Sunnova Energy Stock Falls After Q4 Results: EPS, Revenue Misses

Sunnova Energy International Inc. NOVA reported worse-than-expected fourth-quarter financial results after the bell Wednesday. Here's a look at the highlights.

The Details: Sunnova Energy reported quarterly losses of $1.53 per share which missed the analyst consensus estimate of loss of 18 cents.

The company reported quarterly sales of $194.18 million, missing the analyst consensus estimate of $223.38 million by 13.07% and representing a 0.72% decrease over sales of $195.59 million the same period last year.

“In 2023, Sunnova demonstrated good performance across its operations. For the year, we expanded our customer base to 419,200 and hit our 2023 targets for Adjusted EBITDA, interest income and principal proceeds,” said William J. Berger, CEO of Sunnova.

“Additionally, we increased our single customer economics and unveiled our Global Command Center to enhance customer service, solidifying our position as a leading adaptive energy services company.”

Outlook: Sunnova management reaffirmed its 2024 full-year guidance of customer additions between 185,000 and 195,000, adjusted EBITDA between $350 million and $450 million, interest income between $150 million and $190 million and principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables between $210 million and $250 million.

Sunnova initiated 2025 cash generation guidance of between $200 million and $500 million.

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NOVA Price Action: According to Benzinga Pro, Sunnova shares are trading down 4.19% after-hours at $11.20 at the time of publication Wednesday.

Photo: American Public Power Association from Unsplash