Sunnova Energy International Inc · Q1 2022 earnings

Briefing

Announced financial results for the first quarter ended March 31, 2022.

Sunnova reported an increase in revenue to $65.7 million for Q1 2022, driven by an increased number of solar energy systems in service and the acquisition of SunStreet. The company reaffirms its full-year 2022 guidance, including customer additions of between 85,000 and 89,000 and adjusted EBITDA of between $117 million and $137 million.

• Added 15,300 customers in the first quarter of 2022, bringing total customer count to 207,800 as of March 31, 2022.
• Reaffirmed full-year 2022 guidance and major metric growth plan, the Triple-Double Triple Plan.
• Published 2021 Environmental, Social, and Governance (ESG) Report, further detailing Sunnova's ESG strategy and performance.
• Total liquidity of $703 million as of March 31, 2022.

Headline financials

Revenue & EPS history

Sunnova management reaffirms its 2022 guidance of: •Customer additions of between 85,000 and 89,000; •Adjusted EBITDA of between $117 million and $137 million; •Customer interest payments received from solar loans of between $45 million and $55 million; and •Customer principal payments received from solar loans, net of amounts recorded in revenue, of between $134 million and $154 million.