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Higher costs widen Sunnova's 2019 loss, customers grow

Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 25 (Renewables Now) - US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) closed 2019 with a wider net loss, but reported an increase in revenues thanks to a rise in the number of customers it served.

The company posted a net loss of USD 133.4 million (EUR 123m) for 2019, against USD 68.4 million a year before, as it was hit by growing operating and general and administrative expenses. Higher realised and unrealised net losses on interest rate swaps also weighed on the bottom line result, Sunnova said on Monday.

In a year that CEO Willian John Berger called “an exciting period of disruption,” Sunnova expanded its client base by 18,300 to 78,600 customers as of end-December 2019, which brought revenues up to USD 131.6 million.

More details about the company’s performance in the fourth quarter (Q4) of 2019 and full 2019 are available in the table below.

Amounts in USD Q4 2019 Q4 2018 2019 2018
Revenue 33.6m 25.2m 131.6m 104.4m
Total operating expense 42.8m 37.6m 153.8m 118.1m
Customer principal payments from solar loans (net of amounts recorded in revenue) 7.1m 1.7m 20m 6.8m
Customer interest payments from solar loans 3.4m 2m 11.6m 6.1m
Adjusted EBITDA 10.8m 8m 48.3m 41.1m
Net profit (loss) (13.8m) (39.1m) (133.4m) (68.4m)
Adjusted operating cash flow 26.7m 22m 8.3m 8.4m

"With higher than expected growth in late 2019, which has continued into the new year, our outlook continues to improve, supporting an increase in our 2020 guidance,” the CEO said. He noted that the company is enjoying faster than expected growth in sales of its SunSafe offering -- a combined service for solar and battery storage.

In line with the increased customer numbers, Sunnova revised its guidance for customer additions in 2020 and other financial metrics, which can be seen in the table below.

Amounts in USD NEW  OLD
Customer additions 28,000 - 30,000 23,000 - 27,500
Adjusted EBITDA 58m - 62m 55m - 60m
Customer principal payments from solar loans (net of amounts recorded in revenue) 32m - 36m 30m - 35m
Customer interest payments from solar loans 17m - 21m 15m - 20m
Adjusted operating cash flow 10m - 20m 5m - 15m

(USD 1.0 = EUR 0.922)

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Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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