Sunlight Financial Holdings Inc. Stock Price, News & Analysis

Sunlight Financial Holdings Inc. (NYSE: SUNL) announced that it is withdrawing its full-year 2022 outlook following a liquidity event with one of its major solar installers, who is winding down operations due to cash flow issues. This will result in a non-cash impairment of $30 to $33 million on the Company's balance sheet. Sunlight also anticipates incurring non-recurring expenses due to incomplete solar loan installations. Despite these challenges, the Company maintains $64 million in cash and cash equivalents as of September 23, 2022.

Sunlight Financial reported a record-high 2Q22 funded loan volume of $716 million, an 18% increase in total revenue to $31.6 million, and an 8% rise in GAAP net income to $5.7 million. Adjusted EBITDA decreased to $6.8 million from $11.5 million in the prior year due to public company costs and delayed sales. The company repurchased 1,472,068 shares at a cost of $5.6 million. Full-year guidance for funded loan volume, total revenue, and adjusted EBITDA has been reduced, reflecting expected margin pressures.

Sunlight Financial (NYSE: SUNL) will release its second quarter 2022 financial results after market close on August 15, 2022. A conference call to discuss these results is scheduled for 5:30 PM Eastern Time on the same day, with a live webcast available on Sunlight's investor relations website. Interested parties can join the call by dialing (877) 407-9035 for toll-free or (215) 268-9889 for international access, 10 minutes prior to the call. A replay will be available for 90 days post-call on the website.

Sunlight Financial Holdings Inc. (NYSE: SUNL) announced that CEO Matt Potere and CFO Rodney Yoder will attend the 2nd Annual Cowen Sustainability & Energy Transition Summit on June 7-8, 2022. They will participate in a fireside chat on June 8 at 11:40 AM ET, which will be webcast on the company's website. Sunlight Financial specializes in point-of-sale financing for residential solar systems and home improvements, streamlining the financing process for contractors and homeowners.

Sunlight Financial Holdings Inc. (NYSE: SUNL) reported impressive credit loss rates for solar loans originated between 2018 and 2020, averaging 1.61%, 1.24%, and 0.39% respectively. These rates significantly outperform peer averages of 3.18%, 2.35%, and 0.82%. The company attributes its success to effective credit risk management and the rollout of its Credit 5.0 risk assessment methodology, which increased solar approval rates by over 8% without raising expected loss rates. This track record is crucial for attracting capital and maintaining competitive pricing for contractors.

Sunlight Financial Holdings (NYSE: SUNL) reported its 1Q22 financial results, showing an 11% revenue increase to $30.1 million. However, the company faced a GAAP net loss of $(22.6) million, down from net income of $2.7 million in 1Q21, mainly due to non-cash accounting issues. Total funded loans reached $593 million, exceeding guidance, and adjusted EBITDA was $7.8 million. The board approved a $50 million share repurchase program to enhance shareholder value. Full-year guidance remains steady with funded loan volume expected between $2.9 - $3.1 billion.

Sunlight Financial (NYSE: SUNL) will release its first quarter 2022 financial results on May 16, 2022, after market close. A conference call to discuss the results is scheduled for 5:30 PM Eastern Time on the same day. Investors can access the call through a live webcast available on Sunlight's investor relations website. Dial-in numbers for the call are provided for both toll-free and international participants. A replay of the call will be available for 90 days on their website.

Sunlight Financial (NYSE: SUNL) has launched new 30-year loan products for residential solar systems, offering APRs of 1.99%, 2.99%, and 3.99%. This initiative aims to lower monthly payments and increase accessibility to solar energy. The loans, available through hundreds of installation partners nationwide, will support homeowners in financing their solar systems similar to traditional home loans. The company has financed over 160,000 solar systems, significantly contributing to sustainability by avoiding nearly 28 million metric tons of carbon emissions.

Sunlight Financial announced the appointment of Rodney Yoder as Chief Financial Officer, effective April 1, 2022. He succeeds Barry Edinburg, who remains with the company as an advisor for a smooth transition. Yoder brings over 25 years of experience, previously overseeing financial analysis at Barclaycard, and he aims to enhance shareholder value and operational excellence. Edinburg's contributions included taking Sunlight public and developing its financial operations.