Sunrun Inc. (RUN) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $91.69 million, or $ 0.87 a share in the year, against a net loss of $28.25 million, or $0.96 a share in the last year.
Revenue during the year surged 49.01 percent to $453.90 million from $304.61 million in the previous year.
Operating loss for the year was $214.90 million, compared with an operating loss of $219.20 million in the previous year.
"Our 2016 performance continues to validate our business model. We grew our portfolio of installed solar energy systems by 47% to 879 MW with improving unit-level economics," said Lynn Jurich, Sunrun’s chief executive officer. "The reach of our multi-channel business model allowed us to gain market share and deliver a valuable service to our customers and our country’s energy infrastructure."
Operating cash flow remains negativeSunrun has spent $150.58 million cash to meet operating activities during the year as against cash outgo of $105.27 million in the last year. The company has spent $745.11 million cash to meet investing activities during the year as against cash outgo of $627.49 million in the last year.
Cash flow from financing activities was $898.19 million for the year, up 14.50 percent or $113.73 million, when compared with the last year.
Cash and cash equivalents stood at $206.36 million as on Dec. 31, 2016, up 1.23 percent or $2.50 million from $203.86 million on Dec. 31, 2015.
Working capital increases
Sunrun has recorded an increase in the working capital over the last year. It stood at $124.56 million as at Dec. 31, 2016, up 16.06 percent or $17.23 million from $107.33 million on Dec. 31, 2015. Current ratio was at 1.51 as on Dec. 31, 2016, up from 1.42 on Dec. 31, 2015.
Debt increases substantiallySunrun has witnessed an increase in total debt over the last one year. It stood at $921 million as on Dec. 31, 2016, up 16,930.38 percent or $915.60 million from $5.41 million on Dec. 31, 2015. Total debt was 25.78 percent of total assets as on Dec. 31, 2016, compared with 0.20 percent on Dec. 31, 2015. Debt to equity ratio was at 1 as on Dec. 31, 2016, up from 0.01 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
