Sunnova Energy International Inc
NYSE:NOVA
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Sunnova Energy International Inc
Sunnova Energy International, Inc. operates as a residential energy service provider. The company is headquartered in Houston, Texas and currently employs 736 full-time employees. The company went IPO on 2019-07-25. The firm offers residential solar dealer model in which it partners with local dealers who originate, design and install its customers' solar energy systems and energy storage systems on its behalf. The firm provides energy resiliency and reliability to solar plus energy storage customers through energy storage technology. The firm services include operations and maintenance, monitoring, repairs and replacements, equipment upgrades, onsite power optimization for the customer (for both supply and demand), the ability to switch power sources among the solar panel, grid and energy storage system, as appropriate, and diagnostics. The company also offers ongoing energy services to customers who purchased their solar energy system through third parties. The company serves approximately 195,000 customers in more than 25 United States and territories.
Sunnova Energy International, Inc. operates as a residential energy service provider. The company is headquartered in Houston, Texas and currently employs 736 full-time employees. The company went IPO on 2019-07-25. The firm offers residential solar dealer model in which it partners with local dealers who originate, design and install its customers' solar energy systems and energy storage systems on its behalf. The firm provides energy resiliency and reliability to solar plus energy storage customers through energy storage technology. The firm services include operations and maintenance, monitoring, repairs and replacements, equipment upgrades, onsite power optimization for the customer (for both supply and demand), the ability to switch power sources among the solar panel, grid and energy storage system, as appropriate, and diagnostics. The company also offers ongoing energy services to customers who purchased their solar energy system through third parties. The company serves approximately 195,000 customers in more than 25 United States and territories.
Revenue Growth: Sunnova reported 2024 revenue of $840 million, up 17% from the prior year.
Cash Generation Miss: Cash generation for 2024 was below expectations due to delayed tax equity inflows and a slowdown in project finance markets.
Guidance Withdrawn: Management removed 2025 and 2026 cash generation guidance, citing uncertainty from upcoming 2026 corporate debt maturities.
Cost Reductions: Headcount was cut by over 30% since the end of 2023, targeting annual cash savings of $70 million.
Funding Actions: Sunnova secured a $500 million tax equity fund and a new non-recourse, asset-based loan facility to manage working capital.
Origination Throttling: The company slowed new customer originations in response to slower capital inflows, but expects origination to recover soon.
Operational Strength: Net service expenses per customer were reduced by 24% over two years, and the solar customer base grew by over 70%.
Going Concern Disclosure: The company included a going concern notice in its 10-K due to the need to address corporate debt maturities by mid-2025.
