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Mar 31, 2020
Sunnova Q1 2020 Earnings Report
Sunnova's financial results for Q1 2020 were announced, showing increased revenue and a net loss, but the company reaffirmed its full-year 2020 guidance and solidified its capital position.
Key Takeaways
Sunnova reported a revenue increase to $29.8 million for Q1 2020, driven by an increase in customers. However, the company experienced a net loss of $77.0 million, influenced by increased operating expenses and net interest expense. Despite these challenges, Sunnova reaffirmed its full-year 2020 guidance.
Added approximately 6,800 customers in Q1 2020, reaching a total of 85,400 customers by March 31, 2020.
Increased storage attachment rate on origination to 30% in Q1 2020.
Closed a private placement of convertible debt for up to $190 million and an additional privately negotiated exchange of $55 million of existing convertible debt.
Reaffirmed full-year 2020 guidance despite public health and economic challenges.
Revenue by Geographic Location
Forward Guidance
Sunnova reaffirmed its full-year 2020 guidance, citing its business model, strong first quarter achievements, a large backlog of systems awaiting permission to operate, and proactive measures taken to respond to changing conditions.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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