SunRun (RUN) and Vivint Solar (VSLR) Q2 earnings do not change the thesis for either of these companies. Of these two bad businesses, on a relative basis, SunRun continues to execute better and Vivint continues to flounder.
After years of non-existent growth, Vivint is finally showing some growth this year, thanks in part to ITC step down at the end of the year. The Company's installations reached a multi-year high of 56MW with 19% y-to-y growth (image below).
In spite of the installation growth, alarmingly, the Company's cost of installations continues