RUN

In the second quarter of 2026, Sunrun Inc. reported US$543.73 million in sales and US$869.99 million in revenue, with net income of US$115.15 million and a US$15 million non-cash impairment of energy systems, while also pricing a US$267 million securitization of residential solar assets. Despite lowering full-year cash generation guidance, Sunrun combined a strong earnings surprise, record storage attachment rates, and improved financing access to highlight progress in its solar-plus-storage and grid services business. We’ll now examine how Sunrun’s earnings beat and record storage attachment rate reshape the company’s investment narrative and outlook. The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. To own Sunrun, you need to believe in the long term value of residential solar-plus-storage and grid services, and that Sunrun can finance this capital intensive model on acceptable terms. In the near term, the key catalyst is execution in storage attachment and grid services, while the biggest risk is access to and cost of capital. The Q2 earnings beat, record storage attachment, and new securitization support the catalyst and modestly ease, but do not remove, that financing risk. The most relevant update is Sunrun’s US$267 million securitization of residential solar assets, which sits at the heart of its funding model. By refinancing a large, seasoned portfolio at a tighter spread, Sunrun is reinforcing its ability to turn long dated customer contracts into upfront cash. That directly connects to the short term catalyst of scaling storage and grid services, because those investments depend on consistent, reasonably priced access to non recourse financing. Yet, despite the strong Q2 print and improved financing access, investors should be aware that rising capital costs and tighter credit conditions could still... Read the full narrative on Sunrun (it's free!) Sunrun's narrative projects $3.8 billion revenue and $170.2 million earnings by 2029. Uncover how Sunrun's forecasts yield a $17.05 fair value, a 67% upside to its current price. Some of the lowest analysts were already assuming Sunrun’s revenue might shrink about 5.8 percent a year and earnings fall toward roughly US$291 million by 2029, which is far more pessimistic than the baseline view and may look different once this earnings beat and financing update are fully reflected. Explore 5 other fair value estimates on Sunrun - why the stock might be worth just $16.71! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Sunrun research is our analysis highlighting 3 key rewards and 3 important warning signs that could impact your investment decision. Our free Sunrun research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Sunrun's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: Find 51 companies with promising cash flow potential yet trading below their fair value. We've uncovered the 8 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. AI is about to change healthcare. These 43 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RUN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

For the quarter ended June 2026, Sunrun (RUN) reported revenue of $869.99 million, up 52.8% over the same period last year. EPS came in at $0.42, compared to $1.07 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $722.86 million, representing a surprise of +20.35%. The company delivered an EPS surprise of +425%, with the consensus EPS estimate being $0.08. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Sunrun performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Storage Capacity Installed: 332.00 Mwh versus the two-analyst average estimate of 358.88 Mwh. Contracted Subscriber Value: $55,033.00 versus the two-analyst average estimate of $46,240.36. Subscriber additions: 19,793 versus 23,779 estimated by two analysts on average. Solar Capacity Installed: 174.30 MW versus 194.50 MW estimated by two analysts on average. Subscriber Value: $59,377.00 versus $49,904.23 estimated by two analysts on average. Revenue- Customer agreements and incentives: $543.73 million versus the five-analyst average estimate of $522.16 million. The reported number represents a year-over-year change of +18.7%. Revenue- Solar energy systems and product sales: $326.26 million versus $186.83 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +193% change. Revenue- Customer agreements: $506.96 million compared to the $488.33 million average estimate based on three analysts. The reported number represents a change of +17% year over year. Revenue- Incentives: $36.77 million versus $48.83 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +49.7% change. Revenue- Solar energy systems: $290.97 million versus the two-analyst average estimate of $50.99 million. The reported number represents a year-over-year change of +668.3%. Revenue- Products: $35.29 million versus the two-analyst average estimate of $60.21 million. The reported number represents a year-over-year change of -52%. Gross Profit- Solar Energy Systems and Product: $126.95 million versus the four-analyst average estimate of $52.24 million. View all Key Company Metrics for Sunrun here>>> Shares of Sunrun have returned -24.7% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunrun Inc. (RUN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Customer Additions: Added nearly 21,000 customers in Q2. Storage Attachment Rate: Reached a record 74% in Q2, up 1 point from Q1, with over 15,500 battery systems installed. Aggregate Subscriber Value: Nearly $1.2 billion in Q2, near the top end of guidance; full-year guidance revised to $4.6 billion to $4.9 billion. Contracted Subscriber Value per Unit: Approximately $55,000, up 10% year-over-year. Upfront Net Subscriber Value: Approximately $2,000 per subscriber, representing a margin of about 4% of contracted subscriber value. Cash Generation: $23 million in Q2, or $45 million excluding $22 million in equipment safe harbor investments; full-year guidance revised to $200 million to $375 million. Direct Business Volumes: Up more than 20% from Q1, nearly flat year-over-year; expected to grow over 10% in the second half. Affiliate Channel Volumes: Down 30% in Q2 compared to Q1 and down more than 70% year-over-year; full-year outlook down greater than 60%. Add-on Batteries: Installed nearly 1,200 in Q2. Storage Capacity: Over 4.6 gigawatt hours installed, with more than 1 gigawatt hour added over the last 12 months. Grid Services: Dispatched more than 700 megawatts of power over the last 12 months; assets represent over $500 million in grid services present value. Distributed Power Plant Revenue: On track to generate approximately $40 million in GAAP gross revenue and greater than $10 million in operating margin in 2026. Financing: Raised approximately $1.5 billion in non-recourse asset level debt financing year-to-date; priced a $267 million public securitization at a 200 basis point spread. Warning! GuruFocus has detected 6 Warning Signs with RUN. Is RUN fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sunrun Inc (NASDAQ:RUN) achieved a record 74% storage attachment rate in Q2, installing over 15,500 battery systems. The company generated positive cash flow of $45 million in Q2, excluding safe harbor investments, and $428 million over the last two years. Direct business sales inflected positively in June and July, with monthly sales growth exceeding 10% year-over-year, positioning for strong 2027 growth. Sunrun Inc (NASDAQ:RUN) is expanding its distributed power plant business, with over 4.6 GWh of storage capacity and $500 million in grid services present value, and expects $40 million in GAAP gross revenue from this segment in 2026. The company successfully raised $1.5 billion in non-recourse asset-level debt financing year-to-date and priced a $267 million securitization at a tighter 200 basis point spread. Sunrun Inc (NASDAQ:RUN) is exploring innovative opportunities like distributed AI compute pilots and partnerships with hyperscalers, which could unlock new revenue streams. Sunrun Inc (NASDAQ:RUN) revised its full-year cash generation guidance downward to $200-$375 million from $250-$450 million due to lower affiliate volumes, slower direct sales ramp, and higher interest rates. Affiliate channel volumes declined over 70% year-over-year in Q2, impacted by the bankruptcy of Freedom Forever and deliberate reductions, leading to a greater than 60% decline expected for the full year. The transition to