Newly-listed Sunnova reports USD-49.8m net loss for Q2

Residential solar system. Author: mjmonty. License: Creative Commons, Attribution 2.0 Generic.

August 20 (Renewables Now) - Sunnova Energy International Inc (NYSE:NOVA), the recently-listed US residential solar and battery storage company, on Monday posted a significantly wider second-quarter net loss compared to its year-earlier result.

Sunnova reported a net loss of USD 49.8 million (EUR 44.9m) for April-June 2019 compared to a loss of USD 9.2 million a year back, and blamed it on an increase in total operating expenses and other costs, higher losses on interest rate swaps, and a loss on the extinguishment of debt.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) went up to USD 13.6 million from USD 13.2 million because of a rise in the number of systems served, which was partially offset by additional associated expenses.

The table below gives more details about Sunnova’s financial performance.

Figures in USD million Q2 2019 Q2 2018 H1 2019 H1 2018
Revenue 34.6 29 61.3 48.7
Adjusted EBITDA 13.6 13.2 21.7 17.8
Net loss (49.8) (9.2) (85.3) (22.7)
Adjusted operating cash flow -- -- (20) (12.2)

President and CEO John Berger referred to the company’s newly reported financial results as strong. “Highlights include the expansion of our geographical footprint, the continued growth of our dealer base, the launch of new solar plus storage product offerings and increases in battery attachment rates,” he said.

The number of total customers of the company has climbed by 13,900 in the past 12 months to 67,600 at end-June 2019.

For the full year, Sunnova’s management expects to record an adjusted EBITDA of USD 47 million-49 million, customer growth rate in annual deployments of at least 30%, customer principal payments from solar loans, net of amounts recorded in revenue, of USD 17 million-USD 18 million, and customer interest payments from solar loans of USD 12 million-13 million. The adjusted operating cash flow is seen between a negative USD 2 million and a positive USD 1 million.

(USD 1.0 = EUR 0.903)

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