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Jun 30, 2021
Sunnova Q2 2021 Earnings Report
Announced financial results for the quarter ended June 30, 2021.
Key Takeaways
Sunnova Energy International Inc. reported an increase in revenue to $66.6 million for the second quarter of 2021, alongside a net loss of $66.3 million. The company's total customer count reached 162,600, including acquisitions and organic growth. Adjusted EBITDA increased to $30.1 million, reflecting customer growth outpacing expenses.
Total customer count reached 162,600 as of June 30, 2021, including SunStreet customers acquired on April 1, 2021, and organic growth.
Cash and available liquidity stood at $629 million as of June 30, 2021.
Launched Green Financing Framework to guide the issuance of green financings.
Battery attachment rate increased faster than expected as customers are increasingly focused on resiliency and service.
Revenue by Geographic Location
Forward Guidance
Management increases full-year 2021 guidance for customer principal payments received on solar loans, net of amounts recorded in revenue and Adjusted Operating Cash Flow.
Positive Outlook
- Customer additions of 55,000 - 58,000 (excluding legacy SunStreet customers) reaffirmed.
- Adjusted EBITDA of $80 million - $85 million reaffirmed.
- Customer principal payments received from solar loans, net of amounts recorded in revenue increases from $57 million - $63 million to $62 million - $68 million.
- Customer interest payments received from solar loans of $28 million - $34 million reaffirmed.
- Adjusted Operating Cash Flow increases from $20 million - $30 million to $35 million - $45 million.
Challenges Ahead
- Recurring Operating Cash Flow of $(5) million - $5 million reaffirmed.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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