Sunrun Records Total Revenue of $334.8 Million in Q1 FY21

An American provider of residential solar panels and storage energy services, Sunrun Inc. has rolled out its financial results for the first quarter of the fiscal year ended March 31, 2021 (Q1 FY21). Sunrun announced that it has welcomed around 23,556 new customers in FY21 with a total revenue was USD 334.8 million in Q1 FY21 with a 59 percent increase, from the Q1FY20. 

Even in the global pandemic times, Sunrun recorded a net subscriber value of USD 8,197 resulting in a total value generated of USD 165 million during Q1 FY21 only. The firm now expects the total value generated to reach above USD 750 million in 2021 for the full year. 

Having a net solar energy capacity of 4.1 gigawatts (GW) of which 167.6 MW was from the first quarter of 2021, the firm holds Net Earning Assets of USD 4.2 billion, including USD 813 million in Total Cash. 

Expressing his joy over the firm’s growth, Sunrun’s CEO and co-founder, Lynn Jurich, said, “This year is on track to be the best in the company’s history. With an accelerating growth rate and expanding market reach, Sunrun is leading the country to a clean energy future.” 

“Now is the time for us to move to a distributed energy system to meet the increased demands placed on our energy system from broad-based adoption of electric vehicles and improve the resiliency of our aging energy system,” Lynn added. 

Growth & Market Leadership

Providently, in 2021, Sunrun delivered a record Q1 volume in its direct-to-home sales channel, channel partner business, and its home builder business. The firm expects to accelerate its growth rate to 25-30 percent, an increase from the prior guidance of 20-25 percent. 

Sunrun continued to grow the selective group of partners they work with by over 20 percent in Q1. The firm’s new home business is starting to scale as it grew this segment by more than 50 percent in Q1 FY21 compared to the prior year. It expects that the solar systems Sunrun deployed inQ1 FY21 can prevent the emission of over 3.9 million metric tons of CO2 over the next thirty years.

Sunrun has installed nearly 20,000 Brightbox systems nationwide as of now, which offer homeowners the ability to power through multi-day outages with clean and reliable home energy. And it expects Brightbox installations to increase more than 100 percent in 2021 compared to the prior year.

“Our momentum in the fourth quarter has continued into 2021. The Sunrun team delivered seasonal volume records at strong margins while meeting the demands of our ongoing integration with Vivint Solar,” Tom vonReichbauer, Sunrun’s Chief Financial Officer. 

Tom further shared the future goals, “We expect to accelerate our growth even further while improving the value we bring to our partners and customers. Our execution, scale advantages, differentiated service offering, and leading competitive position give us the confidence to increase our full-year growth guidance to 25 percent to 30 percent.”