Sunrun revenue doubles as customer count tops 600,000

Sunrun said Thursday that its revenue during the third quarter more than doubled year over year as the company’s customer count topped 600,000.

Shares of the company dipped as much as 2% during extended trading on Thursday.

Here’s how Sunrun did versus analysts’ expectations, as compiled by Refinitiv:

• Earnings: 11 cents per share
• Revenue: $439 million vs $414 million expected

Wall Street analysts were expecting the company to earn 1 cent per share. It was not immediately clear whether the reported number is comparable to estimates.

The third-quarter results compare with a loss of 20 cents per share on revenue of $401 million in Q2, and EPS of 28 cents per share on revenue of $210 million in the year-ago quarter. Operating losses also more than doubled from a year ago, jumping from $62 million to $138 million.

The comparisons were affected by Sunrun’s acquisition of Vivid Solar in July 2020, which closed October 2020. The move solidified Sunrun’s position as the largest residential installer in the U.S.

The company said it added 30,698 customers during the third quarter, bringing its total customer count to 630,441. For the full year Sunrun expects Solar Energy Capacity Installed growth to be 30%, pro-forma for Vivint Solar.