Sunrun (RUN) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and full year 2024 results with high-quality growth, positive cash generation for three consecutive quarters, and increased book value of deployed systems.

• Aggregate subscriber value reached $1.6 billion in Q4, up 28% year-over-year and 9% sequentially.

• Focused on high-margin product mix, disciplined cost management, and strategic investments in AI and safe harbor equipment.

• Paid down $186 million in recourse debt since March 2024, including $132 million in Q4.

• Net earning assets grew by $536 million in Q4, reaching $6.8 billion at year-end.

Financial highlights

• Q4 2024 cash generation was $34 million, with $18 million invested in safe harbor equipment.

• Q4 total revenue was $518.5 million, flat year-over-year; full year 2024 revenue was $2.04 billion, down 10% from 2023.

• Net loss for Q4 was $(2.81) billion, driven by a $3.1 billion non-cash goodwill impairment; non-GAAP net income was $360.9 million.

• Customer additions in Q4 were 32,932, with 30,709 subscriber additions; ended Q4 with 1,048,842 customers and 889,000 subscribers.

• Annual recurring revenue from subscribers reached $1.6 billion, up 23% year-over-year.

Outlook and guidance

• Q1 2025 cash generation guidance: $40–$50 million; full year 2025: $200–$500 million.

• Storage installations expected to grow robustly (30% YoY in Q1); solar installations to remain flat year-over-year.

• Battery attachment rates expected around 66% in 2025.

• Targeting $100 million or more in recourse debt paydown in 2025.

• Cash generation expected to grow year-over-year beyond 2025.