Sunrun Inc. (NASDAQ: RUN) saw its shares soar 5.17% in after-hours trading on November 7, 2024, following the release of its third-quarter 2024 financial results. The solar energy and storage company's strong performance, highlighted by record storage installation figures and positive cash flow guidance, appears to have driven the stock's surge.
In the third quarter, Sunrun achieved a remarkable 60% attachment rate for storage installations, deploying a record 336 megawatt-hours of storage capacity. This represents a 92% year-over-year increase, underscoring the company's successful strategy of positioning itself as a "storage-first" company.
Furthermore, Sunrun reiterated its Cash Generation guidance for 2025, projecting between $350 million and $600 million. This outlook, coupled with the company's second consecutive quarter of positive Cash Generation in Q3, signaled a promising trajectory toward sustainable profitability and cash flow generation.