Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Sunrun Inc. is actively progressing its strategic shift towards emphasizing its direct-to-consumer solar and energy storage business, which offers higher margins, better customer satisfaction, and stronger credit profiles compared to its affiliate channel.</li><li>In the second quarter of 2026, Sunrun reported positive cash generation of $45 million when excluding $22 million in safe harbor equipment investments, and has generated $428 million of cash in the past two years excluding such investments.</li><li>The company’s storage attachment rate reached a new high at 74%, equating to over 15,500 battery system installations in the quarter, reflecting strong demand for energy storage solutions.</li></ul>

Sunrun Inc. is actively progressing its strategic shift towards emphasizing its direct-to-consumer solar and energy storage business, which offers higher margins, better customer satisfaction, and stronger credit profiles compared to its affiliate channel.In the second quarter of 2026, Sunrun reported positive cash generation of $45 million when excluding $22 million in safe harbor equipment investments, and has generated $428 million of cash in the past two years excluding such investments.The company’s storage attachment rate reached a new high at 74%, equating to over 15,500 battery system installations in the quarter, reflecting strong demand for energy storage solutions.

Sunrun's Hidden Power Plant Business — 700 MW Already Dispatched Across The Grid!

<ul><li>Sunrun has found one of the strangest and most attention-grabbing ways yet to tie residential solar to the AI boom: putting miniature AI data-center equipment inside customer homes.</li><li>The company’s new distributed AI compute pilot would place compute nodes in homes already equipped with Sunrun solar and battery systems, pay participating homeowners for hosting the hardware, and sell AI inference capacity to enterprise compute buyers.</li><li>The idea is easy to understand and almost impossible to ignore: instead of waiting years for giant data centers, Sunrun wants to use its installed home-energy network as a faster, distributed compute layer.</li></ul>

Sunrun has found one of the strangest and most attention-grabbing ways yet to tie residential solar to the AI boom: putting miniature AI data-center equipment inside customer homes.The company’s new distributed AI compute pilot would place compute nodes in homes already equipped with Sunrun solar and battery systems, pay participating homeowners for hosting the hardware, and sell AI inference capacity to enterprise compute buyers.The idea is easy to understand and almost impossible to ignore: instead of waiting years for giant data centers, Sunrun wants to use its installed home-energy network as a faster, distributed compute layer.

Sunrun Wants To Turn Homes Into AI Data Centers—But Wall Street Still Isn’t Buying It!

<ul><li>Sunrun Inc. reported first-quarter 2026 results reflecting continued growth in customers and expansion of its distributed power infrastructure, complemented by ongoing adjustments in its business mix and capital deployment strategy amid evolving industry dynamics.</li><li>The company added approximately 19,000 customers during the quarter, with a storage attachment rate increasing to 73%, reinforcing its focus on integrated solar and storage solutions.</li><li>Aggregate contracted subscriber value reached $1.1 billion, exceeding guidance, while contracted net value creation approximated $108 million, near the upper end of the projected range.</li></ul>

Sunrun Inc. reported first-quarter 2026 results reflecting continued growth in customers and expansion of its distributed power infrastructure, complemented by ongoing adjustments in its business mix and capital deployment strategy amid evolving industry dynamics.The company added approximately 19,000 customers during the quarter, with a storage attachment rate increasing to 73%, reinforcing its focus on integrated solar and storage solutions.Aggregate contracted subscriber value reached $1.1 billion, exceeding guidance, while contracted net value creation approximated $108 million, near the upper end of the projected range.

Can Sunrun Turn 19,000 New Customers Into A Distributed Power Plant Strategy?

<ul><li>Sunrun's third quarter earnings report highlights several key aspects of its current performance and strategic focus, with both positive and negative elements for investors to consider.</li><li>On the positive side, Sunrun demonstrated strong financial results, generating $1.6 billion in aggregate subscriber value, which is a 10% increase year-over-year.</li><li>Their contracted net value creation rose by 35% to $279 million, indicating a substantial increase in profitability through their market-leading position in storage offerings.</li></ul>

Sunrun's third quarter earnings report highlights several key aspects of its current performance and strategic focus, with both positive and negative elements for investors to consider.On the positive side, Sunrun demonstrated strong financial results, generating $1.6 billion in aggregate subscriber value, which is a 10% increase year-over-year.Their contracted net value creation rose by 35% to $279 million, indicating a substantial increase in profitability through their market-leading position in storage offerings.

Sunrun Inc. Is Scaling Solar-and-Storage Faster—Could This Be the Next Big Residential Energy Shift?

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Thematic (Sector/Industry)

<div><ul><li>Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.</li><li>The problem of low-grade resources: Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.</li><li>The problem of high-grade resources: Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.</li></ul></div>

Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the natural resource to achieve sustainability, a three-dimensional concept that includes economics, social acceptance, and environmental considerations.The problem of low-grade resources: Deploying renewables in areas where the resource grade is too low imposes macro-level costs on the electrical system and reduces its economic and environmental sustainability through the inefficient deployment of limited resources.The problem of high-grade resources: Deploying too many renewables in areas where the resource grade is high causes value deflation, lowers the revenue of the projects, and impairs micro-level sustainability.

United States

Sunrun Inc. provides solar energy solutions. The Company installs, monitors, and maintains solar panels on homeowners' roofs to supply solar electricity. Sunrun serves customers in the United States.

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Sunrun Inc (RUN US)

Sunrun's Hidden Power Plant Business — 700 MW Already Dispatched Across The Grid!

Sunrun Inc. is actively progressing its strategic shift towards emphasizing its direct-to-consumer solar and energy storage business, which offers...

Baptista Research

Sunrun Wants To Turn Homes Into AI Data Centers—But Wall Street Still Isn’t Buying It!

Sunrun has found one of the strangest and most attention-grabbing ways yet to tie residential solar to the AI boom: putting miniature AI...

Baptista Research

Can Sunrun Turn 19,000 New Customers Into A Distributed Power Plant Strategy?

Sunrun Inc. reported first-quarter 2026 results reflecting continued growth in customers and expansion of its distributed power infrastructure,...

Baptista Research

Sunrun Inc. Is Scaling Solar-and-Storage Faster—Could This Be the Next Big Residential Energy Shift?

Sunrun's third quarter earnings report highlights several key aspects of its current performance and strategic focus, with both positive and...

Baptista Research

Renewable Energy And "Grade"

Renewables as extractive industries: Renewable energy sources like wind and solar are extractive industries that depend on the “grade” of the...

Massif Capital Research

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