Sunnova Energy International Inc. - NOVA STOCK NEWS

Sunnova reported its third-quarter 2024 financial results, highlighting a 19% revenue increase to $235.3 million compared to Q3 2023. The company maintained its cash generation guidance of $100 million for 2024, $350 million for 2025, and $400 million for 2026. Sunnova's cumulative solar power generation under management reached 2.9 gigawatts, and energy storage under management increased to 1,556 megawatt hours as of September 30, 2024. Customer agreements and incentives revenue, core to Sunnova's operations, rose by 46% to $49.3 million. However, solar energy system and product sales revenue decreased by 14% due to strategic shifts. Costs related to customer agreements increased by 40%, primarily due to higher depreciation costs. Despite these increases, Sunnova faces challenges with rising operations and maintenance expenses, including non-recoverable costs from terminated dealers and higher interest expenses.

Sunnova Energy International (NYSE: NOVA) reported that 98% of its rooftop solar systems remained intact during Hurricanes Milton and Helene, demonstrating the resilience of their power solutions. Approximately 19,000 customers in Florida and 13,000 customers across the U.S. Southeast were unaffected when local power infrastructure was crippled. In total, over 100,000 customers in hurricane-affected areas experienced no material damage to their Sunnova systems.

Sunnova solar + storage customers benefited from battery power for an average of 25-26 hours in the week following each hurricane. The company emphasizes its commitment to providing reliable, off-grid power solutions backed by a 25-year service guarantee through Sunnova Protect™. Sunnova serves over 400,000 customers across 51 U.S. states and territories.

Sunnova Energy International Inc. (NYSE: NOVA), a leading adaptive energy services company, has announced the release date for its third quarter 2024 financial results. The company will disclose its Q3 2024 results after market close on October 30, 2024. Following the release, Sunnova will host a conference call on October 31, 2024, at 8:00 a.m. Eastern Time to discuss the results.

Investors and interested parties can access the conference call by dialing 833-470-1428 or 404-975-4839, using the access code 433996. Additionally, a simultaneous webcast of the call will be available on the Investor Relations section of Sunnova's website at https://investors.sunnova.com.

Sunnova Energy International (NYSE: NOVA) has announced the appointment of two new independent directors to its Board, effective September 23, 2024. Corbin J. Robertson, III and Jeremy Thigpen bring extensive experience in global business, energy, and leadership to the company.

Robertson is the Founder and Managing Partner of CIII Capital Management and has held leadership positions in various energy and investment firms. Thigpen is the CEO of Transocean and has a background in the energy services sector, including 18 years at National Oilwell Varco, Inc.

Sunnova's Chairman and CEO, William J. (John) Berger, expressed confidence that the new directors' expertise in navigating complex markets and understanding the evolving energy landscape will complement the existing board and support Sunnova's role in providing reliable, affordable, and sustainable power.

Sunnova Energy International (NYSE: NOVA) demonstrated the resilience of its solar + storage systems during recent storms, particularly Tropical Storm Ernesto in Puerto Rico. The company powered over 54,500 customers from August 13 to 19, generating 8.05 GWh of energy while nearly half the island was without grid power. Approximately 98.5% of Sunnova's systems in Puerto Rico remained unaffected by Ernesto.

In total, Sunnova provided power to more than 63,000 customers across multiple regions during three recent Atlantic storms since early July. The company's rapid response and 25-year service guarantee through Sunnova Protect™ underscore its commitment to customer service and reliability. Sunnova currently serves over 400,000 customers across 51 U.S. states and territories.

Sunnova Energy International reported its financial results for Q2 2024. Unrestricted cash increased by $21.5 million. The company added 161 MW of solar power and 284 MWh of energy storage, bringing totals to 2.8 GW and 1,439 MWh, respectively. Revenue was $219.6 million, up by $53.2 million from Q2 2023, primarily due to increased adaptive energy customer revenues. However, net operating expenses rose to $278.5 million. Adjusted EBITDA significantly rose to $216.7 million, driven by investment tax credit sales. Net loss decreased to $79.7 million from $100.8 million in Q2 2023. As of June 30, Sunnova had $630.4 million in total cash, including $253.2 million in unrestricted cash.

For FY 2024, Sunnova expects customer additions between 110,000 and 120,000, with Adjusted EBITDA between $650 million and $750 million. Interest income and principal proceeds from customer notes are expected to be between $115 million and $125 million, and $180 million and $190 million, respectively.

Tenet Energy and Sunnova Energy International have announced a collaboration to accelerate the adoption of solar energy and electric vehicles (EVs). The partnership aims to provide comprehensive solutions for Americans transitioning to clean energy, offering exclusive promotions and flexible financing options. By integrating solar panels with EV charging, homeowners can potentially save hundreds of dollars annually on electric bills.

The collaboration addresses the increasing demand for sustainable living solutions amid historic heat waves affecting over 250 million Americans. Key benefits include:

• Lower total cost of ownership for EVs and solar systems
• Optimized energy use through smart home systems
• Reduced utility bills and fuel costs
• Simplified EV buying and owning experience

This partnership aligns with both companies' missions to promote sustainable energy adoption and empower consumers to make informed decisions about clean energy technologies.

Finturf, a financial technology company, has announced a collaboration with Sunnova, a leading adaptive energy services provider, to expand its network of lenders and offer specialized financing for energy-efficient home improvement projects. This partnership will enable homeowners to access financing options ranging from $500 to $250,000 for various upgrades including HVAC systems, roofing, generators, EV chargers, and electrical panel upgrades.

Sunnova's financing options come with flexible terms from 12 months to 25 years and competitive APRs starting as low as 0%. This collaboration aims to make clean energy solutions more accessible and affordable for homeowners, while also empowering contractors to grow their businesses. The integration of Sunnova's energy-efficient financing options into Finturf's platform is expected to simplify the financing process and enhance the overall customer experience.

Sunnova Energy International (NYSE: NOVA) demonstrated the resilience of its solar + storage systems during Hurricane Beryl in Houston. From July 8 to July 15, while local utility grids were down, Sunnova powered nearly 3,000 customers, generating 485,249 kWh of energy. The company's systems proved highly reliable, with 96% requiring no repairs or maintenance post-hurricane.

CEO John Berger highlighted Sunnova's ability to deliver power when local utilities couldn't, emphasizing the importance of solar + storage systems for homeowner protection and peace of mind. The company's track record in various storms across the U.S. and its territories underscores the dependability of their systems. Sunnova serves over 400,000 customers across 51 U.S. states and territories, focusing on advancing energy independence through distributed energy solutions.