Sunrun Inc.
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In Thousands, Except Share Par Values)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash | $618,057 | $574,956 |
| Restricted cash | 393,872 | 372,312 |
| Accounts receivable (net of allowances for credit losses of $17,065 and $15,420 as of June 30, 2025 and December 31, 2024, respectively) | 186,525 | 170,706 |
| Inventories | 491,150 | 402,083 |
| Prepaid expenses and other current assets | 96,207 | 202,579 |
| Total current assets | 1,785,811 | 1,722,636 |
| Restricted cash | 148 | 148 |
| Solar energy systems, net | 16,063,482 | 15,032,115 |
| Property and equipment, net | 98,298 | 121,239 |
| Other assets | 3,282,396 | 3,021,746 |
| Total assets (1) | $21,230,135 | $19,897,884 |
| Liabilities and total equity | ||
| Current liabilities: | ||
| Accounts payable | $279,775 | $354,214 |
| Distributions payable to noncontrolling interests and redeemable noncontrolling interests | 40,719 | 41,464 |
| Accrued expenses and other liabilities | 490,637 | 543,752 |
| Deferred revenue, current portion | 145,215 | 129,442 |
| Deferred grants, current portion | 8,283 | 7,900 |
| Finance lease obligations, current portion | 25,482 | 26,045 |
| Non-recourse debt, current portion | 278,531 | 231,665 |
| Total current liabilities | 1,268,642 | 1,334,482 |
| Deferred revenue, net of current portion | 1,280,557 | 1,208,905 |
| Deferred grants, net of current portion | 190,531 | 196,535 |
| Finance lease obligations, net of current portion | 50,736 | 66,139 |
| Convertible senior notes | 472,724 | 479,420 |
| Line of credit | 336,522 | 384,226 |
| Non-recourse debt, net of current portion | 12,945,532 | 11,806,181 |
| Other liabilities | 167,611 | 119,846 |
| Deferred tax liabilities | 71,058 | 137,940 |
| Total liabilities (1) | 16,783,913 | 15,733,674 |
| Commitments and contingencies (Note 14) | ||
| Redeemable noncontrolling interests | 715,585 | 624,159 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value—authorized, 200,000 shares as of June 30, 2025 and December 31, 2024; no shares issued and outstanding as of June 30, 2025 and December 31, 2024 | — | — |
| Common stock, $0.0001 par value—authorized, 2,000,000 shares as of June 30, 2025 and December 31, 2024; issued and outstanding, 230,321 and 225,662 shares as of June 30, 2025 and December 31, 2024, respectively | 23 | 23 |
| Additional paid-in capital | 6,823,894 | 6,747,236 |
| Accumulated other comprehensive income | 52,892 | 86,814 |
| Retained earnings | (3,950,082) | (4,279,866) |
| Total stockholders’ equity | 2,926,727 | 2,554,207 |
| Noncontrolling interests | 803,910 | 985,844 |
| Total equity | 3,730,637 | 3,540,051 |
| Total liabilities, redeemable noncontrolling interests and total equity | $21,230,135 | $19,897,884 |
1)The Company’s consolidated assets as of June 30, 2025 and December 31, 2024 include $14,459,746 and $13,290,216, respectively, in assets of variable interest entities (“VIEs”) that can only be used to settle obligations of the VIEs. These assets include solar energy systems, net as of June 30, 2025 and December 31, 2024 of $13,175,135 and $12,062,819, respectively; cash as of June 30, 2025 and December 31, 2024 of $307,111 and $420,756, respectively; restricted cash as of June 30, 2025 and December 31, 2024 of $52,629 and $57,892, respectively; accounts receivable, net as of June 30, 2025 and December 31, 2024 of $108,631 and $92,259, respectively; inventories as of June 30, 2025 and December 31, 2024 of $100,330 and $62,581, respectively; prepaid expenses and other current assets as of June 30, 2025 and December 31, 2024 of $7,674 and $7,616, respectively; and other assets as of June 30, 2025 and December 31, 2024 of $708,236 and $586,293, respectively. The Company’s consolidated liabilities as of June 30, 2025 and December 31, 2024 include $2,446,746 and $2,343,040, respectively, in liabilities of VIEs whose creditors have no recourse to the Company. These liabilities include accounts payable as of June 30, 2025 and December 31, 2024 of $6,988 and $5,400, respectively; distributions payable to noncontrolling interests and redeemable noncontrolling interests as of June 30, 2025 and December 31, 2024 of $40,720 and $41,465, respectively; accrued expenses and other current liabilities as of June 30, 2025 and December 31, 2024 of $47,553 and $42,997, respectively; deferred revenue as of June 30, 2025 and December 31, 2024 of $923,571 and $826,854, respectively; non-recourse debt as of June 30, 2025 and December 31, 2024 of $1,407,611 and $1,407,784, respectively; and other liabilities as of June 30, 2025 and December 31, 2024 of $20,303 and $18,540, respectively.
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