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Mar 31, 2021
Sunnova Q1 2021 Earnings Report
Sunnova's Q1 2021 financial results were reported, highlighting customer growth and strategic acquisitions.
Key Takeaways
Sunnova reported a revenue increase to $41.3 million and a net loss of $24.1 million for Q1 2021. The company added approximately 8,900 customers, bringing the total to 116,400. They reaffirmed full-year 2021 guidance and completed the acquisition of SunStreet.
Added approximately 8,900 customers in Q1, reaching a total of 116,400 customers by March 31, 2021.
Reaffirmed full-year 2021 guidance.
Completed the acquisition of Lennar's residential solar platform, SunStreet.
Published Inaugural Environmental, Social, and Governance (ESG) Report.
Sunnova
Sunnova
Sunnova Revenue by Geographic Location
Forward Guidance
Management reaffirms existing full-year 2021 guidance.
Positive Outlook
- Customer additions of 55,000 - 58,000
- Adjusted EBITDA of $80 million - $85 million
- Customer principal payments received from solar loans, net of amounts recorded in revenue of $57 million - $63 million
- Customer interest payments received from solar loans of $28 million - $34 million
- Adjusted Operating Cash Flow of $20 million - $30 million
Challenges Ahead
- Recurring Operating Cash Flow of $(5) million - $5 million