Sunnova Stock Shines, Jumps 22% on Earnings Beat
Sunnova Energy International (NYSE: NOVA) stock soared 22% this morning, following a surprising earnings report last night that surpassed Wall Street expectations. While analysts had predicted a loss of $0.73 per share on sales of $194.9 million for the first quarter of 2024, Sunnova reported a narrower loss of $0.57 per share on revenue of $160.9 million.
Despite the revenue falling 18% short of forecasts, the smaller-than-expected loss was enough to fuel investor optimism. This performance marks an earnings surprise of 27.85%, continuing a trend from the previous quarter where Sunnova also exceeded loss estimates.
Adding to the positive momentum, Sunnova announced it deployed 27,000 customers in the first quarter, increasing its total customer count to 438,500 as of March 31, 2024. The company also highlighted a significant boost in unrestricted cash, which grew by $18.9 million compared to the prior quarter.
In his statement, Sunnova’s founder and CEO, William J. Berger, emphasized the company’s focus on increasing cash generation and maintaining margins through continued cost efficiencies and strategic financial management. This approach, Berger notes, is aimed at driving improved performance while adhering to the core values that have defined Sunnova for over a decade.
With several initiatives already boosting cash generation, and a strategic refocus on core adaptive energy customers, Sunnova’s leadership remains confident in their financial outlook for 2025 and beyond.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. For more information, visit sunnova.com.