a higher direct sales mix has resulted in more front-loaded costs, temporarily reducing unit margins to approximately 4% in Q2. Higher interest rates have modestly impacted cash generation and increased the cost of capital, despite some spread improvements in securitizations. The ramp of new sales representatives has been slower than expected, as new talent takes time to acclimate to Sunrun Inc (NASDAQ:RUN)'s sophisticated product offerings. The company faces ongoing uncertainty in the ITC transfer market, with pricing remaining stable but potential for further pressure if fiat ownership guidance is delayed. Q: Can you provide more details on the financing environment, including the recent ABS transaction and expectations for cost of capital trends through the rest of the year and into 2027? A: Danny Abajian (CFO) noted that the capital markets tone is positive, with strong participation in the ABS market, evidenced by the recent $267 million securitization priced at a 200 basis point spread, a 20 basis point improvement from the prior transaction. While spreads have tightened, base rates have increased, resulting in a modestly higher all-in cost of capital than initially expected for the year. The ITC transfer market remains active with pricing stable, and the company is optimistic that pending Treasury guidance on fiat ownership restrictions will further improve pricing by bringing more investors off the sidelines. Q: What is driving the revised full-year cash generation guidance, and how should we think about the run rate heading into next year? A: Danny Abajian (CFO) explained that the guidance revision to $200 million to $375 million is driven by three factors: a further reduction in affiliate channel volume due to deliberate cuts and the Freedom Forever bankruptcy, a slower-than-expected ramp in the direct sales force, and modestly higher capital costs from rising interest rates. He noted that the direct business has inflected to positive growth, with sales up over 10% year-over-year in June and July, and expects second-half direct volumes to grow more than 10% year-over-year. While not guiding to 2027, he indicated that volume trends are positive, and fixed cost absorption and productivity gains should improve as scale grows. Q: How is the transition to a higher direct business mix impacting unit economics, and what is the outlook for margins? A: Danny Abajian (CFO) reported that upfront net subscriber value was approximately $2,000, representing a margin of about 4% of contracted subscriber value, which was lower due to timing effects and front-loaded costs from the transition to a higher direct mix. He expects this margin to increase next quarter as the sales force ramp matures and productivity improves. The company is focused on the direct business because it offers higher margins, better customer satisfaction, and better credit profiles. Q: Can you elaborate on the distributed AI compute pilot and the potential for commercialization? A: Mary Powell (CEO) and Paul Dickson (President & Chief Revenue Officer) discussed the pilot launched in July, which uses Sunrun's home footprint as an edge compute platform. They noted that there is already an existing distributed compute marketplace to monetize GPUs in homes, and the company saw a surge of inbound customer interest upon announcement, presenting a low customer acquisition cost opportunity. They expect to learn a lot from the pilot over the next few months before making decisions on scaling, with commercialization potentially in late 2027 or 2028. Financing would likely follow a similar asset-level structure to their existing solar and storage assets. Q: What is the current status of tax equity and ITC transfer pricing, and what is assumed in the revised guidance? A: Danny Abajian (CFO) stated that ITC pricing remained stable compared to Q1, with transfer deal pricing ranging from the high $0.80s to low $0.90s. He noted that 2025 tax credit purchases have largely cleared the market, and focus has shifted to 2026 tax appetite, which should increase urgency and activity in the second half. The company expects pricing to be flat to modestly higher for the year. Closed transactions and executed term sheets provide tax equity capacity to fund approximately 1,000 megawatts of projects beyond Q2 deployments. Q: How is the sales pipeline conversion rate trending, and what impact is the new sales force having? A: Paul Dickson (President & Chief Revenue Officer) explained that the company has onboarded over 1,500 new salespeople year-to-date as part of the direct business expansion. New salespeople carry traditional conversion rates as they ramp, but core offerings are seeing flat to up conversion rates. The company is optimistic that as new sales talent acclimates to Sunrun's customer-focused and margin-driven approach, conversion rates will improve further. Q: Can you provide more color on the monetization of the energy storage portfolio and the growth trajectory of grid services revenue? A: Mary Powell (CEO) stated that the distributed power plant business is on track to generate approximately $40 million in GAAP gross revenue and greater than $10 million in operating margin in 2026, with substantial growth expected in the years ahead. She noted that conversations with potential off-takers, including utilities, retail electricity providers, and data center hyperscalers, have inflected materially in recent months. The company remains on track to reach over 10 gigawatt hours of dispatchable capacity online by the end of 2028, more than doubling from current levels. Q: How are potential tariffs on solar equipment impacting the cost structure, and can these costs be passed on to customers? A: Danny Abajian (CFO) indicated that the impact of potential tariffs is minimal to Sunrun. The company has been increasingly buying domestic modules, and equipment costs represent about one-third of the cost structure, with tariffs impacting only a portion of that. Sunrun has hedged its planning for the year in terms of equipment costs and feels it can easily absorb any tariff impact. Q: What is the company's view on share buybacks given the recent stock price decline? A: Mary Powell (CEO) reiterated that the company is focused on building a great company and generating cash, having produced over $400 million in cash generation over the last two years. The company is prioritizing paying down debt and hitting leverage ratios before exploring other value-accretive capital allocation strategies, including potential buybacks, depending on the market environment and outlook. Q: How does the company view emerging plug-in solar panel technology and its potential impact on the business? A: Mary Powell (CEO) acknowledged the interest in plug-in or balcony solar panels but noted they offer a very different value proposition compared to Sunrun's sophisticated storage-first offerings. She views these products as potential gateway or teaser products that raise awareness and could lead customers to seek more comprehensive energy independence and resilience solutions, which is where Sunrun excels. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Sunrun Inc.? Here are five stocks we like better. Sunrun’s storage business reached a record: The company added nearly 21,000 customers in Q2 and achieved a 74% storage attachment rate, resulting in more than 15,500 battery installations. Full-year guidance was reduced as Sunrun shifts from affiliate-originated volume to its higher-margin direct-sales channel. The company now expects 2026 cash generation of $200 million to $375 million, down from $250 million to $450 million, citing slower direct-sales hiring and ramp-up, reduced affiliate volume and higher capital costs. Sunrun generated $23 million of Q2 cash, or $45 million excluding safe-harbor equipment investments, while securing significant financing capacity. Its distributed storage fleet also represents potential grid-services value, with operations expected to generate about $40 million in GAAP revenue in 2026. 3 Small Caps Hitting 52-Week Highs: Take Profits or Let Ride? Sunrun (NASDAQ:RUN) reported second-quarter results marked by a record storage attachment rate, positive cash generation excluding safe-harbor equipment investments, and a reduced full-year outlook as the company shifts toward a larger direct-sales business. Chief Executive Officer Mary Powell said Sunrun is moving away from affiliate-originated volume in favor of its direct business, which she said carries higher margins, stronger customer satisfaction and better credit profiles. The transition has created more front-loaded costs and has taken longer to ramp than management initially expected, contributing to the revised guidance. