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Sep 30, 2023
Sunnova Q3 2023 Earnings Report
Announced third quarter 2023 financial results, demonstrating revenue growth and strategic actions to enhance liquidity.
Key Takeaways
Sunnova reported a revenue increase to $198.4 million for Q3 2023, driven by an increased number of solar energy systems in service and higher inventory sales. The company added over 37,000 customers, bringing the total to 386,200. Sunnova took actions to increase liquidity, including a $145 million tax credit transfer transaction and the first U.S. Department of Energy guaranteed loan securitization.
Added over 37,000 customers in Q3 2023, reaching a total of 386,200 customers by September 30, 2023.
Took actions to increase corporate liquidity, lowering the forecasted 2024 corporate capital need from $500 million to $0.
Priced the first U.S. Department of Energy guaranteed loan securitization, resulting in the residential solar industry's first AAA rated securitization.
Entered into a $145 million tax credit transfer transaction, with $14.4 million in sales completed as of September 30, 2023.
Revenue by Geographic Location
Forward Guidance
Sunnova management is reaffirming its 2023 full year guidance for customer additions, Adjusted EBITDA, interest income from customer notes receivable, and principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables and initiates its 2024 full year guidance.
Positive Outlook
- Customer additions between 135,000 and 145,000 reaffirmed for 2023.
- Adjusted EBITDA between $235 million and $255 million reaffirmed for 2023.
- Interest income from customer notes receivable between $110 million and $120 million reaffirmed for 2023.
- Principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables between $150 million and $190 million reaffirmed for 2023.
- Customer additions between 185,000 and 195,000 for 2024.
Challenges Ahead
- Adjusted EBITDA between $350 million and $450 million for 2024.
- Interest income from customer notes receivable between $150 million and $190 million for 2024.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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