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					</table><p>U.S.-based solar tracker systems provider <a href="https://www.ftcsolar.com/" target="_blank" rel="noopener">FTC Solar</a>’s net loss narrowed to $11.8 million for the first quarter (Q1) of the financial year (FY) 2023 from $27.8 million year-over-year (YoY) despite a decline in revenue because the cost of revenue associated with engineering services saw a sharper cut.</p>
<p>The cost reduction was accompanied by a 17.5% year-over-year (YoY) drop in total revenue at $40.9 million, mainly driven by lower logistics volume, partially offset by higher product average selling price.</p>
<p>While the company’s Q1 revenue from products rose by 5% to $32.6 million, it was offset by a 44.7% decline in revenues from engineering services at $8.3 million.</p>
<p>The company said that the Q1 loss also dented the available Inflation Reduction Act incentives.</p>
<p>During Q1, FTC Solar eliminated over 20% of its product steel content while it launched a high-margin distributed generation business.</p>
<p>The company also introduced a new solution for the U.S. thin-film modules and one module in portrait (1P) solar tracker solution.</p>
<p>During the quarter, FTC further strengthened its portfolio of 1P, 2P, thin-film, and software-based solutions for solar.</p>
<p>“The new Pioneer 1P tracker shipping remained ahead of schedule, with first orders in the U.S. and Australia,” the company said.</p>
<p>FTC’s President and CEO Sean Hunkler commented, “In addition to improving our cost and margin profile by eliminating more than a fifth of the steel from our products and launching a higher-margin business, we have taken several other steps to improve our overall competitive positioning. We expanded our product offering and available market opportunity by adding a thin-film solution to our 2P Voyager tracker and introducing a new and differentiated 1P tracker called Pioneer, for which we just won our first project awards in the U.S. and Australia.”</p>
<p>FTC Solar <a href="https://www.mercomindia.com/ftc-solar-loss-narrows-by-14-yoy-in-2022" target="_blank" rel="noopener">posted</a> a net loss of $20.5 million in the fourth quarter of 2022, a YoY improvement of 14.15% compared to a loss of $23.88 million during the corresponding period in 2021.</p>
<p>The company’s net loss <a href="https://www.mercomindia.com/ftc-solars-q3-loss-widens-to-25-6-million" target="_blank" rel="noopener">widened</a> to $25.6 million in the third quarter of the previous FY compared to $22.9 YoY due to low demand induced by regulatory hurdles.</p>


Solar Tracker Provider FTC Solar’s Q1 Loss Narrows on Lower Cost of Services


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					</table><p>U.S.-based residential solar firm <a href="https://www.sunnova.com/" target="_blank" rel="noopener">Sunnova</a>’s net loss widened to $110.3 million in the first quarter (Q1) of the financial year (FY) 2023 compared to the loss of $22 million year-on-year (YoY), primarily due to higher expenses.</p>
<p>The company said that increased general and administrative expenses, along with interest expenses of $86 million, were the main reasons for higher losses in the first quarter.</p>
<p>The company’s total operating expenses grew by 111% YoY to $210.5 million during the quarter.</p>
<p>This was partially offset by an increase in interest income of $13.9 million due to the firm’s larger customer loan portfolio.</p>
<p>For the January-March quarter, the company posted a 146% YoY growth in revenue at $161.7 million, driven by higher solar energy systems in service and the sale of inventory to the company’s dealers and other parties.</p>
<p>The adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) rose by 17% <a href="https://www.mercomindia.com/sunnova-records-increase-revenue-q1-2022">YoY</a> to $16.8 million significantly due to customer growth, which is growing at a faster pace than expenses, the company said.</p>
<p>Sunnova added 30,000 new customers in Q1, up by 97% YoY, taking the company’s customer base to 309,300 as on March 2023.</p>
<p style="text-align: center;"><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Sunnova-1.png"><img loading="lazy" decoding="async" class="alignnone wp-image-53197 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Sunnova-1.png" alt="Sunnova Results" width="602" height="178" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Sunnova-1.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Sunnova-1-300x89.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Sunnova-1-600x177.png 600w" sizes="(max-width: 602px) 100vw, 602px" /></a></p>
<p style="text-align: center;">Source: Sunnova</p>
<p>Founder and CEO of Sunnova William J. Berger said, &#8220;Sunnova&#8217;s impressive customer growth at the start of the year has been powered by the unwavering consumer demand for our diverse range of energy services. Just last week, we announced a conditional commitment with the U.S. Department of Energy Loan Programs Office to expand access to Sunnova’s Energy as a Service Offering, potentially adding to our growth by making our energy services accessible to homeowners who may not have qualified without this commitment.”</p>
<p>Sunnova <a href="https://www.mercomindia.com/sunnovas-q4-net-loss-doubles-on-higher-expenses" target="_blank" rel="noopener">posted</a> a net loss of $61.9 million for the fourth quarter of 2022 compared to $31.2 million YoY. Higher operating costs, including general and administrative expenses, and an increase in interest expense of $31.9 million resulted in a loss during the quarter.</p>
<p>Earlier this month, Sunnova <a href="https://www.mercomindia.com/us-to-loan-3-sunnovas-solar-program" target="_blank" rel="noopener">received</a> conditional approval for a partial loan guarantee of up to $3 billion from the U.S. Department of Energy’s Loan Programs Office. The loan will provide a 90% guarantee for up to $3.3 billion of financing to support the company’s solar loan program, which aims to increase access for disadvantaged individuals and communities to its services by indirectly guaranteeing a portion of their loans’ cash flows.</p>


