After reading Sunrun’s response, which attempts to explain the persistent, almost five-quarter difference between its Subscriber metric and EIA data, we conclude that Sunrun’s Subscriber numbers are arbitrary, if not an outright falsehood. Muddy Waters therefore remains short Sunrun. As we show belo… more
MW is again short Sunrun (RUN). We weren't cynical enough when we first published our initial short thesis on Sunrun in July 2022. We now believe that Sunrun has greatly exaggerated its (non-GAAP) Subscriber numbers for years, with the current overstatement seemingly close to five quarters of repo… more
Sunrun (RUN) continues the grand tradition of consultant-advised responses that largely avoid substance, yet span several pages. We herein focus the discussion on what was unsaid, and the little that was said.… more
Muddy Waters is short Sunrun Inc. (RUN) because we see it as an uneconomic business built on three shaky pillars: The equity story of exaggerated “Subscriber Values” and “Gross / Net Earning Assets”, funding growth through abusing tax incentives, and issuing ABS that could be exposed to a RUN bankru… more