Sunrun (NASDAQ:RUN) +10.2% post-market Wednesday after reporting a Q1 GAAP loss but better than expected revenues, as customer orders jumped 39% and installed capacity improved 27% from the year-earlier period.
Sunrun (RUN) also raised full-year guidance, saying it expects 25% or more growth in installed solar capacity vs. a previous forecast for 20% growth.
The largest U.S. residential solar installer said it added 29,463 customers during Q1, up 20% Y/Y, bringing the company's total customer count to ~690K.
"Over the last month we successfully implemented meaningful pricing changes to offset higher material and capital costs, and continue to see very strong demand as utility rate inflation exceeds 11% across the country, CFO Tom von Reichbauer said.
The company said von Reichbauer will step down at the end of May, to be succeeded by current senior VP Danny Abajian.