Sunnova(US:NOVA)2024-05-01 20:10Revenue 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].