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Sunrun Inc (NASDAQ:RUN) shares are rising in Tuesday’s after-hours session on the heels of the company’s second-quarter financial results. The solar company also announced a partnership with Tesla Inc’s (NASDAQ:TSLA) electricity provider subsidiary.
Q2 Earnings: Sunrun reported second-quarter revenue of $523.866 million, beating analyst estimates of $515.167 million, according to data from Benzinga Pro. The company reported second-quarter earnings of 55 cents per share, beating estimates for a loss of 31 cents per share.
Storage capacity installed totaled 264.5 megawatt hours in the second quarter, up 152% year-over-year. Solar energy capacity installed came in at 192.3 megawatts. Sunrun reported customer additions of 26,687 in the quarter. The company had 984,000 customers as of June 30.
Sunrun also reported cash generation of $217 million in the second quarter and introduced cash generation guidance. The company expects to report full-year cash generation of $350 million to $600 million for 2025.
“In the second quarter we again set new records for both storage installation and attachment rates, further differentiating Sunrun in the industry, beating the high-end of our storage installation guidance and delivering solid quarter-over-quarter growth for solar installation, Cash Generation and Net Subscriber Value,” said Mary Powell, CEO of Sunrun.
“Our primary focus is on expanding our differentiation, launching additional products and services to expand customer lifetime values, and remaining a disciplined, margin-focused leader in the sector to drive meaningful Cash Generation.”
See Also: Upstart Stock Rallies On Better-Than-Expected Q2 Results, Strong Q3 Guidance
What Else: Sunrun also announced a partnership with Tesla Electric, a retail electricity provider operated by Tesla Energy Ventures LLC, a subsidiary of Tesla.
Sunrun noted the partnership has already enrolled more than 150 Sunrun customers in an aggregated power program. The company said it plans to scale up enrollments while dispatching stored solar energy from at-home batteries to rapidly increase available electricity reserves on the grid during periods of high consumption.
Customers will be compensated for their participation via annual payments. The estimated payment for 2024 participation is $400 per Powerwall. Sunrun will earn incremental recurring revenue for the program.
RUN Price Action: Sunrun shares were up 8.85% after hours at $17.95 at the time of publication, according to Benzinga Pro.
Photo: Leopictures from Pixabay.
