Sunrun Inc 2025年季度报告

FORM10-Q (MarkOne)☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the quarterly period endedJune30, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934Commission File Number:001-37511 Sunrun Inc. (Exact name of registrant as specified in its charter) 26-2841711(I.R.S. EmployerIdentification No.) 600 California Street,Suite 1800San Francisco,California94108(Address of principal executive offices and Zip Code) (415)580-6900(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ Table of Contents Special Note Regarding Forward-Looking StatementsSelected Risks Affecting our BusinessItem 1.Financial Statements (Unaudited)Consolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of Comprehensive IncomeConsolidated Statements of Redeemable Noncontrolling Interests and EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures PART II – OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The discussion in this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933, as amended (the “Securities Act”), Section 21E of the Securities Exchange Actof 1934, as amended (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995, which statementsinvolve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our futurefinancial or operating performance. In some cases, you can identify forward-looking statements because they containwords 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 othersimilar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statementscontained 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 taxcredits;•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, equipmentcosts) 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 cashneeds;•our need and ability to raise capital, refinance existing debt, and finance our operations from new and existinginvestors;•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 solarenergy systems;•our ability to manage our supply chains and distribution channels and th