Sunrun第二季收入增53%至8.7億美元 轉錄經營利潤3480萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q 

(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended June 30, 2026 
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-37511 

Sunrun Inc. 
(Exact name of registrant as specified in its charter)

Delaware26-2841711
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

600 California Street, Suite 1800 
San Francisco, California 94108 
(Address of principal executive offices and Zip Code)

(415) 580-6900 
(Registrant’s telephone number, including area code) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareRUNNasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐

Non-accelerated filer☐Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of July 31, 2026, the number of shares of the registrant’s common stock outstanding was 240,846,982.

Table of Contents

Page

Special Note Regarding Forward-Looking Statements
2

Selected Risks Affecting our Business
4

Item 1.Financial Statements (Unaudited)
6

Consolidated Balance Sheets
6

Consolidated Statements of Operations
8

Consolidated Statements of Comprehensive Income
9

Consolidated Statements of Redeemable Noncontrolling Interests and Equity
10

Consolidated Statements of Cash Flows
12

Notes to Consolidated Financial Statements
13

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
36

Item 3.Quantitative and Qualitative Disclosures About Market Risk
54

Item 4.Controls and Procedures
54

PART II – OTHER INFORMATION

Item 1.Legal Proceedings
56

Item 1A.Risk Factors
56

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
93

Item 4.
Mine Safety Disclosures
93

Item 5.Other Information
93

Item 6.Exhibits
93

Signatures
95

1

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The discussion in this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “goals,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “likely,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•the potential impact of regulatory and policy development and changes;

•the availability of rebates, tax credits and other financial incentives, and decreases to federal battery and solar tax credits;

•the potential impact of volatile or rising interest rates on our interest expense;

•our industry’s, and specifically our, continued ability to manage costs (including, but not limited to, equipment costs) associated with battery and solar service offerings;

•potential changes in the retail price of utility-generated electricity or electricity from other energy sources;

•the sufficiency of our cash, investment fund commitments and available borrowings to meet our anticipated cash needs;

•our need and ability to raise capital, refinance existing debt, and finance our operations from new and existing investors;

•our investment in research and development and new product offerings;

•determinations by the Internal Revenue Service (“IRS”) of the creditable basis of our energy systems;

•our ability to manage our supply chains and distribution channels and the impact of natural disasters, supply chain disruptions, inflation, tariffs and trade barriers, export regulations, bank failures, geopolitical conflicts, macroeconomic conditions, and other events beyond our control on our business and operations, results of operations, and financial position;

•our business plan and our ability to effectively and efficiently manage our growth, including our rate of revenue and margin growth;

•our ability to drive distribution, further penetrate existing markets and expand into new markets; 

•our expectations regarding market growth (including, but not limited to, expected cancellation rates) and our brand expansion;

•our expectations concerning relationships with third parties, including the attraction, retention and continued existence of qualified battery and energy system partners;

•the impact of seasonality on our business;

•our strategic partnerships and investments and the expected benefits of such partnerships and investments, including empowering new market entrants;

•our ability to realize the anticipated benefits of past or future investments, strategic transactions, or acquisitions, and risk that the integration of these acquisitions may disrupt our business and management;

•our intention to file additional patent applications;
2

•our ability to protect our intellectual property and customer data, as well as to maintain our brand;

•the willingness and ability of our battery and energy system partners to fulfill their respective warranty and other contractual obligations;

•our ability to develop customer relationships and to deliver a differentiated customer experience;

•our ability to renew or replace expiring, canceled, or terminated Customer Agreements at favorable rates or on a long-term basis;

•our ability to deliver industry leading performance guarantees;

•the ability of our energy systems to operate or deliver energy for any reason, including if interconnection or transmission facilities on which we rely become unavailable;

•our expectations regarding certain performance objectives and the renewal rates and purchase value of our energy systems after expiration of our Customer Agreements;

•the calculation of certain of our key financial and operating metrics and accounting policies; and

•our ability to capitalize on the market opportunities created by the electrification of the U.S. economy with renewable energy.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These risks and uncertainties may be amplified by evolving economic, geopolitical and regulatory conditions, including increasing or volatile interest rates, trade regulations and tariffs, or changes in tax credits. The extent to which these risks and uncertainties impact our business, operations, and financial results, including the duration and magnitude of such effects, will depend on numerous factors, including, but not limited to, the duration, rapidity, and intensity of these conditions, how widespread their impact is and will continue to be on our industry or those of our suppliers, and how quickly and to what extent more predictable and stable economic conditions resume. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The information provided in this Quarterly Report on Form 10-Q is based on the facts and circumstances known as of the date of this Quarterly Report on Form 10-Q, and any forward looking statements made by us in this Quarterly Report on Form 10-Q speak only as of the date of this Quarterly Report on Form 10-Q. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in these forward-looking statements will be achieved or occur. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to actual results or to changes in our expectations, except as required by law.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed with the Securities and Exchange Commission (the “SEC”) as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.
 

