Published on March 5th, 2019 | by Joshua S Hill0
Sunrun Posts Increased Revenue Coupled With Surprise Net Loss
March 5th, 2019 by Joshua S Hill
The largest residential solar, storage, and energy services provider in the United States, Sunrun, finished 2018 by posting another record-breaking quarter which saw the company install 115 megawatts (MW), bringing the company’s yearly installation total up to 373 MW.
However, the company’s fourth-quarter results were marred by a net loss of $5.9 million, also shown as a net loss per share attributable to shareholders of -$0.05, well down on the market consensus of a quarterly per share profit.
Overall, it was both a good year and a good fourth quarter for Sunrun. In 2018 the company added over 50,000 new customers, growing its customer base by 29% year-over-year to sit at 233,00. Total solar deployments for the year amounted to 373 MW, an increase of 15% year-over-year, and total revenue grew to $760 million, an increase of $227.4 million, or 43%, from 2017’s figures.
For the fourth quarter, Sunrun installed a total of 115 MW of new solar, up from 85 MW in the fourth quarter of 2017 and up from the 100 MW installed in the third quarter of 2018. Total revenue for the fourth quarter amounted to $154.4 million, an increase of 23% year-over-year, but down 24% on the third quarter of 2018.
Unfortunately, the company also posted a surprising net loss of $5.9 million in the fourth quarter, or -$0.05 as expressed in earnings per share, missing analyst expectations by $0.32 per share. This was a deeper net loss than the similarly surprising loss posted in the third quarter of $2.9 million or -$0.02.
“Sunrun finished 2018 with another record-breaking quarter, and we expect to continue to advance our market share lead in 2019,” said Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder. “We applaud our 233,000 customers’ efforts to help decarbonize America’s energy system. Our vision is to provide our rapidly growing customer base with a superior energy service and to leverage these solar and Brightbox battery assets to provide value to the entire energy system.”