Sunnova Q1 2024 Earnings Report
Key Takeaways
Sunnova reported a revenue of $160.9 million and a net loss of $90.1 million for Q1 2024. The company deployed 27,000 new customers, bringing the total to 438,500. Adjusted EBITDA increased to $46.4 million, driven by investment tax credit sales.
Deployed 27,000 customers in Q1 2024, reaching a total of 438,500 customers as of March 31, 2024.
Revenue decreased to $160.9 million, compared to $161.7 million in the same period last year.
Net loss was $90.1 million, an improvement from the $110.3 million loss in Q1 2023.
Adjusted EBITDA increased to $46.4 million, compared to $14.6 million in the prior year.
Sunnova
Sunnova
Sunnova Revenue by Geographic Location
Forward Guidance
Sunnova lowered its guidance for customer additions but reaffirmed its guidance for Adjusted EBITDA, interest income, and principal proceeds from customer notes receivable.
Positive Outlook
- Adjusted EBITDA between $350 million and $450 million.
- Interest income between $150 million and $190 million.
- Principal proceeds from customer notes receivable between $210 million and $250 million.
- Reaffirming guidance for Adjusted EBITDA.
- Reaffirming guidance for interest income.
Challenges Ahead
- Lowering guidance for customer additions.
- Customer additions between 140,000 and 150,000.
- Re-focuses on its core adaptive energy customers.
- Variability in the timing of cash receipts and disbursements.
- Customer utilization of our assets.