Sunrun Inc. reported total revenue of $504.3 million for the first quarter of 2025, a 10% increase from the prior-year period. Revenue from Customer Agreements and Incentives grew by 25% to $402.9 million, reflecting the addition of new systems, while Solar Energy Systems and Product Sales revenue decreased by 25% to $101.4 million due to the increasing mix of subscription customers.
The company achieved its fourth consecutive quarter of positive Cash Generation, reporting $56 million in Q1 2025. Aggregate Subscriber Value increased by 23% year-over-year to $1.2 billion, and Contracted Net Value Creation surged by 104% to $164 million, or $0.72 per share. Storage Capacity Installed grew by 61% year-over-year to 334 megawatt hours, with the storage attachment rate reaching a record 69%.
Sunrun reiterated its full-year 2025 Cash Generation guidance of $200 million to $500 million and expects Q2 Cash Generation between $50 million and $60 million. The company also paid down $27 million of recourse debt in Q1, contributing to a total reduction of $214 million over the last four quarters, demonstrating a disciplined capital allocation strategy.
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