Sunnova posts narrower Q1 loss but customer additions slow

Apr. 28, 2022 12:54 PM ETSunnova Energy International Inc. (NOVA)By: Carl Surran, SA News Editor

African man installing solar panels

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Sunnova Energy (NYSE:NOVA) +3.8% in Thursday's trading after reporting a smaller than forecast Q1 GAAP loss despite a slower quarterly gain in customer additions.

Q1 revenues rose nearly 60% Y/Y to $65.7M, driven primarily by last year's acquisition of the SunStreet residential solar platform and customer additions, the pace of which nevertheless slipped to 15,300 from 18,500 recorded in the previous quarter.

Q1 energy storage attachment rates also fell to 19%, following 22% and 30% rates in Q4 2021 and Q3 2021, respectively.

Sunnova (NOVA) reaffirmed FY 2022 guidance for new customer additions of 85K-89K and adjusted EBITDA of $117M-$137M, with plans to nearly double its customer numbers from 207K currently to 400K by the end of next year.

Sunnova (NOVA) shares have slumped 39% YTD and 58% during the past year.

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