Cash generation was $27 million in Q2, marking the fifth consecutive quarter of positive cash flow, despite working capital timing impacts.
Contracted net value creation reached a record $376 million, more than doubling from the previous quarter and exceeding guidance.
Net subscriber value grew 182% year-over-year to $17,000, the highest in company history, driven by a 70% storage attachment rate and cost efficiencies.
Sunrun delivered strong financial results in Q2 2025 with $1.6 billion in aggregate subscriber value, a 40% year-over-year increase.
Sunrun paid down $21 million in recourse debt during the quarter and ended with $618 million in unrestricted cash, up $13 million from Q1.
As of June 30, 2025, total debt including finance leases was $1.3 billion, with $426 million in cash and cash equivalents and $500 million of undrawn revolver capacity.
Excelerate Energy reported adjusted EBITDA of $107 million for Q2 2025, an increase of approximately $7 million quarter-over-quarter, primarily driven by the addition of EBITDA from the Jamaica acquisition.
Net debt stood at $867 million with a trailing 12-month net leverage ratio of 2.2x.
The company announced an increase to its quarterly dividend, reflecting confidence in the enhanced cash flow profile post-Jamaica acquisition.
Year-over-year adjusted EBITDA grew by $18 million, reflecting contributions from both the Jamaica assets and the strength of the legacy business.
Impact of New Legislation on Renewable Energy Credits and Tax Incentives
The enactment of the 'One Big Beautiful Bill Act' on July 4 introduced a phaseout of renewable energy credits under the Inflation Reduction Act for wind and solar investments.
The legislation also created new foreign entity of concern rules, potentially restricting tax credit eligibility for certain investments.
The company expects its wind repowering project to be unaffected and its two solar projects to still receive full production tax credits.
Ongoing review of other renewable projects under the $650 million incremental investment plan to assess legislative impact.
Dafinchi