3

SELECTED RISKS AFFECTING OUR BUSINESS

Investing in our common stock involves numerous risks, including the risks described in Part II, Item 1A. “Risk Factors”, of this Quarterly Report on Form 10-Q. Below are some of these risks, any one of which could materially adversely affect our business, financial condition, results of operations and prospects. 

Selected Risks Related to the Battery and Solar Industry

•The battery storage and solar energy industry is an emerging market, which is constantly evolving and may not develop to the size or at the rate we expect.
•We have historically benefited from declining costs in our industry, and our business and financial results have been and may continue to be harmed as a result of recent, and any continued, increases in costs associated with our battery and solar service offerings and any failure of these costs to decline in the future. If we do not reduce our cost structure in the future, our ability to continue to be profitable may be impaired.
•We face competition from traditional energy companies as well as battery, solar, and other renewable energy companies.

Selected Risks Related to Our Operating Structure and Financing Activities

•We need to raise capital to finance the continued growth of our operations and solar service business. If capital is not available to us on acceptable terms, as and when needed, our business and prospects would be materially and adversely impacted. In addition, our business is affected by general economic conditions and related uncertainties affecting markets in which we operate. Volatility in current economic conditions could adversely impact our business, including our ability to raise financing.
•Volatility and increases in interest rates raise our cost of capital and may adversely impact our business.
•We expect to incur substantially more debt in the future, which could intensify the risks to our business.

Selected Risks Related to Regulation and Policy

•The customer value proposition for distributed solar, storage, and home electrification products is influenced by a number of factors, including, but not limited to, the retail price of electricity, the valuation of electricity not consumed on site and exported to the grid, the rate design mechanisms of customers’ utility bills, various policies related to the permitting and interconnection costs of our products to homes and the grid, the availability of incentives for solar, batteries, and other electrification products, and other policies which allow aggregations of our systems to provide the grid value. Significant changes to any of these factors may impact the competitiveness of our service offerings to customers. 
•Electric utility statutes and regulations and changes to such statutes or regulations may present technical, regulatory, and economic barriers to the purchase and use of our solar service offerings that may significantly reduce demand for such offerings.
•Regulations and policies related to rate design could deter potential customers from purchasing our solar service offerings, reduce the value of the electricity our systems produce, and reduce any savings that our customers could realize from our solar service offerings.
•Trade policies and international relations between the U.S. and key solar manufacturing countries continue to evolve. The imposition of new duties, tariffs, or other trade barriers—whether by the U.S. government or in retaliation by other nations—may disrupt supply chains, increase costs, and create uncertainty in our business operations.

Selected Risks Related to Our Business Operations

•Our growth depends in part on the success of our relationships with third parties.
•We and our energy system partners depend on a limited number of suppliers of solar panels, batteries, and other system components to adequately meet anticipated demand for our solar and storage service offerings. Any shortage, bottlenecks, delay, detentions, or component price change from these suppliers, or the acquisition of any of these suppliers by a competitor, could result in sales and installation delays, cancellations and loss of market share.
•If we fail to manage our recent and future growth effectively, we may be unable to execute our business plan, maintain high levels of customer service, or adequately address competitive challenges. 
•We may not realize the anticipated benefits of past or future investments, strategic transactions, or acquisitions, and integration of these acquisitions may disrupt our business and our management team.
4

•The failure to hire and retain a sufficient number of employees and service providers in key functions would constrain our growth and our ability to timely complete customers’ projects and successfully manage customer accounts.
•Regulators may impose rules on the type of electricians qualified to install and service our solar and battery systems, which may result in workforce shortages, operational delays, and increased costs.
•Our results of operations may fluctuate from quarter to quarter, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations, resulting in a decline in the price of our common stock.
•Our actual financial results may differ materially from any guidance we may publish from time to time.
•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) could harm our business. Compliance or the actual or perceived failure to comply with such obligations could increase the costs of our products/services, limit their use or adoption, and otherwise negatively affect our operating results and business.

Selected Risks Related to Taxes and Accounting

•Our ability to provide our battery and solar service offerings to customers on an economically viable basis depends in part on our ability to finance these systems with fund investors who seek particular tax and other benefits. 
•If the IRS, or, in the event of a dispute, a court or other applicable authority, determines that the creditable basis of our energy systems is materially lower than what we have claimed, we may have to pay significant amounts to our fund investors, and our business, financial condition, and prospects may be materially and adversely affected.
•Our business currently depends in part on the availability of utility rebates, tax credits and other benefits, tax exemptions and exclusions, and other financial incentives, on the federal, state, and/or local levels. We may be adversely affected by changes in, and application of, these laws or other incentives to us, and the expiration, elimination or reduction of these benefits could adversely impact our business.

