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SAN FRANCISCO - Sunrun Inc . (NASDAQ:RUN), the leading U.S. residential solar and battery storage provider, reported fourth-quarter earnings that beat analyst expectations, but revenue fell short of estimates, sending shares down 2% in after-hours trading.
The company posted adjusted earnings per share of $1.41, significantly surpassing the analyst estimate of -$0.27. However, revenue for the quarter came in at $518.5 million, below the consensus estimate of $544.85 million.
Sunrun’s Q4 revenue increased marginally by 0.4% YoY, while customer additions grew 12% compared to the same period last year. The company reported 32,932 customer additions in the quarter, including 30,709 subscriber additions.
"We are growing, generating meaningful cash, increasing our book value of deployed systems, and paying down debt," said Mary Powell, Sunrun’s Chief Executive Officer. "We are poised to further improve our operating and financial results, and deliver a very strong 2025 with meaningful Cash Generation."
The company’s storage attachment rates reached 62% in Q4, up from 45% in the prior-year period, with 392 Megawatt hours installed during the quarter. Solar Energy Capacity Installed was 242.4 Megawatts in Q4, a 7% increase YoY.
Looking ahead, Sunrun expects Cash Generation to be in the range of $40 million to $50 million in the first quarter of 2025, and between $200 million and $500 million for the full year 2025.
The company’s shares declined 2% following the earnings release, suggesting investors may be focusing on the revenue miss despite the strong bottom-line performance.
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