Sunrun (RUN) investor relations material

Executive summary

• Achieved $1.6 billion in aggregate subscriber value in Q3 2025, up 10% year-over-year, and $279 million in contracted net value creation, up 35% year-over-year, with $108 million in cash generation for the sixth consecutive positive quarter.

• Total revenue for Q3 2025 was $724.6 million, up 35% year-over-year, with net income attributable to common stockholders of $16.6 million.

• Customer base exceeded 1.1 million, with 3.7 GWh of dispatchable energy and 8.2 GW of solar capacity deployed; storage attachment rate reached 70%.

• Launched the nation’s first residential vehicle-to-grid distributed power plant program and expanded grid service enrollments to over 106,000 customers.

• Margin expansion driven by storage and innovative products like Flex, with upfront net subscriber value margin rising to 7%.

Financial highlights

• Aggregate subscriber value per unit rose 11% year-over-year to $52,500, and net subscriber value grew 38% year-over-year to $13,205 per unit.

• Aggregate creation costs increased 4% year-over-year to $1.2 billion, mainly due to higher battery hardware and labor costs, but offset by a 5% reduction in customer acquisition and overhead costs per subscriber.

• Cash generation for Q3 was $108 million, with aggregate upfront proceeds of $1.3 billion.

• Net earning assets reached $8.2 billion, with contracted net earning assets at $3.4 billion ($14.56/share).

• Upfront net value creation was $106 million in Q3, with a margin of 7% (+5 ppt y/y).

Outlook and guidance

• Reiterated 2025 guidance: aggregate subscriber value of $5.7–$6.0 billion (14% growth at midpoint), contracted net value creation of $1.0–$1.3 billion (67% growth at midpoint), and cash generation of $250–$450 million.

• Q4 2025 guidance: aggregate subscriber value of $1.33–$1.63 billion (5% decline at midpoint), contracted net value creation of $182–$482 million (6% growth at midpoint), and cash generation of $60–$260 million.

• Expects to grow in 2026 despite industry volume declines, leveraging subscription and storage-first strategy.

• Management expects continued market uncertainty due to interest rate volatility, regulatory changes, and supply chain risks.

• Believes current cash, investment fund commitments, and available borrowings are sufficient for at least the next 12 months.