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Sunnova
🇺🇸 NYSE:NOVA
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•
Jun 30, 2024

Sunnova Q2 2024 Earnings Report

Sunnova's financial performance for Q2 2024 reflected increased revenue and a reduced net loss compared to the previous year, driven by growth in core adaptive energy customers and investment tax credit sales. The company focused on increasing cash generation and maintaining strong margins, resulting in increased unrestricted cash and improved cash generation guidance.

Key Takeaways

Sunnova reported a revenue increase to $219.6 million and a net loss of $79.7 million for Q2 2024, compared to a net loss of $100.8 million for the same period last year. The company's focus on cash generation and strong margins led to an increase in unrestricted cash. Increased cash generation guidance to $100 million in 2024, $350 million in 2025, and $400 million in 2026

Unrestricted cash increased by $21.5 million in Q2 2024.

161 megawatts of solar power generation and 284 megawatt hours of energy storage under management were added in Q2 2024.

Total cumulative solar power generation under management increased to 2.8 gigawatts, and energy storage under management increased to 1,439 megawatt hours as of June 30, 2024.

Cash generation guidance was increased to $100 million in 2024, $350 million in 2025, and $400 million in 2026.

Total Revenue
$220M
Previous year: $166M
+32.0%
EPS
-$0.27
Previous year: -$0.74
-63.5%
Number of Customers
403.7K
Previous year: 348.6K
+15.8%
Gross Profit
-$58.9M
Previous year: $78.1M
-175.4%
Cash and Equivalents
$253M
Previous year: $187M
+35.2%
Free Cash Flow
-$546M
Previous year: -$472M
+15.6%
Total Assets
$12.6B
Previous year: $9.61B
+30.7%

Sunnova

Sunnova

Sunnova Revenue by Geographic Location

Forward Guidance

Sunnova expects full year 2024 customer additions to fall between 110,000 and 120,000. Adjusted EBITDA is expected to fall between $650 million and $750 million to account for a greater contribution from investment tax credit sales and an increase in expected lease and PPA revenues coupled with lower operating expenses. Interest income and the principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables are expected to fall between $115 million and $125 million and $180 million and $190 million, respectively.

Positive Outlook

  • Customer additions are expected to fall between 110,000 and 120,000.
  • Adjusted EBITDA is expected to fall between $650 million and $750 million.
  • Greater contribution from investment tax credit sales.
  • Increase in expected lease and PPA revenues.
  • Lower operating expenses.

Challenges Ahead

  • Sale of non-solar loans.
  • Quicker-than-expected move to leases and PPAs.
  • Fluctuations in interest rates
  • Variability in the timing of cash receipts and disbursements
  • Customer utilization of our assets

Company Overview

Full financial data and analysis

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