US residential solar and battery storage company Sunnova Energy International Inc (NYSE:NOVA) saw its third-quarter net loss widen to USD 29.9 million (EUR 29.7m), mainly due to higher expenses that outweighed an increase in revenues.
The company's revenues of USD 149.9 million more than doubled the year-ago result thanks to the sale of inventory and more commissioned solar power systems. The improvement, however, was overshadowed by rising general and administrative expenses and costs incurred due to changes in the fair value of certain financial instruments and contingent consideration.
Net interest income climbed by USD 7.1 million to USD 16.2 million as the company expanded its customer loan portfolio. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to USD 41.3 million from USD 25.2 million a year back.
"In the third quarter, we took action to fortify our liquidity and satisfy our planned 2023 corporate capital needs ahead of schedule through a timely capital raise, putting the company in an excellent financial position with a strong balance sheet," said CEO William John Berger.
Customer principal payments from solar loans, net of amounts recorded in revenue, climbed to USD 22.3 million and interest payments received from solar loans were up to USD 15.1 million.
Sunnova confirmed its 2022 guidance, which includes between 85,000 and 89,000 of customer additions and adjusted EBITDA of between USD 117 million and USD 137 million.
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.