Revenue Performance - Revenue for Q1 2024 was $160.9 million, a decrease of $0.8 million compared to $161.7 million in Q1 2023, primarily due to $36.3 million lower inventory sales revenue[3]. - Total revenue for the three months ended March 31, 2024, was $160,904, a slight decrease of 0.49% from $161,696 in the same period of 2023[23]. Operating Expenses - Total operating expenses increased by $34.6 million to $245.1 million in Q1 2024, driven by a higher number of solar energy systems in service and increased general and administrative expenses[4]. - Total operating expense increased to $245,126,000 in Q1 2024 from $210,477,000 in Q1 2023, representing a 16.5% increase[27]. - Adjusted operating expense for Q1 2024 was $108,285,000, up from $78,422,000 in Q1 2023, reflecting a 38.2% increase[27]. Net Loss and Profitability - Sunnova reported a net loss of $90.1 million for Q1 2024, an improvement from a net loss of $110.3 million in Q1 2023, attributed to ITC sales and increased interest income[6]. - Net loss attributable to stockholders for Q1 2024 was $69,960, improving from a net loss of $81,083 in Q1 2023[23]. - Operating loss increased to $84,222 for Q1 2024, compared to a loss of $48,781 in Q1 2023, reflecting higher operating expenses[23]. Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $46.4 million, significantly up from $14.6 million in Q1 2023, mainly due to investment tax credit sales[8]. - Adjusted EBITDA for Q1 2024 was $46,444, significantly up from $14,553 in Q1 2023, indicating improved operational performance[26]. - Guidance for Adjusted EBITDA for 2024 is set between $350 million and $450 million, with interest income expected between $150 million and $190 million[14]. Cash and Liquidity - Unrestricted cash increased by $18.9 million in Q1 2024, contributing to a total cash balance of $487.5 million as of March 31, 2024[11]. - Cash and cash equivalents at the end of Q1 2024 were $231,711, an increase from $210,884 at the end of Q1 2023[25]. - The company reported cash used in operating activities of $65,636 for Q1 2024, a significant improvement from $169,327 in Q1 2023[25]. Customer Growth - Customer additions in Q1 2024 reached 27,000, bringing the total customer count to 438,500[7]. - Full year 2024 customer additions are now expected to be between 140,000 and 150,000, reflecting a strategic refocus on core adaptive energy customers[12]. - The number of customers grew to 438,500 as of March 31, 2024, compared to 419,200 as of December 31, 2023, indicating a growth of 4.6%[27]. Assets and Liabilities - Total assets as of March 31, 2024, increased to $11,815,574 from $11,340,971 as of December 31, 2023, reflecting growth in current and non-current assets[20]. - Total liabilities rose to $9,493,785 as of March 31, 2024, compared to $9,212,059 as of December 31, 2023, primarily due to increased long-term debt[20]. - The company’s total stockholders' equity increased to $1,604,005 as of March 31, 2024, from $1,526,890 as of December 31, 2023, reflecting improved financial health[20]. Financing Activities - Principal proceeds from customer notes receivable were $41.9 million in Q1 2024, up from $31.2 million in Q1 2023, due to a larger customer loan portfolio[9]. - Interest income increased to $35.7 million in Q1 2024, compared to $24.8 million in Q1 2023, also driven by the larger customer loan portfolio[10]. - Proceeds from long-term debt in Q1 2024 were $729,499, up from $604,240 in Q1 2023, indicating increased financing activity[25]. System Performance - The weighted average number of systems increased to 433,800 in Q1 2024 from 293,500 in Q1 2023, marking a 47.8% increase[27]. - The weighted average number of systems with loan agreements increased to 160,900 in Q1 2024 from 88,700 in Q1 2023, a growth of 81.5%[27]. - The weighted average number of systems with cash sales rose to 13,500 in Q1 2024 from 7,300 in Q1 2023, an increase of 84.9%[27]. Other Financial Metrics - Non-cash compensation expense increased to $13,587,000 in Q1 2024 from $9,515,000 in Q1 2023, reflecting a 42.5% increase[27]. - The provision for current expected credit gains improved to $268,000 in Q1 2024 from a loss of $10,259,000 in Q1 2023[27]. - Adjusted operating expense per weighted average system decreased to $250 in Q1 2024 from $267 in Q1 2023, a decline of 6.4%[27].

