Sunrun deploys 100 MW in Q3, books net loss

Image by Twitter, @Sunrun

November 8 (Renewables Now) - US residential solar company Sunrun Inc (NASDAQ:RUN) recorded a net loss for the third quarter of 2018 in spite of deploying a record 100 MW in the period, up 10% quarter-over-quarter.

The company moved to a net loss of USD 2.9 million (EUR 2.5m) from a USD-28-million profit in the same quarter of 2017, while revenue grew 42% to USD 205 million.

"We installed a record amount of solar energy and home batteries this quarter and delivered more than 50% year-over-year growth in our direct business," said chief executive Lynn Jurich. Sunrun reiterated its guidance of 15% growth in full-year deployments.

The company created USD 86 million of net present value (NPV) in the quarter, with NPV per watt declining to USD 1.00 from USD 1.15 a year ago. Creation cost per watt was flat year-over-year at USD 3.34.

More details of the company's results are in the table:

in USD million Q3 2018 Q3 2017 9-mo 2018 9-mo 2017
Revenue 205 144.5 519.9 380.3
- of which customer agreements and incentives 114.6 61.7 273.2 168.9
- of which solar energy systems and product sales 90.4 82.8 246.7 211.4
Operating loss (23.5) (45.2) (115.2) (134.5)
Net loss (47.5) (82.8) (210.7) (231.6)
Net profit (loss) to common stockholders (2.9) 28 32.5 56.2

(USD 1 = EUR 0.874)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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