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control 5 Clean Energy Stocks Poised for the Next Green Rally The company said it added nearly 21,000 customers during the second quarter and reached a 74% storage attachment rate, a quarterly record. That represented more than 15,500 battery installations. Average system size increased 2% from the first quarter, according to Chief Financial Officer Danny Abajian. Sunrun reported $23 million of cash generation in the second quarter, or $45 million excluding $22 million of net investments in equipment safe harboring. Powell said the company generated positive cash flow in the first half excluding those investments and has produced $428 million of cash generation over the past two years. → 3 Drone Stocks That Should Soar After the Summer Slump Is This Solar Stock Ready for a Comeback? Key Milestones Ahead However, the company lowered its full-year 2026 cash-generation guidance to a range of $200 million to $375 million, before safe-harbor equipment investments of between $50 million and $100 million. Its prior forecast was $250 million to $450 million. Management cited three primary reasons for the reduction: Further planned reductions in affiliate-channel volume, as well as the bankruptcy of affiliate partner Freedom Forever. A slower-than-expected ramp in direct-sales activity and onboarding of new sales representatives. Higher capital costs as interest rates increased in recent months. → The Bitcoin Comeback May Already Be Underway—2 ETFs for Exposure Sunrun also reduced its full-year Aggregate Subscriber Value outlook to $4.6 billion to $4.9 billion, from a previous range of $4.8 billion to $5.2 billion. Aggregate Subscriber Value was nearly $1.2 billion in the second quarter, near the high end of the company’s guidance range. Abajian said Aggregate Contracted Subscriber Value was $1.1 billion, or about $55,000 per subscriber, up 10% from a year earlier. The company estimated upfront proceeds of about $52,000 per subscriber, based on a 94% advance rate against Aggregate Contracted Subscriber Value. Estimated Upfront Net Subscriber Value was approximately $2,000 per subscriber, or roughly 4% of Contracted Subscriber Value. Abajian said the margin was lower primarily because of timing effects and higher up-front costs associated with building the direct business, but said Sunrun expects the margin to improve in the third quarter. Sunrun’s direct business grew more than 20% from the first quarter and was nearly flat from the prior-year period, Abajian said. The company’s monthly direct-sales trends turned positive in June and July, with sales growth exceeding 10% year over year in each month. The company expects direct-business volume to resume year-over-year growth in the third quarter and forecasts second-half growth of more than 10% versus the prior year. Full-year direct-business growth is expected to be in the low single digits. By comparison, affiliate volume fell 30% sequentially in the second quarter and declined more than 70% year over year. Sunrun now expects affiliate-channel installations to decline more than 60% for the full year, with direct sales accounting for more than 85% of total origination volume. Powell said Sunrun has added more than 1,500 salespeople year to date, exceeding typical seasonal hiring levels. She said some new hires require additional time to learn how to sell the company’s more complex solar-and-storage offerings and navigate varied electricity-rate structures. President and Chief Revenue Officer Paul Dickson said conversion rates on the company’s core offerings are “flat to up” as new sales representatives are brought into the organization and ramp productivity. Sunrun said it had installed more than 266,000 solar-plus-storage systems as of the end of the second quarter, representing approximately 4.6 gigawatt-hours of networked storage capacity. The company added more than one gigawatt-hour of storage capacity and dispatched more than 700 megawatts of power over the past 12 months. Powell said the company’s deployed assets represent more than $500 million in grid-services present value. Sunrun expects its distributed power plant operations to generate about $40 million in GAAP gross revenue and more than $10 million in operating margin in 2026. The company remains on track to exceed 10 gigawatt-hours of dispatchable capacity online by the end of 2028. Powell said Sunrun is pursuing potential monetization opportunities through utility partnerships, energy-market participation, retail electricity providers and large power users, including data-center hyperscalers. In June, Sunrun announced a framework with Renew Home and Tesla intended to bring more than 16 gigawatts of home energy resources to hyperscalers. In July, it launched a distributed artificial-intelligence computing pilot that uses participating homes as an edge-computing platform. Management said the AI initiative remains in pilot stage and that the company expects to learn more over the coming months before determining the timing of commercial deployment. Dickson said Sunrun sees an opportunity to use customers’ controllable power to support graphics processing units in homes, while potentially using asset-financing structures similar to those it has used in its core business. Abajian said Sunrun closed multiple tax-equity funds and investment-tax-credit transfer agreements during the quarter. ITC transfer pricing remained stable from the first quarter, with pricing in the high-$0.80 to low-$0.90 range. As of the call, closed transactions and executed term sheets provided expected tax-equity capacity equivalent to funding approximately 1,000 megawatts of projects beyond those deployed through the second quarter. Sunrun also had more than $840 million in unused commitments under its non-recourse senior revolving warehouse loan, which it said could fund more than 340 megawatts of retained-subscriber projects. The company raised approximately $1.5 billion in non-recourse asset-level debt financing year to date. It also recently priced a $267 million public securitization at a spread of 200 basis points, an improvement of 20 basis points from its most recent second-quarter transaction. Sunrun expects additional securitization activity in the second half of the year. Abajian said the company intends to continue using cash generation to reduce parent-company leverage while evaluating other capital-allocation options in future quarters depending on market conditions and its outlook. Sunrun, Inc (NASDAQ: RUN) is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun's network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages. Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Sunrun Q2 Earnings Call Highlights" was originally published by MarketBeat. 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Aggregate Subscriber Value of approximately $1.2 billion in Q2 Storage Attachment Rate reached record 74% in Q2 and Networked Storage Capacity reaches 4.6 Gigawatt-hours as of June 30, 2026 Net cash used in operating activities was -$186 million in Q2 and Cash Generation was $23 million, or $45 million if excluding $22 million of net investments in equipment safe harbor Revised Cash Generation1,2 guidance to a range of $200 million to $375 million in 2026, excluding investments in equipment safe harbor SAN FRANCISCO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), America’s largest provider of home battery storage, solar, and home-to-grid power plants, today announced financial results for the second quarter ended June 30, 2026. “The need for affordable, reliable power has never been more evident, and our storage-first offering is meeting it — customers attached batteries at the highest rate in our history this quarter. We are positioning the business for strong growth, bringing on some of the best talent in the industry and scaling deliberately, with a focus on customer experience and asset quality. And as that engine scales, we're aiming to unlock new ways to monetize the network we've already built, from distributed power plant programs to emerging data center and grid edge applications, creating new streams of Cash Generation,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are revising our full-year Cash Generation outlook to $200 million to $375 million, excluding equipment safe harbor investments, reflecting reduced affiliate channel volumes, a delayed ramp in direct sales activities, and modestly higher capital costs than previously forecasted. Customer demand for our offering remains strong, and as our expanded sales force reaches full productivity, we believe that we will exit the year at a robust growth rate and higher unit margins,” said Danny Abajian, Sunrun’s Chief Financial Officer.1 Second Quarter Updates and Recent Developments Leading with Storage-First Strategy: Storage Attachment Rate was 74% in Q2, up from 70% in the prior-year period. As of June 30, 2026, Sunrun has installed more than 266,000 storage and solar systems, representing approximately 4.6 Gigawatt hours of Networked Storage Capacity. Continued Strong Capital Markets Execution: Industry-Leading Customer Experience Recognized: In May 2026, Sunrun earned four 2026 Buyer's Choice Awards from ConsumerAffairs — Best in Customer Service, Best Installation Experience, Best Equipment, and Best Value — based on verified customer reviews. This recognition follows Sunrun's ranking of No. 5 on TIME's inaugural list of The World's Most Impactful Companies, underscoring our commitment to delivering an industry-leading customer experience. Positioning Our Distributed Fleet to Serve AI and Data Center Demand: In June 2026, Sunrun, Renew Home, and Tesla announced a non-binding letter of intent to deliver more than 16 gigawatts of fast, flexible energy capacity to hyperscalers and utilities — which, together, would form the largest distributed power plant in the country. In July 2026, we launched a distributed AI data center pilot, which places compute nodes in homes with Sunrun solar and storage systems. These initiatives aim to leverage Sunrun's existing energy infrastructure to serve AI-driven electricity demand and create new, high-margin revenue opportunities. Key Operating Metrics In the second quarter of 2026, Subscriber Additions were 19,793, a 31% decrease compared to the second quarter of 2025. As of June 30, 2026, Sunrun had 1,034,738 Subscribers. Subscribers as of June 30, 2026 grew 10% compared to June 30, 2025. Storage Capacity Installed was 332 megawatt hours in the second quarter of 2026, a 15% decrease from the second quarter of 2025. Solar Capacity Installed was 174 megawatts in the second quarter of 2026, a 23% decrease from the second quarter of 2025. Subscriber Value was $59,377 in the second quarter of 2026, a 10% increase compared to the second quarter of 2025. Contracted Subscriber Value was $55,033 in the second quarter of 2026, a 10% increase compared to the second quarter of 2025. Subscriber Value figures for the second quarter of 2026 reflect a 7.3% discount rate based on observed project-level capital costs, compared to 7.4% in the prior year period. Subscriber Value reflects an average Investment Tax Credit of 44.0% in the second quarter of 2026 compared to 42.6% in the prior year period. Storage Attachment Rate was 74% in the second quarter of 2026 compared to 70% in the prior year period. Net Subscriber Value was $9,444 in the second quarter of 2026, a 44% decrease compared to $17,004 in the second quarter of 2025. Contracted Net Subscriber Value was $5,100 in the second quarter of 2026, a 61% decrease compared to $13,032 in the second quarter of 2025. Aggregate Subscriber Value was $1.2 billion in the second quarter of 2026, a 24% decrease compared to the second quarter of 2025. Total Operating Expenses were $835 million in the second quarter of 2026, an increase of 23% compared to the prior year period. Creation Costs Reflected in Operating Expenses were $469 million in the second quarter of 2026, a 92% increase compared to the second quarter of 2025. Net cash used in investing activities was $449 million in the second quarter of 2026, a 35% decrease compared to the prior year period. Creation Costs Reflected in Capital Expenditures were $519 million in the second quarter of 2026, a 37% decrease compared to the second quarter of 2025. Net cash used in operating activities was $(186) million in the second quarter of 2026, while Cash Generation was $23 million. Cash Generation would have been $45 million excluding the effects of equipment safe harbor investments that totaled $22 million in the second quarter of 2026. Contracted Net Earning Assets were $3.7 billion, which included $1.1 billion in Total Cash, as of June 30, 2026. Outlook For the full-year 2026, Aggregate Subscriber Value is now expected to be in a range of $4.6 billion to $4.9 billion, compared to the company’s prior guidance of $4.8 billion to $5.2 billion. Cash Generation1,2 is now expected to be in a range of $200 million to $375 million for the full-year 2026, excluding potential investment related to equipment safe harboring, compared to the company’s prior guidance of $250 million to $450 million. Second Quarter 2026 GAAP Results Total revenue was $870.0 million in the second quarter of 2026, up $300.7 million, or 53%, from the second quarter of 2025. Customer agreements and incentives revenue was $543.7 million, an increase of $85.7 million, or 19%, compared to the second quarter of 2025. Energy systems and product sales revenue was $326.3 million, an increase of $214.9 million, or 193%, compared to the second quarter of 2025. The increase in Energy systems and product sales revenue is primarily due to a transaction that Sunrun entered into in the third quarter of 2025 whereby certain storage and energy systems subject to newly originated Customer Agreements are sold to a third party. Sunrun continues to maintain the customer experience and servicing relationships and can sell future goods and services to these customers. Total cost of revenue was $541.8 million, an increase of 21% year-over-year. Total operating expenses were $835.2 million, an increase of 23% compared to the second quarter of 2025. Net income attributable to common stockholders was $115.2 million, or $0.48 per basic share and $0.42 per diluted share, in the second quarter of 2026. Conference Call Information Sunrun is hosting a conference call for analysts and investors to discuss its second quarter 2026 results and business outlook at 1:30 p.m. Pacific Time today, August 5, 2026. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. The conference call can also be accessed live over the phone by dialing (877) 407-5989 (toll-free) or (201) 689-8434 (toll). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month. Footnotes (1) Cash Generation, Creation Costs Reflected in Operating Expenses, and Creation Costs Reflected in Capital Expenditures are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for a discussion of these measures and reconciliations to the most directly comparable GAAP measures. (2) The Company is not able to provide reconciliations to certain of its forward-looking measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted without unreasonable effort. The Company encourages investors to review its GAAP financial measures and to not rely on any single financial measure to evaluate our business. About Sunrun Sunrun Inc. (Nasdaq: RUN) is America’s largest provider of home battery storage, solar, and home-to-grid power plants. As the pioneer of home energy systems offered through a no-upfront-cost subscription model, Sunrun empowers customers nationwide with greater energy control, security, and independence. Sunrun supports the grid by providing on-demand dispatchable power that helps prevent blackouts and lowers energy costs. Learn more at www.sunrun.com. Forward Looking Statements This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, growth trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s expectation that it will exit the year at a robust growth rate and higher unit margins; the Company’s momentum in its business strategies including expectations regarding market share growth in certain geographies, customer value proposition, market penetration, growth of certain divisions and ability to scale offerings, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the Company’s discussion of new products, offerings, and applications, including monetization of the Company’s network for grid programs and emerging data center and grid edge applications; the trajectory of the storage and solar industry; the Company’s business, customer base, and market; and anticipated demand, market acceptance, and market adoption of the Company’s offerings; the Company’s expectations regarding its allocations of and ability to create new streams of Cash Generation; the closing of the Company’s August securitization; and the Company’s aim to leverage its existing energy infrastructure to serve AI-driven electricity demand and create new, high-margin revenue opportunities.  