Sunnova Energy International Stock Price, News & Analysis

Sunnova Energy International (NYSE: NOVA) has scheduled its fourth quarter and full year 2024 earnings release for March 3, 2025, before market opens. The company will host a conference call at 8:00am Eastern Time on the same day to discuss the results. Investors can access the call by dialing 404-975-4839 or 833-470-1428 with access code 601536. A simultaneous webcast will be available on Sunnova's Investor Relations website.

Sunnova Energy International (NYSE: NOVA) announced its New Homes Business Division has achieved a significant milestone, installing over 1 million solar panels on more than 100,000 new-build residential single-family rooftops across the United States. The company has established partnerships with over 85 leading homebuilders, integrating solar and battery storage solutions into new construction projects.

The company serves more than 400,000 customers across 51 U.S. states and territories, offering a 25-year service guarantee. Through its strategic collaborations, Sunnova has doubled its new home solar installations in just three years, providing homeowners with energy independence and potential long-term savings from move-in day. The company's integrated approach helps lower the lifetime cost of home ownership while eliminating retrofit costs.

Sunnova Energy International (NYSE: NOVA) has been selected to deploy a half megawatt battery energy storage system (BESS) for the Penobscot Nation in Maine. The microgrid project will capture an estimated 549,678 kWh of excess PV production annually and provide resilient power during grid outages. The system will primarily serve the Penobscot Community and Commercial Centers, helping maintain essential health and administrative services. The project is supported by the Maine Grid Resilience Program and comes with Sunnova's 25-year Protect® service plan, which includes system maintenance and equipment coverage.

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.