Sunrun posted positive Cash Generation of $23 million in Q2 2026, or $45 million excluding $22 million of safe harbor equipment investment.
Results reflected a shift toward the direct channel, which lifted margins longer term but added near-term ramp costs as new sales hires took longer to reach productivity.
Subscriber additions totaled nearly 21,000; storage attachment reached a record 74%, translating to more than 15,500 battery systems installed.
Affiliate volumes fell 30% versus Q1, down more than 70% year over year, pressured by tighter partner standards and the Freedom Forever bankruptcy.
Full-year Cash Generation guidance was cut to $200 million-$375 million; drivers included lower affiliate volume, slower direct ramp, higher capital costs.
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