US residential solar installer Sunrun Inc (NASDAQ:RUN) on Wednesday reported an expanded net loss for the first quarter of 2020 but said it enjoyed a 13% year-on-year rise in deployments and a single-day record for orders.
Sunrun booked a net loss attributable to common shareholders of USD 28 million (EUR 25.9m), expanding from USD 13.9 million in the first quarter of 2019. Revenues, meanwhile, climbed by 8% to USD 210.7 million, with USD 99.1 million coming from customer agreements and incentives. Solar energy systems and product sales brought USD 111.6 million in revenues, marking an 18% increase in annual terms.
Sunrun’s solar deployments in the three months rose to 97 MW from 86 MW a year back. The company’s CEO and co-founder Lynn Jurich highlighted the change in the company’s operations following the COVID-19 coronavirus outbreak and the subsequent investments made in its technology platform. Digital sales were launched to limit contact with customers. “We will emerge a stronger business,” she said.
At the end of April, the solar installer registered a single-day all-time high in orders. Details about its Q1 performance are available in the table below.
| Figures in USD million |
Q1 2020 |
Q1 2019 |
| Revenues |
210.7 |
194.5 |
| - of which customer agreements and incentives |
99.1 |
99.9 |
| - of which solar energy systems and product sales |
111.6 |
94.7 |
| Operating profit (loss) |
(63) |
(44.2) |
| Total operating expenses |
273.7 |
238.7 |
| Net profit (loss) |
(109.5) |
(86.9) |
| Net profit (loss) to common stockholders |
(28) |
(13.9) |
The company created USD 81 million of net present value (NPV) in the quarter, with unlevered NPV per watt standing at USD 0.98. Creation cost per watt was USD 3.09, down from USD 3.46.
Last month, Sunrun withdrew its previously announced deployment forecast for 2020 due to the coronavirus-related uncertainty in the sector and unveiled certain expense reduction actions. Its earlier guidance was for a 15% year-on-year rise in full-year deployments from the 413 MW registered in 2019.
(USD 1.0 = EUR 0.926)
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Image by Twitter, @Sunrun
