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|
|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|
|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)