Sunnova Q2 2023 Earnings Report
Key Takeaways
Sunnova reported revenue of $166.4 million for the second quarter of 2023, an increase of $19.4 million compared to the same period in 2022. The company added over 39,000 customers in the second quarter, bringing the total customer count to 348,600 as of June 30, 2023. Sunnova incurred a net loss of $100.8 million for the quarter, compared to a net loss of $13.8 million for the same period in 2022.
Added over 39,000 customers in the second quarter, bringing total customer count to 348,600 as of June 30, 2023.
Raised full year 2023 customer additions guidance range to between 135,000 to 145,000.
Expanding 24-hour service from current four to seven markets by year-end, covering an estimated 70% of our customer base.
Issuing preliminary 2024 customer growth of 40% over 2023 through multiple channels and markets.
Sunnova
Sunnova
Sunnova Revenue by Geographic Location
Forward Guidance
Sunnova management 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.
Positive Outlook
- Customer additions increases from between 125,000 and 135,000 to between 135,000 and 145,000.
- Adjusted EBITDA between $235 million and $255 million reaffirmed.
- Interest income from customer notes receivable between $110 million and $120 million reaffirmed.
- Principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables between $150 million and $190 million reaffirmed.