Sunrun swings to loss in 2020

Solar power
Solar no power if you are in England, especially in winter, more like: timzim.blogspot.com
By Tim Zim on 2009-10-22 11:08:36
tags Sunrun swings to loss in 2020

February 26 (Renewables Now) – US residential solar installer Sunrun Inc (NASDAQ:RUN) on Thursday posted a net attributable loss for 2020 in spite of a 7% increase in revenues as expenses piled up.

The net loss was USD 173.4 million (EUR 143m) for the period, compared with a net attributable profit of USD 26 million in 2019. The company’s revenues climbed to USD 922.2 million, but operating expenses increased 29% on the year to USD 1.39 billion. Sunrun booked one-time acquisition expenses and restructuring costs of USD 58.9 million.

The solar, storage and energy services provider deployed 603 MW of solar photovoltaic (PV) capacity in 2020, while networked solar energy capacity reached 3,885 MW, up by 95% on the year, not pro-forma for the acquisition of Vivint Solar. Revenues from selling solar energy systems and products fell 7% from 2019 to USD 438 million.

More details on Sunrun’s performance can be seen in the table.

Figures in USD million	2020	2019
Revenues	922.2	858.6
– of which customer agreements and incentives	484.2	387.8
– of which solar energy systems and product sales	438.0	470.7
Operating profit (loss)	(465.1)	(215.7)
Total operating expenses	1,387	1,074
Net profit (loss)	(626.9)	(391.0)
Net profit (loss) to common stockholders	(173.4)	26.3

For 2021, the company expects solar energy deployments to grow by 20% to 25%, pro-forma for Vivint Solar. The company also lifted its expectations for cost synergies from the acquisition to USD 120 million by the end of 2021, up from USD 90 million previously.

“The combination of continued operational improvements and strategic advantage from our increased scale sets the company up for a break-out 2021,” chief financial officer Tom von Reichbauer commented.

(USD 1.0 = EUR 0.825)