Muddy Waters ‘again’ short Sunrun, believes subscriber numbers inflated

Activist short seller Muddy Waters Research said in a series of tweets: “MW is again short Sunrun ($RUN) bc we believe that RUN significantly inflates the number of Subscribers it reports. As of Q2, RUN reported ~725K Subscribers. Data RUN provides to the U.S. Energy Information Agency shows only ~600K Subscribers… “Subscribers” is a non-GAAP measure, and likely not audited. The gap between non-GAAP Subscribers and EIA is persistent since $RUN began disclosing the non-GAAP Subscriber metric.”