These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and the Company’s business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks, including the Company’s and its energy system partners’ dependence on a limited number of suppliers of solar panels, batteries, and other system components and any shortage, bottlenecks, delays, detentions, or component price changes from these suppliers, restrictions on components and materials sourced from designated foreign entities of concern and the Company’s reliance on specific countries for critical components, tariff and trade policy impacts, and raw material availability for solar panels and batteries; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; regulators imposing rules on the type of electricians qualified to install and service the Company’s solar and battery systems in California, which may result in workforce shortages, operational delays, and increased costs; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives, and the risk that if the IRS makes determinations that the creditable basis of the Company’s energy systems is materially lower than what it has claimed, it may have to pay significant amounts to its fund investors; the Company’s risk of additional taxes owed in respect of lost ITCs and the availability of related insurance coverage; the availability of solar panels, batteries, and other components and raw materials; the Company’s failure or perceived failure to comply with existing or future laws, regulations, contracts, self‑regulatory schemes, standards, and other obligations related to data privacy and security (including security incidents), including where compliance or the actual or perceived failure to comply could increase the costs of its products and services, limit their use or adoption, and otherwise negatively affect our operating results and business; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law. Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. This press release includes the Company’s non-GAAP financial measures: Creation Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, and Cash Generation. The Company utilizes these non-GAAP measures to analyze the Company’s performance and for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s financial results as reported under GAAP. Additionally, these non-GAAP measures may not be comparable to similarly titled measures presented by other companies, thus reducing their usefulness. Accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures. The Company is not able to provide reconciliations of certain forward-looking financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company encourages investors to review our GAAP financial measures and to not rely on any single financial measure to evaluate our business. Creation Costs Reflected in Operating Expenses is a Non-GAAP measure that management utilizes to assess the operating performance of our ongoing operations associated with the origination and installation of solar and storage systems. Creation Costs Reflected in Operating Expenses represent total operating expenses, adjusted for certain items consistent with management’s use as a performance measure. The adjusting items are detailed in the Reconciliation of Total Operating Expenses to Creation Costs Reflected in Operating Expenses table below. The Company believes that Creation Costs Reflected in Operating Expenses, when viewed together with the corresponding GAAP financial measure, provides meaningful information to our investors by measuring our operating performance with respect to costs associated with the origination and installation of storage and solar systems. When evaluating performance, investors should consider Creation Costs Reflected in Operating Expenses in addition to, though not as a substitute for, the Company’s financial results as reported under GAAP, including total operating expenses. Creation Costs Reflected in Capital Expenditures is a Non-GAAP measure that management utilizes to assess the operating performance of our ongoing operations associated with the origination and installation of solar and storage systems. Creation Costs Reflected in Capital Expenditures represent Net cash used in investing activities, adjusted for certain items consistent with management’s use as a performance measure. The adjusting items are detailed in the Reconciliation of Net Cash Used in Investing Activities to Creation Costs Reflected in Capital Expenditures table below. The Company believes that Creation Costs Reflected in Capital Expenditures, when viewed together with the corresponding GAAP financial measure, provides meaningful information to our investors by measuring our operating performance with respect to costs associated with the origination and installation of storage and solar systems. When evaluating performance, investors should consider Creation Costs Reflected in Capital Expenditures in addition to, though not as a substitute for, the Company’s financial results as reported under GAAP, including Net cash used in investing activities. Cash Generation is a Non-GAAP measure that management utilizes to assess the Company’s financial performance as it relates to raising capital from non-recourse capital sources relative to the cost of originating new customers, working capital management, and other cash flows associated with Sunrun's business activities. Cash Generation represents Net cash provided by (used in) operating activities, adjusted for certain items consistent with management’s use as a performance measure. The adjusting items are detailed in the Reconciliation of Cash Provided by Operating Activities to Cash Generation table below. The Company believes that Cash Generation, when viewed together with the corresponding GAAP financial measure, provides meaningful information to our investors by measuring our financial performance with respect to our ability to raise capital and effectively balance working capital requirements associated with our ongoing operations associated with the origination and installation of solar and storage systems. The Company uses Cash Generation as one of the performance metrics in its executive incentive compensation plan, underscoring management's focus on delivering sustainable cash flow while continuing to grow the business. When evaluating performance, investors should consider Cash Generation in addition to, though not as a substitute for, the Company’s financial results as reported under GAAP, including Net cash provided by (used in) operating activities. The following operating metrics are used by management to evaluate the performance of the business. Management believes these metrics, when taken together with other information contained in our filings with the SEC and within this press release, provide investors with helpful information to determine the economic performance of the business activities in a period that would otherwise not be observable from historic GAAP measures. Management believes that it is helpful to investors to evaluate the present value of cash flows expected from subscribers over the full expected relationship with such subscribers (“Subscriber Value”, more fully defined in the definitions appendix below). The Company also believes that Subscriber Value, Aggregate Subscriber Value, Creation Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, Net Subscriber Value, Contracted Net Subscriber Value and Upfront Net Subscriber Value are useful metrics for investors because they present a view of unit economics the Company uses to assess customers originated in a period, inclusive of expected future cash flows from these customers over a 30-year period, based on contracted pricing terms with its customers, which is not observable in any current or historic GAAP-derived metric. Management believes it is useful for investors to also evaluate the future expected cash flows from all customers that have been deployed through the respective measurement date, less estimated