SAN FRANCISCO - Sunrun reported better-than-expected first quarter results on Wednesday, sending shares up 7.4% in after-hours trading.

The residential solar company posted revenue of $504.3 million, exceeding analyst estimates of $486.09 million. Adjusted loss per share came in at $0.20, beating the consensus forecast for a loss of $0.37 per share.

Sunrun added 23,692 new subscribers in Q1, a 7% increase from the same period last year. The company’s storage attachment rate reached a record 69%, up from 50% in Q1 2024.

"The first quarter was another strong quarter for Sunrun as we exceeded our volume and Cash Generation targets by significant margins in what is seasonally the slowest quarter of the year," said Mary Powell, Sunrun’s Chief Executive Officer.

Total revenue grew 10% YoY to $504.3 million. Customer agreements and incentives revenue increased 25% to $402.9 million, while solar energy systems and product sales revenue declined 25% to $101.4 million.

The company generated $56 million in cash during Q1, marking its fourth consecutive quarter of positive cash generation. Sunrun reiterated its full-year 2025 cash generation guidance of $200 million to $500 million.

Sunrun ended the quarter with $604.9 million in cash and $2.6 billion in contracted net earning assets. The company added that it has paid down $214 million in recourse debt over the last four quarters.