Sunrun Files For IPO
June 25, 2015
WALL STREET JOURNAL – Sunrun Inc., a company that provides solar energy to homeowners, publicly filed its initial public offering documents Thursday, making a bid to become a strong publicly traded competitor to the leader in the sector, SolarCity Corp.
The Wall Street Journal previously reported that the company had its IPO documents filed confidentially, under the provisions of the JOBS Act, and was about to make them public.
San Francisco-based Sunrun installs solar panels on customers’ roofs. Customers pay little or nothing and are charged monthly payments by Sunrun for the duration of a contract.
The residential solar market is booming, setting a record in the U.S., last year, in part because of the financing plan first offered by Sunrun and now on offer from a variety of competitors.
Sunrun, founded in 2007, reported $198.6 million in revenue last year, almost quadrupling from $54.7 million in 2013. Its expenses also rose, however. Sunrun’s net loss for 2014 was $167.5 million, which was wider than the $66 million in 2013.
The company said that the value of its contracted payments was $1.7 billion as of March 31. Only a portion of this value translates into revenue each quarter.
With 79,000 customers, the company says it is the second-largest operator of residential solar-energy systems in the country.
The company has applied to be listed on Nasdaq under the stock symbol RUN.
For the full article, click here. Additional coverage: Fortune.