Sunrun sizzles after foreseeing 25% growth in solar energy capacity installed

May 04, 2022 5:56 PM ETSunrun Inc. (RUN)By: Carl Surran, SA News Editor2 Comments

Solar panels at dusk

Justin Paget/DigitalVision via Getty Images

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.

Sunrun (RUN) shares have lost 29% YTD and 48% during the past year.

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