U.S.-based residential solar and storage service provider, Sunnova Energy International, has reported a revenue of $65 million in the fourth quarter (Q4) of 2021, an increase of 71% compared to $38 million registered in the same period last year.
Sunnova incurred a net loss of $31.3 million in Q4 2021, a significant improvement compared to the net loss of $128.8 million incurred in the same period last year. This lower net loss resulted from a loss on extinguishing long-term debt in 2020 from the select conversion of convertible senior notes for common stock.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 2021 was $17.7 million compared to $10.0 million recorded in the same period last year.
Customer principal (net of amounts recorded in revenue) and interest payments received from solar loans increased to $16.9 million and $9.8 million, respectively, in Q4 2021.
Full-Year 2021 Results
Sunnova reported revenue of $241.8 million in 2021, a considerable jump from the $160 million registered in the previous year. This growth primarily resulted from an increased number of solar energy systems in service and the acquisition of SunStreet from Lennar Corporation in April 2021.
The company incurred a net loss of $ 147.5 million in 2021, compared to the net loss of $307.8 million incurred in the previous year.
Sunnova’s adjusted EBITDA for 2021 was $85.9 million compared to $59.6 million recorded in 2020.
Customer principal (net of amounts recorded in revenue) and interest payments received from solar loans increased to $59.3 million and $33.7 million, respectively, in FY21. These increases were the result of Sunnova’s larger customer loan portfolio.
As of December 31, 2021, Sunnova had total cash of $392 million, including restricted and unrestricted cash. An additional $439 million of tax equity commitments and debt capacity against qualified, unencumbered assets were available in Sunnova’s tax equity and warehouse credit facilities as of December 31, 2021.
“In 2021, we saw the resiliency of our people, our dealers, our business model, and capitalization strategy help Sunnova navigate economic and regulatory uncertainties. As centralized utilities continue to increase their rates rapidly, Sunnova can provide its customers with even greater savings through an energy service that is more reliable, more resilient, and more environmentally sustainable,” said William J. Berger, founder, and Chief Executive Officer, Sunnova.
Sunnova had 195,400 customers as of December 31, 2021. Approximately 87,900 customers were added in 2021, which according to the company, is thrice the number of new customers added in 2020.
The company maintains 814 dealers, sub-dealers, and new homes installers as of December 31, 2021. Around 379 of these were added in 2021 alone. This count is expected to cross 1,000 by the end of 2022.
As of December 31, 2021, Sunnova claims that 22.4 years of weighted average contract life remains. The expected cash inflow over the next twelve months on the customer base as of December 31, 2021, is $384 million.
Sunnova has partnered with ChargePoint to offer its consumers EV charging solutions. Sunnova said this would help streamline and accelerate growth in consumer EV adoption. By bundling a solar system and an EV charger in a single purchase, Sunnova allows consumers to appropriately size and install the right energy solutions for their all needs.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.