Sunrun Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023
February 22, 2024 at 02:32 am IST
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Sunrun Inc. reported earnings results for the fourth quarter and full year ended December 31, 2023. For the fourth quarter, the company reported sales was USD 321.56 million compared to USD 242.26 million a year ago. Revenue was USD 516.59 million compared to USD 609.15 million a year ago. Net loss was USD 350.12 million compared to net income of USD 63.02 million a year ago. Basic loss per share from continuing operations was USD 1.6 compared to basic earnings per share from continuing operations of USD 0.3 a year ago. Diluted loss per share from continuing operations was USD 1.6 compared to diluted earnings per share from continuing operations of USD 0.29 a year ago.
For the full year, sales was USD 1,186.71 million compared to USD 983.05 million a year ago. Revenue was USD 2,259.81 million compared to USD 2,321.42 million a year ago. Net loss was USD 1,604.5 million compared to net income of USD 173.38 million a year ago. Basic loss per share from continuing operations was USD 7.41 compared to basic earnings per share from continuing operations of USD 0.82 a year ago. Diluted loss per share from continuing operations was USD 7.41 compared to diluted earnings per share from continuing operations of USD 0.8 a year ago.
Sunrun Inc. is a home solar, battery storage, and energy services company. The Company is engaged in the design, development, installation, sale, ownership and maintenance of residential solar energy systems (Projects) in the United States. Its primary customers are residential homeowners. The Company also offers battery storage along with solar energy systems to its customers in select markets and sells its services to certain commercial developers through its multifamily and new homes offerings. The Company installs solar energy systems on its customersâ homes and provides them with the solar power produced by those systems for a 20- or 25-year initial term. In addition, it monitors, maintains, and ensures the system during the term of the contract. The Company also provides electric vehicle (EV) chargers, battery retrofits, re-powered or expanding systems, home energy management services, and other home electrification products.