May 9 (Renewables Now) - US residential solar installer Sunrun Inc (NASDAQ:RUN) on Wednesday reported a net loss for the first quarter of 2019 but said deployments rose by 27% in annual terms, exceeding its guidance.
The company closed the January-March quarter with a net loss attributable to common shareholders of USD 13.9 million (EUR 12.4m) against a profit of USD 28 million a year back. Revenues, meanwhile, jumped by 35% to USD 194.5 million. Of the total, USD 99.9 million came from customer agreements and incentives and USD 94.7 million was from solar system and product sales.
Solar deployments in the three months increased to 86 MW from 68 MW a year earlier. “We exceeded our deployment guidance in Q1 and are raising our margin target for the full year. At the same time, we are investing in a superior experience for our customers and advanced services that will build our future energy system,” said Lynn Jurich, Sunrun’s CEO and co-founder.
More details of the company's performance are presented in the table below.
|Figures in USD million||Q1 2019||Q1 2018|
|- of which customer agreements and incentives||99.9||67|
|- of which solar energy systems and product sales||94.7||77.4|
|Total operating expenses||238.7||201.1|
|Net profit (loss)||(86.9)||(91.4)|
|Net profit (loss) to common stockholders||(13.9)||28|
The company created USD 77 million of net present value (NPV) in the quarter, up 19% in annual terms, with unlevered NPV per watt standing at USD 1.06. Creation cost per watt was USD 3.46, down from USD 3.51.
In the second quarter, Sunrun expects to install between 102 MW and 104 MW of solar systems, while deployments for 2019 are projected to grow 16%-18% on a yearly basis.
(USD 1.0 = EUR 0.893)