Filing Flows › Sunrun (RUN) › Q1 2025
Sunrun (RUN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Sunrun (RUN) reported revenue of $504M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -3% from the quarter before. Operating margin was -22.8%, net loss $277M (55.0% of revenue).
Sunrun, Q1 2025: revenue $504M (+10% year over year), operating margin -22.8%, net loss $277M, operating cash flow −$104M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $504M | -3% | +10% |
| Operating profit | −$115M | — | — |
| Net earnings | −$277M | — | — |
| Operating cash flow | −$104M | — | — |
What changed
Revenue was $504.3M in Q1 2025, up 10% year over year and down 3% from the previous quarter. Customer agreements was the largest line at 76% of revenue. Customer agreements added $77.2M year over year (up 25%), 168% of the total change. Solar energy systems declined 38%.
Operating costs exceeded revenue by $114.9M, an operating margin of -22.8%. Total costs fell 3% while revenue rose 10%. The fastest-growing cost line was General & admin (+13%). The quarter ended with a net loss of $277.2M, narrower than the previous quarter's $3,400.0M loss. Minority interests bore $327.2M of it: to shareholders the quarter was a profit of $50.0M. Net interest and other expense of $272.8M was the main reason.
Operating cash flow was −$104.2M. Non-cash charges added back $169.9M of depreciation and amortization and $25.0M of share-based compensation. Working capital and other items used $21.9M.
Questions
What was Sunrun's revenue in the first quarter 2025?
Sunrun (RUN) reported revenue of $504M for the first quarter 2025 (Q1 2025), +10% from a year earlier and -3% from the quarter before.
Was Sunrun profitable in the first quarter 2025?
Operating loss was $115M (-22.8% of revenue) and net loss $277M.
Source: Sunrun 10-Q on SEC EDGAR.