costs to maintain such systems and estimated distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors (“Gross Earning Assets”, more fully defined in the definitions appendix below). The Company also believes Gross Earning Assets is useful for management and investors because it represents the remaining future expected cash flows from existing customers, which is not derivable from a current or historic GAAP-derived measure. Various assumptions are made when calculating these metrics. Subscriber Value metrics are calculated using a discount rate based on the observed project-level capital costs in the period. Gross Earning Assets utilize a 6% rate to discount future cash flows to the present period. Furthermore, these metrics assume that Subscribers renew after the initial contract period at a rate equal to 90% of the rate in effect at the end of the initial contract term, or purchase their systems at equal values. For Customer Agreements with 25-year initial contract terms, a 5-year renewal period is assumed. For a 20-year initial contract term, a 10-year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system. Estimated cost of servicing assets has been deducted and is estimated based on the service agreements underlying each fund. Figures presented above may not sum due to rounding. For adjustments related to Subscriber Value, Creation Costs Reflected in Operating Expenses, and Creation Costs Reflected in Capital Expenditures, please see the supplemental materials available on the Sunrun Investor Relations website at investors.sunrun.com. (1) Creation Costs Reflected in Operating Expenses, Creation Costs Reflected in Capital Expenditures, and Cash Generation are non-GAAP financial measures. See “Non-GAAP Financial Measures” above for a discussion of these measures and reconciliations to the most directly comparable GAAP measures. Glossary of Terms* Definitions for Volume-related Terms Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems). A portion of customers have subsequently entered into Customer Agreements to obtain, or have directly purchased, additional solar or storage systems at the same host customer site, and since these represent separate assets, they are considered separate Deployments. Customer Agreements refer to, collectively, solar and/or storage power purchase agreements and leases. Retained Subscribers represent customers subject to Customer Agreements for solar and/or storage systems that have been recognized as Deployments and recognized as energy systems on Sunrun’s consolidated balance sheet, whether or not they continue to be active. Non-Retained or Partially Retained Subscribers represent customers subject to Customer Agreements for solar and/or storage systems that have been recognized as Deployments whereby the assets have been fully or partially sold to one or more investors and not presented as an energy system on Sunrun’s consolidated balance sheet. Subscribers represent aggregate Retained Subscribers and Non-Retained or Partially Retained Subscribers. Purchase Customers represent customers who purchased, whether outright or with proceeds from third-party loans, solar and/or storage systems that have been recognized as Deployments. Customers represent aggregate Subscribers and Purchase Customers. Subscriber Additions represent the number of Subscribers added in a period. Purchase Customer Additions represent the number of Purchase Customers added in a period. Customer Additions represent Subscriber Additions plus Purchase Customer Additions. Solar Capacity Installed represents the aggregate megawatt production capacity of solar energy systems that were recognized as Deployments in a period. Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in a period. Networked Solar Capacity represents the cumulative Solar Capacity Installed from the company’s inception through the measurement date. Networked Storage Capacity represents the cumulative Storage Capacity Installed from the company’s inception through the measurement date. Storage Attachment Rate represents Customer Additions with storage divided by total Customer Additions. Definitions for Unit-based and Aggregate Value, Costs and Margin Terms Subscriber Value represents Contracted Subscriber Value plus Non-contracted or Upside Subscriber Value. Contracted Subscriber Value represents the per Subscriber present value of estimated upfront and future Contracted Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period. Non-contracted or Upside Subscriber Value represents the per Subscriber present value of estimated future Non-contracted or Upside Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period. Contracted Cash Flows represent, (A) for Retained Subscribers, (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements (provided, that for Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, only the minimum contracted payment is included in Contracted Cash Flows), (2) net proceeds from tax equity partners, (3) payments from government and utility incentive and rebate programs, (4) contracted net cash flows from grid services programs with utilities or grid operators, and (5) contracted or defined (i.e., with fixed pricing) cash flows from the sale of renewable energy credits, less (y) (1) estimated operating and maintenance costs to service the systems and replace equipment over the initial terms of the Customer Agreements, consistent with estimates by independent engineers, (2) distributions to tax equity partners in consolidated joint venture partnership flip structures, and (3) distributions to any project equity investors, and (B) for Non-Retained or Partially Retained Subscribers, (x) contracted proceeds from the full or partial sale of related assets, before any price adjustments related to consigned inventory usage, plus (y) the share of Contracted Cash Flows described in clause (A) of this definition which are allocated to Sunrun pursuant to the terms of each sale agreement or partnership agreement. Non-contracted or Upside Cash Flows represent (A) for Retained Subscribers the (1) net cash flows realized from either the purchase of systems at the end of the Customer Agreement initial terms or renewals of Customer Agreements beyond the initial terms, estimated in both cases to have equivalent value, assuming only a 30-year relationship and a contract renewal rate equal to 90% of each Subscriber’s contractual rate in effect at the end of the initial contract term, (2) non-contracted net cash flows from grid service programs with utilities and grid operators, (3) non-contracted net cash flows from the sale of renewable energy credits, and (4) contracted cash flows from Flex Customer Agreements exceeding the minimum contracted payment (provided, that for Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, an assumption is made that each Subscriber’s electricity consumption increases by approximately 2% per year through the end of the initial term of the Customer Agreement and into the renewal period (if renewed), resulting in billings in excess of the minimum contracted amount (which minimums are included in Contracted Cash Flows)), and (B) for Non-Retained or Partially Retained Subscribers, the share of Non-contracted or Upside Cash Flows described in clause (A) of this definition which are allocated to Sunrun pursuant to the terms of each sale agreement or partnership agreement. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices. Creation Costs Reflected In Operating Expenses (Non-GAAP measure) represent total operating expenses, adjusted for certain items consistent with management’s use as a performance measure, all of which are itemized in the Non-GAAP reconciliation table as provided in the Company’s earnings release. Creation Costs Reflected In Operating Expenses may be derived by taking total operating expenses incurred in a period, and adjusting by: (A) excluding the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and (B) including any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage. When presented on a per Subscriber Addition basis, Creation Costs Reflected in Operating Expenses is divided by the Subscriber Additions for the corresponding period. Creation Costs Reflected In Capital Expenditures (Non-GAAP measure) represent total capital expenditures, adjusted for certain items consistent with management’s use as a performance measure, all of which are itemized in the Non-GAAP reconciliation table as provided in the Company’s earnings release. Creation Costs Reflected In Capital Expenditures may be derived by taking net cash used in investing activities and adjusting to include the gross additions to capitalized costs to obtain contracts (i.e., sales commissions) and to exclude cash used for the purchase of equity investments. As such, this measure represents the sum of the following items: (i) payments for the costs of energy systems, (ii) net purchases of property and equipment, and (iii) gross additions to capitalized costs to obtain contracts (i.e., sales commissions). When presented on a per Subscriber Addition basis, Creation Costs Reflected in Capital Expenditures is divided by the Subscriber Additions for the corresponding period. Net Subscriber Value represents Subscriber Value less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage. Contracted Net Subscriber Value represents Contracted Subscriber Value less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage. Upfront Net Subscriber Value represents Contracted Subscriber Value multiplied by Advance Rate less the summation of the following items divided by Subscriber Additions: (A) payments for the costs of energy systems; (B) net purchases of property and equipment; (C) gross additions to capitalized costs to obtain contracts (i.e., sales commissions); (D) total operating expenses, adjusted to exclude the following items: (i) fleet servicing costs; (ii) non-cash net impairment of energy systems; (iii) depreciation and amortization expense; (iv) amortization of costs to obtain contracts, which represents the amortization expense of sales commissions; (v) cost of energy system and product sales not pertaining to Non-retained or Partially Retained Subscribers; (vi) gross profit from system & product sales not pertaining to Non-retained or Partially Retained Subscribers; (vii) stock based compensation expense; (viii) goodwill impairment expense; (ix) amortization of intangible assets; and (x) costs associated with certain restructuring activities, amortization of previously capitalized insurance costs associated with tax credit transfer agreements, and one-time items are identified and excluded; and to include any purchase price adjustments for Non-retained or Partially Retained Subscribers owing to consigned inventory usage. Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated upfront proceeds, expressed as a percentage of Contracted Subscriber Value or Aggregate Contracted Subscriber Value, from project-level capital, proceeds from Non-Retained or Partially Retained Subscribers, and other upfront cash flows, based on market terms and observed cost of capital in a period. Aggregate Subscriber Value represents Subscriber Value multiplied by Subscriber Additions. Aggregate Contracted Subscriber Value represents Contracted Subscriber Value multiplied by Subscriber Additions. Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Actual project financing transaction timing for portfolios of Subscribers may occur in a period different from the period in which Subscribers are recognized, and may be executed at different terms. As such, Aggregate Upfront Proceeds are an estimate based on capital markets conditions present during each period and may differ from ultimate Proceeds Realized in respect of such period’s Retained Subscribers and ultimate proceeds obtained from such period’s Non-Retained or Partially Retained Subscribers. Proceeds Realized From Retained Subscribers represents cash flows received in respect of Retained Subscribers from non-recourse financing partners in addition to upfront customer prepayments, incentives and rebates. It is calculated as the proceeds from non-controlling interests on the cash flow statement, plus the net proceeds from non-recourse debt (excluding normal non-recourse debt amortization for existing debt, as such debt is serviced by cash flows from existing solar and storage assets), plus the gross additions to deferred revenue which represents customer payments for prepaid Customer Agreements along with local rebates and incentive programs. Cash Generation (Non-GAAP measure) represents Net cash provided by operating activities, less cash used in investing activities, less increases in restricted cash (or plus decreases in restricted cash), plus the following items: (i) net proceeds from non-recourse debt financings; (ii) net proceeds from tax equity (non-controlling interests and proceeds from sale of investment tax credits); (iii) net proceeds from state tax credits; (iv) net proceeds from trade receivable financings; and (v) net proceeds from pass-through financing obligations and finance lease obligations. Cash Generation can also be calculated through the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company’s consolidated statement of cash flows. The Company expects to continue to raise proceeds from tax equity and asset-level non-recourse debt, and proceeds from the sale of Non-Retained or Partially Retained Subscribers, to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes proceeds from long-term asset or business divestitures (aside from transactions relating to Non-Retained or Partially Retained Subscribers) and equity investments in external non-consolidated businesses not related to Non-Retained or Partially Retained Subscribers (or less dividends or distributions received in connection with such equity investments). Definitions for Gross and Net Value from Existing Customer Base Terms Gross Earning Assets is calculated as Contracted Gross Earning Assets plus Non-contracted or Upside Gross Earning Assets. Contracted Gross Earning Assets represents, as of any measurement date, the present value of estimated remaining Contracted Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%. Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present value of estimated Non-contracted or Upside Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%. Net Earning Assets represents Gross Earning Assets, plus Total Cash, less adjusted debt and lease pass-through financing obligations, as of the measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures for Retained Subscribers along with debt associated with the company’s ITC safe harboring equipment inventory facility. Because estimated cash distributions to our project equity partners for Retained Subscribers are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets. Contracted Net Earning Assets represents Net Earning Assets less Non-contracted or Upside Gross Earning Assets. Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Assets. Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet. Other Terms Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Retained Subscribers that have met initial revenue recognition criteria as of the measurement date. Average Contract Life Remaining represents the average number of years remaining in the initial term of Customer Agreements for Retained Subscribers that have met revenue recognition criteria as of the measurement date. Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun. Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria. Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits. Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in a period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits. *For our second quarter of 2026, the definitions listed below have been modified, and the changes to these definitions had no impact on previously reported quarters: Net Subscriber Value, Contracted Net Subscriber Value, Upfront Net Subscriber Value, and Cash Generation. Investor & Analyst Contacts: Patrick JobinSVP, Deputy CFO & Investor Relations [email protected] Bronson FleigDirector, Finance & Investor [email protected] Media Contact: Wyatt SemanekSr. Director, Corporate [email protected]