SAN DIEGO, April 15, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Sunnova Energy International Inc. (NYSE:NOVA) securities between February 25, 2020 and December 7, 2023, both dates inclusive (the "Class Period"), have until this Tuesday, April 16, 2024 to seek appointment as lead plaintiff of the Sunnova class action lawsuit. Captioned Trindade v. Sunnova Energy International Inc., No. 24-cv-00569 (S.D. Tex.), the Sunnova class action lawsuit charges S ...

SAN DIEGO, April 12, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Sunnova Energy International Inc. (NYSE:NOVA) securities between February 25, 2020 and December 7, 2023, all dates inclusive (the "Class Period"), have until April 16, 2024 to seek appointment as lead plaintiff of the Sunnova class action lawsuit. Captioned Trindade v. Sunnova Energy International Inc., No. 24-cv-00569 (S.D. Tex.), the Sunnova class action lawsuit charges Sunnova as well ...

SAN DIEGO, March 30, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Sunnova Energy International Inc. (NYSE:NOVA) securities between February 25, 2020 and December 7, 2023, inclusive (the "Class Period"), have until April 16, 2024 to seek appointment as lead plaintiff of the Sunnova class action lawsuit. Captioned Trindade v. Sunnova Energy International Inc., No. 24-cv-00569 (S.D. Tex.), the Sunnova class action lawsuit charges Sunnova as well as certain ...

Sunnova Energy (NOVA) shares rallied 19.3% in the last trading session to close at $5.68. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 59.3% loss over the past four weeks.Goldman Sachs has recently maintained it Buy rating for Sunnova, praising its cash generation capability. This must have led to NOVA’s latest share price hike.This residential solar company is expected to post quarterly loss of $0.70 per ...

The week finally went well for solar energy investors, with stock values up double digits in many cases. And some of the most beaten-up residential solar stocks are outperforming the market.According to data provided by S&P Global Market Intelligence, SolarEdge (SEDG -1.83%) is up 6.4% this week as of 10:30 a.m. ET, Sunrun (RUN -3.61%) has gained 19.2%, and Sunnova Energy (NOVA -3.08%) is up 34.9%. It was a broad move, but some key companies drove the industry higher.Is Sunnova's pop sign of a bottom?In sep ...

Solar energy stocks had another rough week as interest rate fears and new investor lawsuits came to light.According to data provided by S&P Global Market Intelligence, SunPower (SPWR 5.99%) was down by as much as 13.2% this week, Sunrun (RUN 4.00%) dropped by as much as 25.4%, and Sunnova Energy (NOVA 6.43%) was off by 19.1% at its low point. Those stocks closed the week down by 6.6%, 21.3%, and 16.4%, respectively.Interest rates plague solar stocksThe biggest factor hitting solar energy stocks this week wa ...

Residential solar installer Sunnova (NOVA -8.82%) has dropped over the past year, along with all the other solar installers, but the company's recent fall has been troubling. In this video, Travis Hoium shows why Sunnova's financials are in rough shape and need a lot of industry and interest rate changes to recover.*Stock prices used were end-of-day prices of March 8, 2024. The video was published on March 13, 2024. ...

NEW YORK, March 01, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Sunnova Energy International Inc. ("Sunnova" or the "Company") (NYSE:NOVA) and reminds investors of the April 16, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding ...

There wasn't much good news for the solar industry this week, as earnings season brought bad report after bad report. Residential solar companies are suffering most because of policy changes in Europe and California, just as higher interest rates were making it harder to economically build solar projects.The three most impacted companies this week were Sunrun (RUN -6.89%) which fell 27% for the week; SolarEdge Technologies (SEDG -3.69%), dropping 21.4%; and Sunnova Energy (NOVA -13.19%), which was off 32.7% ...