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Sunrun Inc

For the period ended Dec 31, 2024. Filed Feb 27, 2025.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 27, 2025

RUN$9.74-2.4%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Balance Sheets

(In Thousands, Except Share Par Values)

As of December 31,
20242023
Assets
Current assets:
Cash$574,956$678,821
Restricted cash372,312308,869
Accounts receivable (net of allowances for credit losses of $15,420 and $19,042 as of December 31, 2024 and 2023, respectively)170,706172,001
Inventories402,083459,746
Prepaid expenses and other current assets202,579262,822
Total current assets1,722,6361,882,259
Restricted cash148148
Solar energy systems, net15,032,11513,028,871
Property and equipment, net121,239149,139
Goodwill—3,122,168
Other assets3,021,7462,267,652
Total assets (1)$19,897,884$20,450,237
Liabilities and total equity
Current liabilities:
Accounts payable$354,214$230,723
Distributions payable to noncontrolling interests and redeemable noncontrolling interests41,46435,180
Accrued expenses and other liabilities543,752499,225
Deferred revenue, current portion129,442128,600
Deferred grants, current portion7,9008,199
Finance lease obligations, current portion26,04522,053
Non-recourse debt, current portion231,665547,870
Pass-through financing obligation, current portion—16,309
Total current liabilities1,334,4821,488,159
Deferred revenue, net of current portion1,208,9051,067,461
Deferred grants, net of current portion196,535195,724
Finance lease obligations, net of current portion66,13968,753
Line of credit384,226539,502
Non-recourse debt, net of current portion11,806,1819,191,689
Convertible senior notes479,420392,867
Pass-through financing obligation, net of current portion—278,333
Other liabilities119,846190,866
Deferred tax liabilities137,940122,870
Total liabilities (1)15,733,67413,536,224
Commitments and contingencies (Note 18)
Redeemable noncontrolling interests624,159676,177
Stockholders’ equity:
Preferred stock, $0.0001 par value—authorized, 200,000 shares as of December 31, 2024 and 2023; no shares issued and outstanding as of December 31, 2024 and 2023——
Common stock, $0.0001 par value—authorized, 2,000,000 shares as of December 31, 2024 and 2023; issued and outstanding, 225,662 and 219,392 shares as of December 31, 2024 and 2023, respectively2322
Additional paid-in capital6,747,2366,609,229
Accumulated other comprehensive loss86,81454,676
Retained earnings(4,279,866)(1,433,699)
Total stockholders’ equity2,554,2075,230,228
Noncontrolling interests985,8441,007,608
Total equity3,540,0516,237,836
Total liabilities, redeemable noncontrolling interests and total equity$19,897,884$20,450,237

(1)The Company’s consolidated assets as of December 31, 2024 and 2023 include $13,290,216 and $11,538,540, respectively, in assets of variable interest entities, or “VIEs”, that can only be used to settle obligations of the VIEs. Solar energy systems, net, as of December 31, 2024 and 2023 were $12,062,819 and $10,469,093, respectively; cash as of December 31, 2024 and 2023 were $420,756 and $254,522, respectively; restricted cash as of December 31, 2024 and 2023 were $57,892 and $48,169, respectively; accounts receivable, net as of December 31, 2024 and 2023 were $92,259 and $76,249, respectively; inventories as of December 31, 2024 and 2023 of $62,581 and $150,065, respectively; prepaid expenses and other current assets as of December 31, 2024 and 2023 were $7,616 and $161,414, respectively and other assets as of December 31, 2024 and 2023 were $586,293 and $379,028, respectively. The Company’s consolidated liabilities as of December 31, 2024 and 2023 include $2,343,040 and $2,417,984, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of December 31, 2024 and 2023 of $5,400 and $12,187, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of December 31, 2024 and 2023 of $41,465 and $35,181, respectively; accrued expenses and other liabilities as of December 31, 2024 and 2023 of $42,997 and $185,766, respectively; deferred revenue as of December 31, 2024 and 2023 of $826,854 and $708,413, respectively; deferred grants as of December 31, 2024 and 2023 of $0 and $0, respectively; non-recourse debt as of December 31, 2024 and 2023 of $1,407,784 and $1,459,621, respectively; and other liabilities as of December 31, 2024 and 2023 of $18,540 and $16,816, respectively.

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