Sunnova aims to double adjusted EBITDA in 2023, posts 146% Q1 revenue increase

Facebook
Twitter
LinkedIn
Reddit
Email
The company says its growth trajectory can be attributed to its continuous investments in software, service, and multiple channels. Image: Sunnova

US residential solar installer Sunnova posted an improved adjusted EBITDA of US$14.6 million in the first quarter of 2023, while it is expecting a year-on-year increase of up to 114% in its adjusted EBITDA this year.

In the Q1 2023 financial results announcement, Sunnova said its adjusted EBITDA for the quarter was up from US$12.5 million in Q1 2022 to US$14.6 million, which equated to a 16.8% increase.

Revenue for the quarter increased by 146% to US$161.7 million, compared to the three months ended on 31 March 2022. The increase was primarily due to the result of an increased number of solar energy systems in service as well as the sale of inventory to its dealers or other parties.

“Our strong growth trajectory can be attributed to our continuous investments in software, service, and multiple channels, which have allowed Sunnova to increase market share and widen its total addressable market,” said William Berger, founder and CEO of Sunnova.

Berger highlighted the company’s conditional commitment with the US Department of Energy last week which will offer up to US$3 billion in a partial loan guarantee. The loan guarantee will support the company’s Project Hestia, which aims to offer disadvantaged individuals and communities better access to solar, battery storage or virtual power plant software.

As of 31 March 2023, Sunnova boasted a total customer base of 309,300, increasing by 30,100 quarter-on-quarter which was primarily driven by 1,376 dealers, sub-dealers, and new homes installers. It aimed to increase its customer count to about 400,000 by the end of 2023.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In the same quarter, 1.95GW of solar power generation capacity was under management, increasing by 41% compared to a year before.

Looking ahead, Sunnova raised its guidance on customer additions between 125,000-135,000 customers in 2023, with the adjusted EBITDA ranging from US$235 million to US$255 million. In 2022, the adjusted EBITDA was only US$119.1 million, which represented an increase of 97.3% – 114.1%. 

In February, Sunnova announced the financial results for 2022, with adjusted EBITDA in 2022 increasing by 38.6% from US$85.9 million in 2021 to US$119.1 million in 2022. Sunnova attributed the increase to customer growth which was surging faster than expenses.

In the meantime, Sunnova’s adjusted EBITDA in Q4 2022 was up 44.6% year-on-year, increasing from US$17.7 million in 2021 to US$25.6 million in 2022.

Sunnova’s revenue saw a year-on-year increase of 131% to US$557.7 million. The rise was primarily the result of an increased number of solar energy systems in service, the acquisition of SunStreet in April 2021, and the sale of inventory to dealers or other parties.

In Q4, Sunnova’s revenue increased by US$130.6 million to US$195.6 million. More solar energy systems in service and the sale of inventory to dealers or other parties were the reasons for the significant increase, according to the company.

Read Next

July 14, 2025
OpenSolar has launched a new model to help US rooftop solar installers reduce costs and thrive despite the loss of the 30% IRA tax credit.
July 11, 2025
The Asia Pacific (APAC) region has accounted for 69% of the 589GW solar PV inverters shipped in 2024, according to a report from analyst Wood Mackenzie.
July 10, 2025
US solar residential installer Sunnova has entered into a stalking horse asset purchase agreement with Omnidian for some of its assets.
July 2, 2025
A new state-owned green bank, the Energy Security Corporation (ESC), has launched in New South Wales, Australia, with an initial funding allocation of AU$1 billion (US$640 million).
June 16, 2025
US solar residential installer Sunnova has received court approval for a US$90 million debtor-in-possession financing agreement.
June 10, 2025
US residential solar companies Sunnova and Solar Mosaic have filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK