Sunrun's Q3 solar installs increase to 219 MW

Image by Twitter, @Sunrun

US residential solar provider Sunrun Inc’s (NASDAQ:RUN) July-September solar installations grew 18% quarter-on-quarter to 219 MW, the company’s latest report showed last week.

Compared to the third quarter of 2020, the figure rose 40%, pro-forma to include Vivint Solar.

The solar, storage and energy services company has added 30,698 customers, including 24,836 subscribers, in the third quarter of 2021, reaching total customer numbers of 630,441, up 20% year-over-year.

It confirmed its expectations for a 30% growth in full-year solar capacity installed, compared to 603 MW installed last year, pro-forma to include Vivint Solar.

“I believe we will have another break-out year in 2022 as we accelerate our efforts to transform our energy system, drive continued innovation and differentiated customer offerings, and deliver sustainable growth to create value for all stakeholders,” said chief executive Mary Powell.

In the third quarter of 2021, net subscriber value increased by USD 2,031 from the previous quarter to USD 7,605.

Sunrun recorded net profit attributable to common stockholders of USD 24.1 million (EUR 20.9m), down from USD 37.4 million a year ago, while total revenue more than doubled to USD 438.8 million from USD 209.8 million.

More information about the company's financial performance can be seen in the following table.

in USD million	Q3 2021	Q3 2020	9-mo 2021	9-mo 2020
Revenues	438.8	209.8	1,174.7	601.8
- of which customer agreements and incentives	231.9	114.5	625.9	319.7
- of which solar energy systems and product sales	206.9	95.3	548.8	282.1
Loss from operations	(137.9)	(62.2)	(458.2)	(208.7)
Total operating expenses	576.7	272	1,632.9	810.5
Net loss	(241.3)	(85.4)	(659.1)	(329.5)
Net profit (loss) to common stockholders	24.1	37.4	(40.9)	(4.1)