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Sep 30, 2021
Sunnova Q3 2021 Earnings Report
Reported strong results with revenue increase and customer growth.
Key Takeaways
Sunnova reported a revenue increase to $68.9 million, added 14,300 customers, and had $951 million in cash and available liquidity. The company incurred a net loss of $25.9 million, an improvement compared to the previous year. Management reaffirms existing full-year 2021 guidance and initiates complete full-year 2022 guidance.
Added 14,300 customers in Q3, bringing total customer count to 176,900 as of September 30, 2021.
Cash and available liquidity totaled $951 million as of September 30, 2021.
Single customer economics remain robust.
Battery attachment rate continues to recover as supply constraints abate.
Revenue by Geographic Location
Forward Guidance
Management reaffirms existing full-year 2021 guidance and initiates complete full-year 2022 guidance.
Positive Outlook
- Customer additions of 55,000 - 58,000 (excluding legacy SunStreet customers) for 2021.
- Adjusted EBITDA of $80 million - $85 million for 2021.
- Customer interest payments received from solar loans of $28 million - $34 million for 2021.
- Customer principal payments received from solar loans, net of amounts recorded in revenue of $62 million - $68 million for 2021.
- Customer additions of 83,000 - 87,000 for 2022.
Challenges Ahead
- Adjusted EBITDA of $117 million - $137 million for 2022.
- Customer interest payments received from solar loans of $45 million - $55 million for 2022.
- Customer principal payments received from solar loans, net of amounts recorded in revenue of $134 million - $154 million for 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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