Sunrun Inc.: 2Q Preview: Homes to Hyperscalers

Research evidence excerpt

Sunrun Inc.: 2Q Preview: Homes to Hyperscalers

Equity Research

North America Clean Technology

15 July 2026

Sunrun Inc.

2Q Preview: Homes to

Hyperscalers

RUN broadens its AI strategy beyond power delivery, RUN EQUAL WEIGHT

positioning its installed base to address both data center Unchanged

North America Clean

compute and power constraints, although both distributed Technology POSITIVE

Unchanged

power and compute remain early-stage. Cash for safe harbor Price Target USD 14.00

Unchangedwill be spread out through remainder of year, not just 2Q.

Price (14-Jul-26) USD 12.78

Potential Upside/Downside +9.5%Extending the installed base into AI infrastructure: RUN's distributed AI initiative introduces

Source: Bloomberg, Barclays Research

a new avenue for monetizing its residential solar and storage footprint by transforming

customer homes into small-scale inference nodes. Unlike traditional AI data centers, the

Market Cap (USD mn) 3048company's approach utilizes compact 1-2 GPU systems that can be retrofitted without panel

Shares Outstanding (mn) 238.55upgrades, dedicated circuits, specialized cooling, or new utility interconnections, significantly

Free Float (%) 96.93expanding the addressable customer base. Management believes distributed compute could

52 Wk Avg Daily Volume (mn) 10.3benefit from the same power and interconnection constraints currently limiting centralized AI

Dividend Yield (%) N/Ainfrastructure, leveraging RUN's existing network of generation and storage resources to host

Return on Equity TTM (%) 19.06flexible inference workloads. While the concept remains early and will not contribute

Current BVPS (USD) 14.19meaningfully in 2026, preliminary economics appear attractive, with a targeted payback period

Source: Bloomberg

of one to two years.