Sunnova Reports Q2 2024 Financial Results

August 1, 2024

DENVER, Colo., Aug 01, 2024 (247marketnews.com)- Sunnova Energy International Inc. (NYSE: NOVA) reported its second quarter financial results, which included an increase in cash generation guidance to $100 million in 2024, $350 million in 2025, and $400 million in 2026

Sunnova’s founder and CEO, William J. (John) Berger, commented, “Last quarter, we set four key priorities, all with the acute focus on increasing our cash generation and maintaining strong margins.

“I am pleased to report that we made considerable progress against those priorities in the second quarter, building on our momentum from the first quarter, and yielding an increase in unrestricted cash on our balance sheet for the second quarter in a row. We have every intention of maintaining this positive trend line for the remainder of 2024 and beyond, evidenced by the increase in our cash generation guidance.

“The fundamentals of our business continue to be backed by macroeconomic tailwinds like steadily rising utility rates, increasing grid instability, and declining equipment costs. When coupled with a rapid increase in customers favoring leases and power purchase agreements over loans, these dynamics result in an even greater value proposition for customers and a ‘value wedge’ for Sunnova. Additionally, recent guidance on Investment Tax Credit adders has been more impactful than we had originally anticipated – a large contributor to what is driving our cash generation guidance higher – and we continue to maximize asset-level capital through greater efficiency and more timely financings. These tailwinds and the progress against our outlined priorities gives us confidence in our ability to drive value creation for our customers and our shareholders.”

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