Quarterly Figures: Sunnova Revenues up - Net Loss Constant - Share Climbs

Houston, USA - The US solar company Sunnova has presented its figures for the third quarter of 2023 (July-Sep 2023). Compared to the same quarter last year, the company, which specializes in residential solar installations and storage systems, increased sales but was unable to reduce its net loss.

Overall, the Houston-based company reported Q3 23 revenue of $198.4 million, up 33 percent from the year-ago quarter (Q2 2022: $149.4 million U.S.). According to Sunnova, this increase was primarily based on growth in the number of solar energy systems in service, higher inventory revenue from the sale of inventory, and an increase in service revenue primarily due to direct sales of ancillary services to existing customers.

Sunnova's earnings before interest, taxes, depreciation and amortization (EBITDA) were $8.7 million, up from $7.2 million in the year-ago quarter. Sunnova put adjusted EBITDA at $40.4 million (Q2 2022: $41.3 million). On balance, this leaves a net loss attributable to stockholderss of - USD 63.1 million (Q3 2022: - USD 64.5 million). This results in a loss per share of USD -0.53 in Q3 2023, compared to USD -0.56 in Q2 2022.

Sunnova management reaffirms its existing guidance of full-year adjusted EBITDA between $235 million and $255 million for 2023 and expects EBITDA to increase to between $350 million and $450 million in 2024.

"We have undertaken a multitude of initiatives to better position Sunnova for a prolonged period of challenging macroeconomic conditions", Sunnova founder and CEO William John Berger emphasized in presenting the quarterly results. He said the comprehensive approach is geared towards improving cash flow, increasing overall profitability, and fortifying our liquidity position. Berger added that the company is confident that it will establish a solid foundation for Sunnova's continued success in the elevated interest rate environment.

After being among the weakest RENIXX stocks on Wednesday with a loss of 6.8 percent to 7.58 euros (Oct. 25, 2023, closing price, Stuttgart Stock Exchange), Sunnova's shares were able to make significant gains again in yesterday's trading. With a gain of 12.7 percent to 8.54 euros, the Sunnova share has topped the RENIXX yesterday (Closing price, 26.10.2023, Stuttgart stock exchange).

Source: IWR Online, 27 Oct 2023