative solutions like Brightbox, its home battery system.
Sunrun (RUN) has announced an expansion of its non-recourse warehouse lending facility to $1.8 billion, up from $800 million. This move is designed to support the company's growth while reducing financing costs by 50 basis points to 200 basis points over LIBOR. The financing facility will be available until April 2024, maturing in April 2025. Sunrun aims to enhance its capital structure and improve financial returns by investing in solar and battery systems, benefiting homeowners with affordable energy solutions. The announcement follows the retirement of older facilities totaling $982 million.
Sunrun (Nasdaq: RUN) announced a successful securitization of leases and power purchase agreements, achieving record low costs of capital and over 100% advance rates on Gross Earning Assets. The Class A notes, totaling $447.1 million, were priced at a 2.28% yield, with a significant improvement in spreads. Sunrun raised additional subordinated financing, enhancing cash flow despite high capital expenditures. The company reported GEA and CGEA metrics reflecting strong cash flow expectations, indicating ongoing growth and stability in the solar market.
Sunrun (Nasdaq: RUN) announced the successful pricing of a securitization of leases and power purchase agreements, achieving record low spreads against benchmark rates and a 2.28% yield on Class A notes. The transaction includes $447.1 million in Class A notes, representing a 75% advance rate based on discounted asset balance, with a weighted average life of 6.3 years. The diverse portfolio consists of 34,068 solar systems across 23 states. This marks the first securitization with a 5% discount rate, enhancing capital efficiency. The transaction is set to close on September 29, 2021.
Sunrun has launched PowerU, a fully-funded employee education program aimed at training a skilled workforce for the clean energy industry. This initiative addresses the projected need for over 900,000 skilled workers by 2035. PowerU includes partnerships with Guild Education and offers over 150 flexible educational opportunities, including a unique electrician apprenticeship program. Starting from day one of employment, all full-time and part-time employees can access support, promoting diversity and career advancement in one of the fastest-growing industries.
Sunrun (NASDAQ: RUN) announced that Mary Powell will become its new Chief Executive Officer, effective August 31, 2021, succeeding co-founder Lynn Jurich, who will transition to Executive Co-Chair. Powell, a recognized leader in the energy sector, previously served as CEO of Green Mountain Power, where she drove significant operational and customer satisfaction improvements. The transition aims to leverage Powell's expertise to further Sunrun's growth and innovation in residential solar and energy solutions.
FAQ
What is the current stock price of Sunrun (RUN)?
What is the market cap of Sunrun (RUN)?
What does Sunrun Inc. do?
How does Sunrun's solar service model work?
What are Sunrun's recent financial highlights?
What are Sunrun's key projects?
How does Sunrun contribute to environmental sustainability?
What are the benefits of Sunrun's solar-plus-storage systems?
Who are Sunrun's co-founders?
How does Sunrun acquire customers?
What is Sunrun's market position?
What is Sunrun's outlook for 2024?
