Sunrun Inc. (NASDAQ: RUN) reported its second quarter financial results for the first time as a public company after the markets closed on Thursday. The company had $72.69 million in revenue.
The company gave guidance for the third quarter. Sunrun expects 54 MW (megawatts) to 55 MW deployed, which represents 81% organic growth year over year at the midpoint. For the full year 2015, the company currently forecasts MW deployed in the range of 205 MW.
In the second quarter of 2015, MW booked increased to 61.2 MW from 36.1 MW year over year and MW deployed increased to 42.4 MW from 24.1 MW year over year, excluding the impact of an opportunistic asset portfolio purchase in the second quarter of 2014. This resulted in 70% organic year-over-year growth in MW booked and 76% organic year over year growth in MW deployed.
NPV created in the second quarter of 2015 was $37.2 million, compared to $23.3 million in the first quarter of 2015. Pre-tax project value per watt was $5.00, compared to $5.02 in the first quarter of 2015, which excludes substantially all of the value of SRECs. Creation cost per watt was $4.08 in the second quarter of 2015 compared to $4.36 in the first quarter of 2015.
Estimated nominal contracted payments remaining at the end of the quarter was $1.92 billion, compared to $1.25 billion in the previous year, an increase of 53%. Estimated retained value as of June 30, 2015 was $1,223 million compared to $787 million as of June 30, 2014, an increase of 55%.
Lynn Jurich, Sunrun’s CEO, commented on the earnings:
2015 has been an exciting year for Sunrun. We gained momentum towards our goal of creating the industry’s most valuable and satisfied customer base. We ended the quarter with approximately 87,000 customers and a 60% increase in our quarterly NPV to $37.2 million, which we achieved through accelerated reductions in creation costs.
ALSO READ: 6 Alternative Energy Stocks Called To Outperform Into 2016
The company completed its initial public offering in August, raising approximately $220 million in net proceeds. Additionally, in April, it entered into a $205 million secured working capital facility.
On the books the company has $116.6 million in cash and cash equivalents compared to $152.2 million at the end of 2014.
Shares of Sunrun closed Thursday up 2.6% at $11.69 on a post-IPO trading range of $8.23 to $13.31. Following the release of the report, shares were down 5.9% at $11.00 in the after-hours trading session.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
