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Employees of Sunrun, nation's largest rooftop solar installer lift panels onto a roof
Sunrun employees carry panels into position (Brian van der Brug/Getty Images)

Sunrun shares shine after big Q2 earnings beat and record energy storage demand

The energy storage and solar panel provider crushed Wall Street’s estimates as new installations soared.

Nia Warfield

Sunrun soared 30% Thursday after the solar company reported a surprise second-quarter profit and record customer demand for its energy storage systems.

Earnings per share hit $1.07, a sharp beat compared to Wall Street’s expected $0.06 loss. Revenue also topped forecasts, coming in at $569.3 million versus the $559.4 million consensus. 

Storage was the star: Sunrun hit a new high for storage attachment, with 70% of new customers adding batteries — up from 54% a year ago. Overall, customer additions with storage grew 50% annually. Last year, Sunrun accounted for one in every five US rooftop solar systems.

Sunrun’s blowout results follow a similarly sunny report last week from rival First Solar, which also beat Q2 estimates and raised its full-year outlook despite a looming timeline for US clean energy tax credits. 

Wall Street thinks the road ahead could be even brighter: JPMorgan reiterated its “overweight” (buy) rating on the stock and raised its price target to $20 from $16, citing strong Q2 results, record storage attachment, and lower costs. It also added that Sunrun could sustain profits post-2028, even without tax credits, thanks to cost cuts, grid revenue, and rising utility prices.

Sunrun shares are now positive on the year, up about 17% year to date.

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Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

With that intel, it’s little wonder why the carnage this week has been particularly intense in more speculative single stocks that had been favored by the retail community, including IREN, IonQ, Rigetti, Cipher Mining, Bloom Energy, and Oklo.

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Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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