US residential solar installer Sunnova chipped away at its net loss in the opening quarter of 2022 despite a quarterly drop in customer additions.
Sunnova reported revenue of US$65.7 million in Q1 2022, a US$24.4 million increase on the corresponding period in 2021 driven primarily by last year’s acquisition of residential solar platform SunStreet and yearly growth of customer additions.
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This in turn helped the company reduce its quarterly loss to US$20.6 million, down from the US$24.1 million net loss recorded in Q1 2021.
The installer did, however, report a sequential drop in customer additions, falling to 15,300 from 18,500 recorded in Q4 2021. Previous seasonality between Q4 and Q1 has not triggered a similar decline in customer additions.
Energy storage attachment rates also fell in the quarter, falling to 19% in the three months ended 31 March 2022. Sunnova previously reported attachment rates for energy storage of 22% and 30% in Q4 2021 and Q3 2021 respectively.
Sunnova reaffirmed its existing guidance for the year, expecting new customer additions of between 85,000 – 89,000 and earnings within a range of US$117 – 137 million.
The installer still intends to almost double its customer numbers from the existing figure of 207,000 to 400,000 by the end of next year.