Sunrun (RUN) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +425.00%. A quarter ago, it was expected that this solar energy products distributor would post a loss of $0.05 per share when it actually produced earnings of $0.62, delivering a surprise of +1340%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Sunrun, which belongs to the Zacks Solar industry, posted revenues of $869.99 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 20.35%. This compares to year-ago revenues of $569.34 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Sunrun shares have lost about 40.1% since the beginning of the year versus the S&P 500's gain of 13%. While Sunrun has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Sunrun was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.22 on $810.44 million in revenues for the coming quarter and $1.01 on $3.08 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Daqo New Energy (DQ), another stock in the same industry, has yet to report results for the quarter ended June 2026. This solar panel parts maker is expected to post quarterly loss of $0.28 per share in its upcoming report, which represents a year-over-year change of +75.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Daqo New Energy's revenues are expected to be $59.2 million, down 21.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunrun Inc. (RUN) : Free Stock Analysis Report DAQO New Energy Corp. (DQ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Shoals Technologies Group (SHLS) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.1 per share. This compares to earnings of $0.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +20.00%. A quarter ago, it was expected that this solar energy equipment supplier would post earnings of $0.06 per share when it actually produced earnings of $0.07, delivering a surprise of +16.67%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Shoals Technologies, which belongs to the Zacks Solar industry, posted revenues of $163.37 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.44%. This compares to year-ago revenues of $110.84 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Shoals Technologies shares have added about 10.2% since the beginning of the year versus the S&P 500's gain of 11%. While Shoals Technologies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Shoals Technologies was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.12 on $158.02 million in revenues for the coming quarter and $0.40 on $622.39 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Solar is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Sunrun (RUN), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This solar energy products distributor is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -92.5%. The consensus EPS estimate for the quarter has been revised 12.2% higher over the last 30 days to the current level. Sunrun's revenues are expected to be $722.86 million, up 27% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Shoals Technologies Group, Inc. (SHLS) : Free Stock Analysis Report Sunrun Inc. (RUN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Analysts on Wall Street project that Sunrun (RUN) will announce quarterly earnings of $0.08 per share in its forthcoming report, representing a decline of 92.5% year over year. Revenues are projected to reach $722.86 million, increasing 27% from the same quarter last year. The consensus EPS estimate for the quarter has been revised 12.2% higher over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe. Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock. While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective. Given this perspective, it's time to examine the average forecasts of specific Sunrun metrics that are routinely monitored and predicted by Wall Street analysts. The consensus among analysts is that 'Revenue- Customer agreements and incentives' will reach $522.16 million. The estimate suggests a change of +14% year over year. The average prediction of analysts places 'Revenue- Solar energy systems and product sales' at $186.83 million. The estimate indicates a year-over-year change of +67.8%. Analysts' assessment points toward 'Revenue- Customer agreements' reaching $488.33 million. The estimate suggests a change of +12.7% year over year. According to the collective judgment of analysts, 'Revenue- Incentives' should come in at $48.83 million. The estimate suggests a change of +98.8% year over year. The combined assessment of analysts suggests that 'Revenue- Solar energy systems' will likely reach $50.99 million. The estimate suggests a change of +34.6% year over year. The collective assessment of analysts points to an estimated 'Revenue- Products' of $60.21 million. The estimate indicates a year-over-year change of -18%. Based on the collective assessment of analysts, 'Storage Capacity Installed' should arrive at 359 megawatt hours. The estimate compares to the year-ago value of 392 megawatt hours. Analysts expect 'Contracted Subscriber Value' to come in at $46240.36 . The estimate is in contrast to the year-ago figure of $49919.00 . Analysts predict that the 'Subscriber additions' will reach 23,779 . The estimate compares to the year-ago value of 28,823 . Analysts forecast 'Solar Capacity Installed' to reach 194 megawatts. The estimate is in contrast to the year-ago figure of 227 megawatts. The consensus estimate for 'Subscriber Value' stands at $49904.23 . Compared to the present estimate, the company reported $53891.00 in the same quarter last year. It is projected by analysts that the 'Gross Profit- Solar Energy Systems and Product' will reach $52.24 million. Compared to the present estimate, the company reported $7.19 million in the same quarter last year. View all Key Company Metrics for Sunrun here>>> Over the past month, shares of Sunrun have returned -19.6% versus the Zacks S&P 500 composite's +1.7% change. Currently, RUN carries a Zacks Rank #4 (Sell), suggesting that it may underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Sunrun Inc. (RUN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. Sunrun stock has fallen sharply over the past few years, yet its current valuation checks and market multiples leave a more nuanced picture for investors trying to work out whether the current price around US$9.47 still makes sense. Sunrun shares are down 82.3% over 5 years, which means the market has already priced in a lot of pessimism about the business. Future growth in residential solar adoption and the company’s ability to turn that into consistent cash flows can support the investment case. At the same time, capital intensity and execution risk on long dated customer contracts may continue to weigh on how the market prices the stock. Sunrun scores 3 out of 6 on our valuation checks, which points to a mixed picture rather than a clear bargain or clear overvaluation. The issue now is whether the current market price for Sunrun already reflects these risks and opportunities or still misprices the stock. Find out why Sunrun's -7.7% return over the last year is lagging behind its peers. The P/E ratio suits Sunrun because the stock now reports positive earnings, so the share price can be compared directly with those profits. Sunrun currently trades on a P/E of about 4.0x, while the wider Electrical industry averages roughly 35.0x and peers are around 42.6x. On simple comparisons, the stock trades at a steep discount to both its sector and similar companies. The tailored fair P/E ratio for Sunrun is estimated at about 16.7x, which already factors in its business profile, risks and sector context. That is still much higher than the current 4.0x multiple. The gap suggests the market price does not fully reflect what this framework views as a reasonable earnings multiple for Sunrun. On this P/E measure, Sunrun stock appears undervalued compared with both its industry and the modelled fair multiple. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives pick up where Sunrun's valuation puzzle leaves off and spell out which future paths for growth, margins and earnings would line up with a stock price that sits materially above or below where it is today. Each narrative sets out Sunrun's implied fair value as a thesis about the business that can be tracked over time, rather than a one-off snapshot. One of the top community narratives on Sunrun: 50% undervalued Read one of the top narratives on Sunrun Do you think there's more to the story for Sunrun? Head over to our Community to see what others are saying! Sunrun screens as undervalued on earnings multiples, yet the broader valuation checks are only mixed. That combination points to a stock that may be cheap for a reason rather than an obvious bargain. The key issue is whether Sunrun can turn its contracted revenue into reliable cash generation while managing capital intensity and execution risk. Your view on that trade off, and on whether the low P/E eventually re-rates, is likely to drive any investment decision from here. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RUN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]