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Campaigns / Muddy Waters → Sunrun Inc.
Muddy Waters vs. Sunrun Inc.

Sunrun Inc. · RUN

2 decks published between 2023-10-25 and 2023-11-01 — 36 pages, 36 analysed slides total.

follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-10-25 follow up

    2023 10 Sunrun_MW_Robinhood_20231025

    31pp · full_deck

    Sunrun's non-GAAP Subscriber count exceeds mandatory EIA filings by ~20%, implying phantom customers, ~$1.5B of overstated Net Earning Assets (62.5% of market cap), and possible ITC tax fraud.

    N 4 V 2 C 2
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  2. 2023-11-01 follow up

    2023 11 Sunrun_JustMakingItUp_20231101

    5pp · research_note

    Sunrun's Subscriber metric is fabricated — inflated ~20% above EIA filings — letting it overclaim ~$205M in IRS tax credits and prop up a fictitious valuation; Muddy Waters remains short.