– Sectors – Sunrun Inc. (RUN)

February 23, 2023

Cash-Incinerating “Dark Science Project” Sunrun is Destroying Capital at an Amazing Clip

By Gordon L. Johnson II

Sunrun Sees Record Free-Cash-Flow Burn in Q4 and (Again) Doesn’t Earn its Cost of Capital. Yesterday, subprime solar roofing bellwether RUN reported 4Q22 rev/EBITDA/GAAP-EPS of $609M/-$70M/$0.29 vs. Cons’ $585.3M/-$39.8M/-$0.26. Furthermore, free-cash-flow came in at a…

January 5, 2023

It Appears Sunrun Lost its Largest Banker (Credit Suisse) & is Replacing Funding at a ~3% Cost w/ Funding at a ~7% Cost; This is Nothing Short of a Disaster

By Gordon L. Johnson II

Based on Details from Sunrun’s $835M Funding Announced Today, we Believe the Residential Solar Space is Looking at “Big Problems” in 2023E. Today, we learned that RUN closed a $835M funding round, consisting of a…

January 4, 2023

Did Sunrun Receive an Adverse Outcome Notification Regarding its Ongoing IRS Audit, Implying Material Going Concern Risk?

By Gordon L. Johnson II

Sunrun has Been Under IRS Audit Since 2018, Which is Still Ongoing. By way of background, as per page 32 of RUN’s 3Q22 10-Q filing (Ex. 1), we remind our readers that as of 11/2/22…

May 5, 2022