Sunnova Q1 net loss narrows to $90.1M; lowers 2024 customer add guidance; CFO to depart

Sunnova Energy International Inc.

2024-Q1 EPS reported -$0.57 revenue$160,904,000

Revenue $160.9M (down $0.8M YoY); net loss $90.1M vs $110.3M; Adj EBITDA $46.4M vs $14.6M.
Lowered 2024 customer additions guidance to 140,000-150,000; reaffirmed Adj EBITDA $350-$450M.
CFO Robert Lane to resign by June 30 or upon appointment of successor; severance terms apply.
Selected as exclusive national solar and battery storage services provider for The Home Depot.
Unrestricted cash increased $18.9M in Q1; total cash $487.5M including restricted cash.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Robert Lane

Executive Vice President, Chief Financial Officer

Sunnova Energy International Inc.

Filed: May 1, 2024, 7:59 PM ET

On April 29, 2024, Sunnova and Mr. Robert. Lane, Executive Vice President, Chief Financial Officer, confirmed the terms of Mr. Lane’s separation of employment following Mr. Lane’s expression of an intention to resign to pursue other opportunities.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Sunnova Energy International Inc. reported the first quarter ended March 31, 2024 results: revenue $160.9 million, net income net loss of $90.1 million. Guidance lowered.

Period: the first quarter ended March 31, 2024
Revenue: $160.9 million
Net income: net loss of $90.1 million
Guidance: lowered
Result: reported results

Exact text from the filing

to increase our cash efficiency, giving us conviction in our cash generation outlook for 2025 and beyond.” First Quarter 2024 Results Revenue decreased by $0.8 million to $160.9 million for the three months ended March 31, 2024, compared to $161.7 million for the three months ended March 31, 2023. This decrease was driven largely by $36.3 million of lower

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Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Lane resigned as Executive Vice President, Chief Financial Officer at Sunnova Energy International Inc..

Action: resigned
Role: Executive Vice President, Chief Financial Officer

Exact text from the filing

On April 29, 2024, Sunnova and Mr. Robert. Lane, Executive Vice President, Chief Financial Officer, confirmed the terms of Mr. Lane’s separation of employment following Mr. Lane’s expression of an intention to resign to pursue other opportunities.

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Source: SEC EDGAR

accession 0001193125-24-127455

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