Sunnova chips away at net loss as revenue climbs

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Sunnova reported a year on year increase of its revenue by US$24.4 million due to a growth of its customers and the SunStreet acquisition. Image: Sunnova.

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.

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.

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