Summary by Moomoo AI
Sunrun Inc. reported Q3 2024 revenue of $537.2 million, down 5% year-over-year, as customer agreements revenue grew 27% to $368.6 million while solar system and product sales declined 47% to $131.3 million. The company posted a net loss of $412.2 million, compared to a loss of $1.47 billion in Q3 2023 which included a $1.16 billion goodwill impairment charge.Operating expenses decreased 65% to $665 million, primarily due to the absence of last year's goodwill impairment. Cost of customer agreements rose 9% to $308.4 million while sales and marketing expenses declined 8% to $162.5 million. Interest expense increased 26% to $215.6 million due to additional non-recourse debt.The company's networked solar energy capacity grew to 7,288 megawatts as of September 30, 2024, up from 6,462 megawatts a year ago. Gross earning assets reached $16.8 billion, compared to $13.3 billion in the prior year. Management noted continued operational challenges in California following net metering policy changes, with originations remaining below pre-transition levels.
