U.S.-based residential solar company Sunnova reported revenue of $65.7 million in the first quarter of 2022, a year-over-year (YoY) increase of 59% compared to $41.3 million in the same period last year.
The company stated that the surge in revenue was mainly due to the increase in the number of solar energy systems in service and Sunnova’s acquisition of residential solar and energy storage provider, Sunstreet.
Sunnova’s net operating expenses amounted to $99.9 million in Q1 2022, a YoY increase of 54.6% compared to $64.6 million in the first quarter of 2021. Apart from Sunstreet’s acquisition, the company attributed the increase to higher depreciation and general administration expenses.
The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was $12.5 million, a YoY decline of 2.3% compared to $12.8 million in Q1 2021.
Sunnova had total cash of $325 million in the first quarter, a YoY increase of 23.33% compared to $263.5 million in the same period of 2021.
Sunnova’s adjusted operating expenses amounted to $47 million in Q1 2022, a YoY increase of 64.91% compared to $28.5 million in Q1 2021.
The company stated that the residential solar firm’s principal and interest payments from solar loans surged to $20.4 million and $10.8 million, owing to the larger customer loan portfolio.
Sunnova customers grew by 74% in the first quarter of 2022, with the addition of 15,300 beneficiaries taking its total customer base to 207,800 customers. In 2021, the company added 87,900 customers, which it claimed was thrice the number of customers added in 2020. The battery storage penetration rate was 12.5%, up from 10.5% in Q1 2021.
Sunnova had recorded a revenue of $65 million in the fourth quarter of 2021, a YoY growth of 71% compared to $38 million in Q1 2020. In Q4 2021, the company incurred a loss of $31.3 million, a significant reduction compared to a net loss of $128.8 million in the same period the previous year.
Last October, Sunnova partnered with an electric vehicle (EV) infrastructure company, ChargePoint, in North America and Europe to streamline the growth in EV adoption and provide better-charging solutions.