SUNRUN INC Reports Record-Breaking Earnings Results for Q2 of FY2023
August 15, 2023
🌥️Earnings Overview
On August 2 2023, SUNRUN INC ($NASDAQ:RUN) reported their financial results for the second quarter of fiscal year 2023 which ended on June 30 2023. Total revenue increased by 1.0%, amounting to USD 590.2 million, while net income was USD 55.5 million compared to the -12.4 million reported in the same period the previous year.
Stock Price
On Wednesday, SUNRUN INC reported record-breaking earnings results for the second quarter of the fiscal year 2023. The company’s stock opened at $18.4 and closed at $17.8, a drop of 6.8% from the prior closing price of 19.2. The company credits its success to the continued growth in solar energy adoption among American households. With more people looking to reduce their electricity costs and embrace renewable energy sources, SUNRUN INC is well-positioned to capitalize on this trend and continue to deliver record-breaking earnings. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Sunrun Inc. More…
| Total Revenues | Net Income | Net Margin |
| 2.42k | 88.67 | 3.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Sunrun Inc. More…
| Operations | Investing | Financing |
| -1.04k | -2.28k | 3.37k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Sunrun Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 20.49k | 12.3k | 30.4 |
Key Ratios Snapshot
Some of the financial key ratios for Sunrun Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 41.7% | – | -26.8% |
| FCF Margin | ROE | ROA |
| -136.8% | -6.2% | -2.0% |
Analysis
We identified five risk warnings in the income statement, balance sheet, cash flow statement, non-financial, and financial journals. From the income statement, we noticed that the company’s revenue growth rate has been decreasing for the last few years. This may indicate a decline in the demand for the company’s products or services. The balance sheet also showed that SUNRUN INC‘s current assets are much higher than its current liabilities. This could be indicative of poor liquidity, which could cause financial problems for the company in the near future. In the cash flow statement, we noticed that there is a large amount of cash being used to purchase fixed assets. This could signal that the company is investing heavily and may not be able to generate cash flow to pay off its debts in the near future. The non-financial journals revealed a number of risks, such as potential legal issues, high employee turnover, and increasing competition in the market. These factors can all have a negative impact on the company’s performance. Finally, from our analysis of the financial journals, we noticed that the company may be over-leveraged with high levels of debt. This could put the company at risk of not being able to pay its debts if it does not generate sufficient profits. To learn more about our findings on SUNRUN INC’s fundamentals, register on GoodWhale.com and review our detailed risk report. More…
Peers
The solar industry is highly competitive, with companies constantly vying for market share. Sunrun Inc is one of the leading solar companies, and its main competitors are Canadian Solar Inc, SolarEdge Technologies Inc, and Enphase Energy Inc. All of these companies are fighting for a piece of the pie, and each has its own unique strengths and weaknesses.
– Canadian Solar Inc ($NASDAQ:CSIQ)
As of 2022, Canadian Solar Inc has a market cap of 1.95B and a Return on Equity of 9.55%. The company is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions. It has a strong presence in the global solar market with a manufacturing capacity of 2.4 GW and sales operations in over 70 countries. Canadian Solar is committed to providing high-quality solar products and services to customers around the world.
– SolarEdge Technologies Inc ($NASDAQ:SEDG)
SolarEdge Technologies Inc is a provider of solar power harvesting and monitoring solutions. The company’s market cap as of 2022 is 11.28B and its ROE is 8.11%. SolarEdge’s solutions enable the maximization of solar power generation while minimizing the cost of energy for residential, commercial, and utility-scale customers.
– Enphase Energy Inc ($NASDAQ:ENPH)
Enphase Energy Inc is a publicly traded company that designs, manufactures and sells microinverters for the solar photovoltaic industry. It has a market capitalization of $34.14 billion as of 2022 and a return on equity of 58.92%. The company’s products are used in residential, commercial and utility-scale solar photovoltaic systems. Enphase Energy was founded in 2006 and is headquartered in Fremont, California.
Summary
SUNRUN INC reported their Q2 FY2023 earnings on August 2 2023, showing an increase of 1.0% in total revenue compared to the previous year, totaling USD 590.2 million. Net income came in at USD 55.5 million, improving significantly from the year prior where it had a negative 12.4 million. Despite these positive results, the stock price of SUNRUN INC was seen to move lower on the day of the announcement. Investors may want to consider the long-term prospects of the company in order to determine whether this is an opportune time to invest in SUNRUN INC.
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