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|
|- 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|
|Net profit (loss) to common stockholders||(2.9)||28||32.5||56.2|
(USD 1 = EUR 0.874)