Sunnova Energy International Inc · Q1 2023 earnings

Briefing

Sunnova's financial performance for Q1 2023 was reported, demonstrating significant revenue growth and customer additions, along with an increased net loss due to higher interest and operating expenses.

Sunnova reported a strong start to 2023 with a significant increase in revenue and customer additions. Revenue increased to $161.7 million, and the company added 30,100 customers, bringing the total to 309,300. However, the company incurred a net loss of $110.3 million, primarily due to increased interest and operating expenses. The company also raised its full-year customer addition guidance.

• Added 30,100 customers in Q1, reaching a total of 309,300 customers by March 31, 2023.
• Increased full-year 2023 customer additions guidance to between 125,000 and 135,000.
• Expanded liquidity through $500 million in warehouse capacity and $324 million in new asset-backed securitizations.
• Announced a conditional commitment from the U.S. Department of Energy Loan Programs Office for up to $3.3 billion in financing guarantees.

Headline financials

Revenue & EPS history

Sunnova is increasing its 2023 full year guidance for customer additions and reaffirming for Adjusted EBITDA, interest income from customer notes receivable, and principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables.