Sunrun Inc. Q2 Earnings Call Highlights: Record Subscriber Value Growth, Highest Ever Contracted Net Value Creation, and Expansion of Home-to-Grid Programs.

Sunrun Inc. reported a record $1.6 bln in aggregate subscriber value, a 40% YoY increase, surpassing guidance. The company achieved its highest ever contracted net value creation of $376 mln, marking its fifth consecutive quarter of positive cash generation. Storage attachment reached an all-time high of 70%, and home-to-grid programs grew 300% YoY. Despite challenges with tax equity market dynamics and potential impact of the 25D tax credit sunset, Sunrun demonstrated strong growth and strategic positioning.

Sunrun Inc. (NASDAQ: RUN) has reported a significant milestone in its second quarter of 2025, with a record aggregate subscriber value of $1.6 billion, marking a 40% year-over-year (YoY) increase. This substantial growth surpasses the company's guidance and underscores its strong financial performance [1].

The company's contracted net value creation reached an all-time high of $376 million, up by 316% YoY, representing $1.64 per weighted average basic share outstanding in the period. This achievement marks Sunrun's fifth consecutive quarter of positive cash generation, indicating robust financial health [1].

Sunrun's storage attachment rate reached an all-time high of 70%, a significant increase from the prior-year period's 54%. This high attachment rate reflects the growing demand for solar and storage systems, as well as Sunrun's effective marketing and sales strategies [1].

The company's home-to-grid programs also experienced substantial growth, with a 300% YoY increase. This growth is driven by the increasing need for reliable and affordable energy solutions, as well as Sunrun's strategic positioning in the energy market [1].

Despite challenges in the tax equity market and the potential impact of the 25D tax credit sunset, Sunrun demonstrated strong growth and strategic positioning. The company's focus on cost efficiencies and value optimization has resulted in significant improvements in its financial metrics, including a 17 percentage point expansion in its upfront net subscriber value compared to the prior year [1].

Sunrun's aggregate subscriber value is expected to be in a range of $1.5 billion to $1.6 billion in the third quarter of 2025, representing 8% growth compared to the third quarter of 2024 at the midpoint. For the full-year 2025, aggregate subscriber value is expected to be in a range of $5.7 billion to $6.0 billion, unchanged from the prior outlook, representing 14% growth compared to the full-year 2024 at the midpoint [1].

Sunrun's strong performance in the second quarter of 2025 is a testament to its ability to navigate market challenges and capitalize on growth opportunities. The company's focus on innovation, strategic partnerships, and customer satisfaction continues to drive its success in the renewable energy sector.

References:
[1] https://investors.sunrun.com/news-events/press-releases/detail/350/sunrun-reports-second-quarter-2025-financial-results