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SAN FRANCISCO - Sunrun Inc . (NASDAQ:RUN), America’s largest provider of residential battery storage and solar systems, saw its shares surge 13% after reporting second-quarter earnings that exceeded analyst expectations, driven by record-high storage attachment rates and significant margin improvements.
The company reported second-quarter adjusted earnings of $1.07 per share, nearly doubling from $0.55 per share in the same period last year. Revenue rose 9% YoY to $569.3 million, surpassing the consensus estimate of $558.15 million.
Sunrun achieved a record 70% storage attachment rate in the second quarter, up from 54% in the prior-year period. This strategic focus on higher-margin storage customers helped drive Contracted Net Value Creation to $376 million, representing a remarkable 316% increase compared to the second quarter of 2024.
"We are delivering the best product and experience for customers, underwriting volumes with strong unit margins, driving cost and efficiency improvements, and growing our generation capabilities as the nation’s largest distributed power plant operator," said Mary Powell, Sunrun’s Chief Executive Officer.
The company reported its fifth consecutive quarter of positive Cash Generation at $27 million. Creation Costs per Subscriber Addition decreased 4% YoY to $36,887, while Net Subscriber Value increased 182% to $17,004.
Sunrun raised its full-year 2025 Contracted Net Value Creation guidance to a range of $1.0 billion to $1.3 billion, significantly higher than its previous guidance of $650 million to $850 million. This represents 67% growth compared to full-year 2024 at the midpoint.
"Our actions to drive cost efficiencies and value optimization resulted in the strongest Upfront Net Subscriber Value the company has ever reported, expanding our margins by seventeen percentage points compared to the prior year," said Danny Abajian, Sunrun’s Chief Financial Officer.
For the third quarter of 2025, Sunrun expects Aggregate Subscriber Value between $1.5 billion and $1.6 billion and Cash Generation between $50 million and $100 million.
The company maintained its full-year 2025 Cash Generation guidance of $200 million to $500 million and its Aggregate Subscriber Value forecast of $5.7 billion to $6.0 billion.
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