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Jun 30, 2020
Sunnova Q2 2020 Earnings Report
Reported strong results and reaffirmed 2020 guidance.
Key Takeaways
Sunnova reported a revenue increase to $42.8 million and a net loss of $28.7 million for the quarter ended June 30, 2020. The company increased its total customer count to 91,600 and saw a storage attachment rate of 34% in the second quarter. Sunnova also reaffirmed its full-year 2020 guidance.
Increased total customer count to 91,600 as of June 30, 2020.
Increased storage attachment rate on origination to 34% in the second quarter of 2020.
Closed a $158.5 million securitization of residential solar loan agreements.
Reaffirmed full-year 2020 guidance.
Sunnova
Sunnova
Sunnova Revenue by Geographic Location
Forward Guidance
Management reaffirms existing full-year 2020 guidance and introduces guidance for full-year 2020 Recurring Operating Cash Flow.
Positive Outlook
- Customer additions of 28,000 - 30,000
- Adjusted EBITDA of $58 million - $62 million
- Customer principal payments received from solar loans, net of amounts recorded in revenue of $32 million - $36 million
- Customer interest payments received from solar loans of $17 million - $21 million
- Adjusted Operating Cash Flow of $10 million - $20 million
Challenges Ahead
- Recurring Operating Cash Flow of $(20) million - $(5) million