Thesis: fraud, analyst: muddy-waters, sector: .
uneconomic business built on three shaky pillars
More ... latest change: 2026-02-28
Sunrun: “ESG” is for Everybody Screws the Government (RUN US) #
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 bankruptcy. These pillars, in turn, are built on a foundation of dubious financial models. If one of these three pillars wobbles, RUN would likely face a funding gap and would require equity issuances to continue growing. Insiders have already become ultra-wealthy, having net sold shares since July 2020 for $205.9 million. RUN is on its third CFO since January 2020.
added 25/10/2023 #
Sunrun: The Case of the Phantom Subscribers (RUN US)
MW is again short Sunrun. 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 reported deployments. It appears that Sunrun has been claiming and selling tax credits on these inflated numbers as well. The amount of possible excess tax credits for 2022 alone could be ~$200 million.
Last updated: 2026-03-07 by automated standardization process