Sunrun Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 6, 2025
Contents
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 battery storage and solar 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 manage our growth, including our rate of revenue growth;
our ability to further penetrate existing markets, expand into new markets and our expectations regarding market growth (including, but not limited to, expected cancellation rates);
our expectations concerning relationships with third parties, including the attraction, retention and continued existence of qualified battery and solar partners;
the impact of seasonality on our business;
our strategic partnerships and investments and the expected benefits of such partnerships and investments;
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 ability to protect our intellectual property and customer data, as well as to maintain our brand;
the willingness and ability of our battery and solar partners to fulfill their respective warranty and other contractual obligations;
our ability to renew or replace expiring, canceled, or terminated Customer Agreements at favorable rates or on a long-term basis;
the ability of our 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 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 and regulatory conditions, including increasing or volatile interest rates. 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, 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. 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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.