Sunrun revenue jumps 51.7% in Q3; SolarEdge cuts costs

Sunrun reported third-quarter 2026 revenue of $1.1 billion, a 51.7% increase from the same period last year, according to pv magazine USA. The figure exceeded S&P analysts’ consensus estimates of $750.3 million by 46.5%.

Subscriber additions fell 24% year-over-year during the quarter.

Sunrun Financial Performance

In the third quarter of 2026, Sunrun recorded $546 million in sales from energy systems and products, marking a 134% surge compared to the prior year. This result occurred alongside a 75% battery attachment rate, meaning that three-quarters of new deployments featured storage units.

Sunrun CEO Mary Powell commented, "The need for affordable, reliable power has never been more evident, and our storage-first offering is meeting it."

In a separate matter, the Financial and Technical Consulting (FTC) unit brought in $32.8 million for the quarter, rising from $26 million during the corresponding period last year.

SolarEdge Strategic Response

For the third quarter of 2026, SolarEdge disclosed non-GAAP earnings of $0.29 per share, generated from total revenue of $326.1 million. The firm projected fourth-quarter revenue to fall within a $245 million to $275 million bracket, a forecast that lagged behind analyst predictions.

Shuki Nir, the chief executive officer, responded to the muted outlook. "As near-term market uncertainty persists and given reduced revenue expectations for the fourth quarter, we are taking decisive steps to reduce costs, sharpen our focus, and support profitability amid softer demand," Nir stated. The organization’s declared countermeasure prioritizes immediate expense cuts and a narrowed strategic focus to sustain profitability while managing the expected drop in quarterly sales.

Shoals and Array Merger

• Shoals and Array Technologies announced a merger agreement on Nov. 4.
• Brandon Moss, CEO of Shoals, will lead the combined entity.
• No completion timeline has been provided for the merger.
• FTC Solar’s contracted backlog stands at approximately $640 million.

Shoals and Array Financials

The two merging companies show contrasting financial trajectories in their third-quarter 2026 results. Shoals posted growth across its key metrics, while Array Technologies reported a decline in revenue and a net loss.

Metric	Shoals Q3 2026	Array Technologies Q3 2026
Revenue	$195.3 million	$330.2 million
Year-over-Year Change	Up 43.8%	Down 16%
Net Income/Loss	$17.9 million	$7.9 million loss
Order Backlog	$791.7 million	$2.6 billion

Shoals’ order backlog, standing at $791.7 million as of Sept. 30, increased 9.8% year-over-year. The company also reported adjusted EBITDA of $39.8 million for the quarter. In contrast, Array Technologies’ order book reached $2.6 billion. The company noted a new order booking rate that is 1.6 times faster than its billing rate.

Operational Metrics and Strategic Partnerships

Sunrun’s direct sales model, initiated following a transaction announced in Q3 2025, involves selling installed solar and storage systems to third parties while retaining maintenance contracts. The company reported record virtual power plant dispatches during the quarter, contributing hundreds of megawatts on three occasions under California’s Demand Side Grid Support and Emergency Load Reduction programs. SolarEdge is developing solid-state transformer technologies with Infineon to address AI data center demand for 800 VDC technology. Array Technologies closed its acquisition of Affordable Wire Management in July, integrating cable management solutions with its tracker business. FTC Solar lowered its full-year growth target despite Q3 revenue hitting the midpoint of its $30 million to $35 million guidance range. The company anticipates Q4 revenue between $44 million and $52 million, a midpoint representing a nearly 46% increase over the $32.9 million posted in Q4 2025.

What to watch

Investors will monitor FTC Solar’s fourth-quarter performance against its guidance of $44 million to $52 million in revenue. FTC Solar secured more than 2.26 gigawatts in planned capacity in project awards following the quarter.