Sunrun Inc. reported total revenue of $537.2 million for the third quarter of 2024, a 5% decrease from the prior-year period. Revenue from Customer Agreements and Incentives increased by 28% to $405.9 million, driven by new systems, while Solar Energy Systems and Product Sales revenue decreased by 47% to $131.3 million due to a higher mix of subscription customers.
The company achieved its second consecutive quarter of positive Cash Generation, reporting $2.5 million in Q3 2024. Storage Capacity Installed surged by 92% year-over-year to 336.3 Megawatt hours, with storage attachment rates reaching 60%. Sunrun also announced it surpassed 1 million residential solar customers, becoming the first clean energy company to reach this milestone.
Net loss attributable to common stockholders was $83.8 million, or $0.37 per basic and diluted share. Sunrun reiterated its full-year 2025 Cash Generation guidance of $350 million to $600 million and provided Q4 Cash Generation guidance of $50 million to $125 million. The company also reduced parent debt by over $100 million since March.
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