Sunnova Energy International Inc has reported a net loss of USD 122.6 million for the third quarter of 2024, a significant increase from the USD 63.1 million loss recorded in the same period last year. The company's financial struggles were attributed to rising costs that outpaced revenue growth.
Total revenues for the third quarter increased to USD 235.3 million, up from USD 198.4 million year-over-year. This growth was primarily driven by a 46% rise in revenue from customer agreements and incentives, which reached USD 157.5 million, reflecting an increase in the number of solar energy systems in service. Conversely, revenue from solar energy system and product sales fell 14% to USD 77.8 million, impacted by declines in inventory and direct sales.
Operating expenses continued to rise, leading to a larger operating loss of USD 52.5 million for the quarter. As of September 30, Sunnova managed 2.9 GW of solar power generation and 1,556 MWh of energy storage.
William John Berger, Sunnova's founder and CEO, commented on the quarter's performance, stating, “In the third quarter, the Sunnova team delivered solid results as we continued to focus on the key priorities we outlined at the beginning of fiscal year 2024, mainly aimed at driving cash generation.” He noted that the company anticipates easing working capital needs, an increase in assets placed in service, and plans for cost reductions.
Sunnova reported total cash of USD 473.9 million at the end of September, a decline from USD 725.1 million a year earlier. Berger acknowledged the drop in unrestricted cash balance as largely seasonal, expressing confidence in achieving the company's goal of generating USD 100 million in cash in 2024.
