Summary by Moomoo AI
Sunrun, a leading provider of residential solar energy systems, reported a net loss of $87.8 million for the first quarter of 2024, a significant improvement from the net loss of $240.4 million in the same period of 2023. The basic and diluted net loss per share also improved to $0.40, compared to $1.12 in the previous year. Despite the net loss, the company's revenue from customer agreements increased by 35% year-on-year, driven by new systems placed in service. However, total revenue decreased by 22% to $458.2 million due to a substantial drop in solar energy systems and product sales, which fell by 72% and 39% respectively. Operating expenses also saw a decrease, with sales and marketing expenses down by 25% and cost of solar energy systems and product sales...Show More