Sunnova Energy International Inc (NYSE:NOVA) has narrowed its second-quarter (Q2) net loss to USD 28.7 million (EUR 24.4m) from USD 49.8 million a year earlier in a three-month period with increased revenue.
The US residential solar and battery storage company explained the improvement in its bottom line with lower net interest expense driven by unrealised gains on interest rate swaps in April-June 2020 versus unrealised losses a year back.
Sunnova’s Q2 revenue rose by 23.7% year-on-year due to the higher number of customers served. As of end-June, the company had about 91,600 customers, up from 85,400 on March 31, 2020, and 78,600 on December 31, 2019.
“With our expanding dealer network and rising storage attachment rate, in the second quarter we believe we grew our customer base at a rate faster than any other public US residential solar and storage service company,” said CEO William Berger.
The table below gives more details about the company’s Q2 and first-half (H1) financial performance.
in USD million
Operating profit (loss)
Net profit (loss)
Net profit (loss) attributable to stockholders
Adjusted operating cash flow
Sunnova’s management also reaffirmed its existing full-year 2020 forecast. It expects between 28,000 and 30,000 of customer additions, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 58 million-62 million, an adjusted operating cash flow of USD 10 million-20 million and still a negative recurring operating cash flow of USD 20 million-5 million for 2020.
According to Berger, the company will “soon” start generating a positive recurring operating cash flow.