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Sep 30, 2022
Sunnova Q3 2022 Earnings Report
Sunnova's financial position was fortified through a capital raise, and demonstrated resilience during extreme weather events.
Key Takeaways
Sunnova reported an increase in revenue to $149.4 million for the third quarter of 2022, driven by an increased number of solar energy systems in service and inventory sales. The company added 21,800 customers, bringing the total customer count to 246,600. A net loss of $29.9 million was incurred, and Adjusted EBITDA reached $41.3 million.
Added 21,800 customers in Q3 2022, bringing total customer count to 246,600 as of September 30, 2022.
Reinforced liquidity through a convertible debt raise, satisfying projected corporate capital needs.
Increased single customer economics as expressed through fully burdened unlevered return.
Managed emergency response to support customers' energy reliability and resilience during recent hurricanes.
Revenue by Geographic Location
Forward Guidance
Sunnova management is reaffirming its guidance for customer additions and Adjusted EBITDA, increasing its guidance for interest payments received from solar loans, and decreasing its guidance for principal payments received from solar loans, net of amounts recorded in revenue.
Positive Outlook
- Customer additions of between 85,000 and 89,000 reaffirmed.
- Adjusted EBITDA of between $117 million and $137 million reaffirmed.
- Customer interest payments received from solar loans increases from between $45 million and $55 million to between $50 million and $60 million.
- Focus on service
- Inflation Reduction Act
Challenges Ahead
- Customer principal payments received from solar loans, net of amounts recorded in revenue, decreases from between $134 million and $154 million to between $90 million and $100 million.
- Fluctuations in interest rates
- Variability in the timing of cash receipts and disbursements
Historical Earnings Impact
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Avg. Return Before/After Earnings
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