If we are unable to adequately address these and other risks we face, our business may be harmed.

5

Sunrun Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
(Unaudited)
June 30, 2026December 31, 2025
Assets
Current assets:
Cash$712,425 $823,380 
Restricted cash423,812 413,460 
Accounts receivable (net of allowances for credit losses of $25,875 and $20,692 as of June 30, 2026 and December 31, 2025, respectively)
235,421 262,627 

Inventories649,853 501,286 
Prepaid expenses and other current assets144,997 155,216 
Total current assets2,166,508 2,155,969 
Restricted cash148 148 
Energy systems, net17,245,212 16,817,863 
Property and equipment, net61,400 75,692 

Other assets3,886,099 3,560,924 
Total assets (1)
$23,359,367 $22,610,596 
Liabilities and total equity
Current liabilities:
Accounts payable$321,422 $271,021 
Distributions payable to noncontrolling interests and redeemable noncontrolling interests
49,123 47,072 
Accrued expenses and other liabilities444,439 518,835 
Deferred revenue, current portion162,902 162,839 
Deferred grants, current portion9,004 8,681 
Finance lease obligations, current portion23,162 24,557 
Non-recourse debt, current portion513,397 269,510 
Total current liabilities1,523,449 1,302,515 
Deferred revenue, net of current portion1,380,846 1,350,494 
Deferred grants, net of current portion190,933 196,726 
Finance lease obligations, net of current portion24,914 36,908 
Convertible senior notes474,780 473,749 
Line of credit153,700 238,323 
Non-recourse debt, net of current portion14,016,021 13,708,532 
Other liabilities188,276 156,199 
Deferred tax liabilities198,783 163,176 
Total liabilities (1)
18,151,702 17,626,622 
Commitments and contingencies (Note 14)

Redeemable noncontrolling interests816,076 709,255 
Stockholders’ equity:
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2026 and December 31, 2025; issued and outstanding, 240,126 and 233,612 shares as of June 30, 2026 and December 31, 2025, respectively
24 23 
Additional paid-in capital6,967,992 6,899,277 
Accumulated other comprehensive income69,191 63,103 
Retained earnings(3,547,123)(3,829,919)
Total stockholders’ equity3,490,084 3,132,484 
Noncontrolling interests901,505 1,142,235 
Total equity4,391,589 4,274,719 
Total liabilities, redeemable noncontrolling interests and total equity$23,359,367 $22,610,596 

6

1)The Company’s consolidated assets as of June 30, 2026 and December 31, 2025 include $15,867,122 and $15,593,689, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. Energy systems, net as of June 30, 2026 and December 31, 2025 were $14,026,301 and $13,777,190, respectively; cash as of June 30, 2026 and December 31, 2025 were $482,999 and $539,440, respectively; restricted cash as of June 30, 2026 and December 31, 2025 were $56,898 and $59,010, respectively; accounts receivable, net as of June 30, 2026 and December 31, 2025 were $129,921 and $118,907, respectively; inventories as of June 30, 2026 and December 31, 2025 were $184,717 and $180,841, respectively; prepaid expenses and other current assets as of June 30, 2026 and December 31, 2025 were $7,075 and $64,588, respectively; and other assets as of June 30, 2026 and December 31, 2025 were $979,211 and $853,713, respectively. The Company’s consolidated liabilities as of June 30, 2026 and December 31, 2025 include $2,575,400 and $2,643,129, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2026 and December 31, 2025 of $5,204 and $5,125, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2026 and December 31, 2025 of $49,124 and $47,073, respectively; accrued expenses and other liabilities as of June 30, 2026 and December 31, 2025 of $53,544 and $110,390, respectively; deferred revenue as of June 30, 2026 and December 31, 2025 of $1,031,169 and $1,025,241, respectively; non-recourse debt as of June 30, 2026 and December 31, 2025 of $1,415,834 and $1,434,535, respectively; and other liabilities as of June 30, 2026 and December 31, 2025 of $20,525 and $20,765, respectively.
The accompanying notes are an integral part of these consolidated financial statements.
7

Sunrun Inc.
Consolidated Statements of Operations
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Customer agreements and incentives$543,730 $458,000 $1,011,552 $860,920 
Energy systems and product sales326,258 111,336 580,667 212,687 
Total revenue869,988 569,336 1,592,219 1,073,607 
Operating expenses:
Cost of customer agreements and incentives342,452 345,376 657,194 654,005 
Cost of energy systems and product sales199,312 104,144 387,000 200,942 
Sales and marketing190,681 152,459 369,214 298,449 
Research and development10,234 8,063 20,377 18,042 
General and administrative92,521 71,543 167,156 129,306 

Total operating expenses835,200 681,585 1,600,941 1,300,744 
Income (loss) from operations34,788 (112,249)(8,722)(227,137)
Interest expense, net(264,428)(247,137)(528,371)(474,571)
Other income (expense), net17,495 (14,528)34,681 (59,927)
Loss before income taxes(212,145)(373,914)(502,412)(761,635)
Income tax (benefit) expense(3,972)(94,930)3,094 (205,480)
Net loss(208,173)(278,984)(505,506)(556,155)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
(323,325)(558,757)(788,302)(885,939)
Net income attributable to common stockholders$115,152 $279,773 $282,796 $329,784 
Net income per share attributable to common stockholders
Basic$0.48 $1.22 $1.19 $1.45 
Diluted$0.42 $1.07 $1.04 $1.28 
Weighted average shares used to compute net income per share attributable to common stockholders
Basic238,997 229,167 236,804 227,794 
Diluted273,999 261,152 273,189 259,539 

The accompanying notes are an integral part of these consolidated financial statements.

8

Sunrun Inc.
Consolidated Statements of Comprehensive Income
(In Thousands)
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(208,173)$(278,984)$(505,506)$(556,155)
Other comprehensive income (loss):

Unrealized gain (loss) on derivatives, net of income taxes6,547 (4,720)9,692 (26,684)
Adjustment for net gain on derivatives recognized into earnings, net of income taxes(1,767)(3,561)(3,604)(7,238)
Total other comprehensive income (loss)
4,780 (8,281)6,088 (33,922)
Total comprehensive loss
(203,393)(287,265)(499,418)(590,077)
Less: Net loss attributable to noncontrolling interests and redeemable noncontrolling interests
(323,325)(558,757)(788,302)(885,939)
Comprehensive income attributable to common stockholders$119,932 $271,492 $288,884 $295,862 

9

Sunrun Inc.
Consolidated Statements of Redeemable Noncontrolling Interests and Equity
Three Months Ended June 30, 2026 and 2025
(In Thousands)
(Unaudited)

Three Months Ended June 30, 2026
Redeemable
Noncontrolling
InterestsCommon StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive
Income
Retained
EarningsTotal
Stockholders’
Equity
Noncontrolling
InterestsTotal
Equity
SharesAmount
Balance at March 31, 2026$730,224 235,512 $24 $6,938,594 $64,411 $(3,662,275)$3,340,754 $885,587 $4,226,341 

Issuance of restricted stock units, net of tax withholdings— 3,693 — — — — — — — 
Shares issued in connection with the Employee Stock Purchase Plan
— 921 — 8,094 — — 8,094 — 8,094 
Stock-based compensation
— — — 21,354 — — 21,354 — 21,354 
Contributions from noncontrolling interests and redeemable noncontrolling interests
245,099 — — — — — — 270,645 270,645 
Distributions to noncontrolling interests and redeemable noncontrolling interests
(19,992)— — — — — — (53,828)(53,828)
Net (loss) income
(128,028)— — — — 115,152 115,152 (195,297)(80,145)
Acquisition of noncontrolling interests(11,227)— — (50)— — (50)(5,602)(5,652)
Other comprehensive income, net of income taxes
— — — — 4,780 — 4,780 — 4,780 
Balance at June 30, 2026
$816,076 240,126 $24 $6,967,992 $69,191 $(3,547,123)$3,490,084 $901,505 $4,391,589 

Three Months Ended June 30, 2025
Redeemable
Noncontrolling
InterestsCommon StockAdditional
Paid-In
CapitalAccumulated
Other
Comprehensive
Income (Loss)
Retained
EarningsTotal
Stockholders’
Equity
Noncontrolling
InterestsTotal
Equity
SharesAmount
Balance at March 31, 2025$657,772 227,325 $23 $6,784,061 $61,173 $(4,229,855)$2,615,402 $824,347 $3,439,749 

Exercise of stock options
— 7 — 63 — — 63 — 63 
Issuance of restricted stock units, net of tax withholdings
— 1,980 — — — — — — — 
Shares issued in connection with the Employee Stock Purchase Plan
— 1,009 — 8,482 — — 8,482 — 8,482 
Stock-based compensation
— — — 25,701 — — 25,701 — 25,701 
Contributions from noncontrolling interests and redeemable noncontrolling interests
206,146 — — — — — — 473,238 473,238 
Distributions to noncontrolling interests and redeemable noncontrolling interests
(19,885)— — — — — — (41,560)(41,560)
Net (loss) income
(110,942)— — — — 279,773 279,773 (447,815)(168,042)

Acquisition of noncontrolling inte