The United States’ leading dedicated residential solar company announced surprising financial results for the second quarter, sending the company’s stocks soaring on the back of the news.
Published last week, Sunrun’s current claim to fame is being the United States’ leading dedicated residential solar company — which is sadly not the same as being the country’s leading residential solar company. According to figures from GTM Research published back in May, Sunrun is currently third in a market dominated by SolarCity, walking away with 3% of the residential installers market.
That being said, however, it will be interesting to see how figures look the same time next year, considering that SolarCity posted a net loss of $250 million in the second quarter of 2016, and Sunrun has walked away with a surprisingly strong quarter, which resulted in a the company’s shares jumping 26% at the opening of trading on Friday, before settling at a still impressive 14% growth by the end of trading and through Monday.
In May, Sunrun predicted that it would deploy approximately 60 MW of solar PV in the second quarter. A quarter later, the company managed to actually deploy 65 MW, an impressive overshoot of original expectations. This was not only an increase on guidance, but an increase on deployment in Q1 (60 MW) and deployment in the same quarter a year earlier (42 MW).
Total revenue for the company was $122.5 million, up 69% from $72.6 million a year earlier, and up from $98.7 million in the first quarter of 2016.
“We are pleased with our performance in the second quarter as we continue to grow and create customer value in 2016,” said Lynn Jurich, Sunrun’s chief executive officer. “We deployed 65 MW in Q2 while improving creation costs over 10% compared to the first quarter and delivering $51 million of NPV. We believe we are well positioned to continue to build growth and customer value that will differentiate us as the leader in bringing local clean energy direct to consumers.”
Sunrun further saw its operating leases and incentives revenue grow by 32% year-over-year to $45.4 million, while its solar energy systems and product sales grew a whopping 102% year-over-year to $77.1 million.
In addition to a surprising second quarter, the company’s shareholders are probably just as happy about the company’s guidance for the third quarter, in which Sunrun is expecting to deploy 72 MW. In May, in the company’s Q1’16 financial results, Sunrun predicted it would deploy a total of 285 MW in 2016. A quarter later, Sunrun has had to modify that figure to be in the range of 270 MW to 280 MW, with a company focus of delivering a Net Present Value of above $1 per watt in the second half of the year.
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