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- **Revenue Growth & Cash Flow**: Q3 revenue $1.6B (+10% YoY), 6th straight quarter of positive cash ($108M) with trailing 12M $224M.
- **Storage Dominance**: 70% storage attach rate, 2,000+ retrofits, and 40% Flex adoption in key markets.
- **Grid Services Expansion**: 3.7 GWh dispatchable energy, 17 programs, 416 MW capacity delivered.
- **New Capital Strategy**: $115M upfront revenue from Lunar system sales, maintaining customer relationships.
- **2026 Focus**: Margin discipline over volume, 14% YoY growth target, and 10 GWh grid capacity by 2028.

**【CEO Summary Section】**
- Q3 2025 revenue reached $1.6 billion, up 10% YoY, driven by 35% growth in contracted net value creation to $279 million.
- Cash generation of $108 million marked the sixth consecutive quarter of positive cash flow, with trailing 12-month cash of $224 million.
- Storage adoption surged, with 70% storage attachment rate and 2,000+ storage systems installed for existing solar customers.
- Flex product adoption reached 40% in target markets, with NPS scores 10+ points higher than legacy products.
- Grid services capacity expanded to 3.7 GWh of dispatchable energy, with 17 active programs and 416 MW capacity delivered.

**【CFO Financial Commentary】**
- GAAP net income of $420 million, with Non-GAAP EPS exceeding expectations at $1.08.
- Aggregate subscriber value grew 10% YoY to $1.6 billion, with 38% increase in net subscriber value to $13,200/unit.
- Creation costs rose 4% YoY, offset by 5% decline in customer acquisition costs and overhead.
- Introduced new capital strategy, selling 10,000+ Lunar storage systems and generating $115 million in upfront revenue.
- 2025 cash generation guidance reiterates midpoint of $350 million, with Q4 expected to exceed Q3 levels.

**【Q&A Key Highlights】**
- **Capital Diversification**: CFO Danny Abajian confirmed continued use of new capital structure, generating similar cash flow but simplifying P&L with $115M upfront revenue.
- **Grid Services Expansion**: CEO Mary Powell highlighted 10 GWh dispatchable energy target by 2028, with NPV per customer now exceeding prior $2,000 estimate.
- **Competitive Strategy**: CRO Paul Dickson dismissed prepaid lease competitors as overly complex, reaffirming Sunrun's storage-first focus.
- **2026 Outlook**: Management emphasized margin discipline over volume, targeting 14% YoY growth in aggregate subscriber value.

Sunrun Inc. (RUN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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