Sunrun shares shine after big Q2 earnings beat and record energy storage demand
The energy storage and solar panel provider crushed Wall Street’s estimates as new installations soared.
Sunrun soared 30% Thursday after the solar company reported a surprise second-quarter profit and record customer demand for its energy storage systems.
Earnings per share hit $1.07, a sharp beat compared to Wall Street’s expected $0.06 loss. Revenue also topped forecasts, coming in at $569.3 million versus the $559.4 million consensus.
Storage was the star: Sunrun hit a new high for storage attachment, with 70% of new customers adding batteries — up from 54% a year ago. Overall, customer additions with storage grew 50% annually. Last year, Sunrun accounted for one in every five US rooftop solar systems.
Sunrun’s blowout results follow a similarly sunny report last week from rival First Solar, which also beat Q2 estimates and raised its full-year outlook despite a looming timeline for US clean energy tax credits.
Wall Street thinks the road ahead could be even brighter: JPMorgan reiterated its “overweight” (buy) rating on the stock and raised its price target to $20 from $16, citing strong Q2 results, record storage attachment, and lower costs. It also added that Sunrun could sustain profits post-2028, even without tax credits, thanks to cost cuts, grid revenue, and rising utility prices.
Sunrun shares are now positive on the year, up about 17% year to date.