Sunnova’s Q1 Net Loss Widens to $110 Million on Higher Expenses


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					</table><p>Electric vehicle (EV) charging solution provider <a href="https://investors.chargepoint.com/overview/default.aspx" target="_blank" rel="noopener">ChargePoint</a>’s net loss widened to $78 million for the fourth quarter (Q4) of the financial year (FY) 2022 from $60 million in Q4 2021.</p>
<p>The company attributed the higher loss to a higher stock-based compensation expense in the current quarter.</p>
<p>ChargePoint’s total operating expenses increased by 15% year-over-year (YoY) to $111.2 million for the October-December quarter.</p>
<p>The company posted a 93% YoY increase in its revenue at $152.8 million, primarily driven by higher sales of network charging systems worth $122.3 million.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-50413 size-full" src="https://mercomindia.com/wp-content/uploads/2023/03/Picture1-5.png" alt="" width="1504" height="806" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-300x161.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-768x412.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-650x348.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-624x334.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/03/Picture1-5-600x322.png 600w" sizes="(max-width: 1504px) 100vw, 1504px" /></p>
<p>The company said Q4 billings percentages were 69% for commercial, 19% for fleet, 11 % for residential, and others at less than 1%. From a geographic perspective, revenue from North America was 86%, and 14% from Europe. In the fourth quarter, Europe delivered $22 million in revenue, growing 129% YoY.</p>
<p>President and CEO of ChargePoint Pasquale Romano said, “ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter-end shipment challenges at this growth rate persisted. We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”</p>
<p><strong>Full Year 2022</strong></p>
<p>ChargePoint’s net loss for 2022 increased to $344.4 million from $132.2 million for FY 2021.</p>
<p>The company recorded an increase of 94% in its revenue at $468 million in 2022 compared to $241 million in 2021. Revenue rose due to $363.6 million worth of network charging system sales, up 109% from $174 million in the previous year.</p>
<p>The company <a href="https://mercomindia.com/ev-charging-chargepoints-revenue-90-yoy-q4-2022/" target="_blank" rel="noopener">recorded</a> revenue of $125.3 million during the third quarter of 2022, up by 93% YoY from $65 million. However, the cost of revenue more than doubled to $102.7 million during the August-October period.</p>
<p>ChargePoint’s revenue for the first quarter <a href="https://mercomindia.com/chargepoints-revenue-leaps-102-yoy-in-q1-2022/" target="_blank" rel="noopener">stood</a> at $86 million, a YoY growth of 102% from $40.5 million in the first quarter of 2021.</p>


EV Charging Company ChargePoint Posts 93% Revenue Increase YoY in Q4


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					</table><p><a href="https://www.atlantica.com/web/en/" target="_blank" rel="noopener">Atlantica Sustainable Infrastructure</a>, a UK-headquartered sustainable infrastructure company, posted a revenue of $244 million in the fourth quarter (Q4) of the financial year 2022, a year-over-year (YoY) decrease of 10% from $271.3 million.</p>
<p>The company owns a diversified portfolio of contracted renewable energy, storage, natural gas, power transmission, and water assets in North and South America and other regions.</p>
<p>The company’s renewable energy portfolio grew to 2,121 MW in 2022 from 2,044 MW in 2021.</p>
<p>The firm’s revenue from the renewables segment stood at $168.6 million, down by 17% from $202.7 million in the same quarter of last year due to a slump in generation.</p>
<p>Generation from renewable sources fell by 3% YoY to 1,164 GWh in Q4.</p>
<p>The company’s net profit for the period came in at $4 million against a net loss of $11.9 million in Q4 2021.</p>
<p>The financial expenses for the October-December quarter decreased 4% at $86 million compared to $89.4 million in the same quarter the previous year.</p>
<p>The Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) totaled $166.4 million for Q4, down by 13% YoY.</p>
<p>The renewables EBITDA amounted to $118.1 million, down by 15% YoY.</p>
<p><strong>Full Year 2022</strong></p>
<p>Atlantica’s net loss for FY 2022 narrowed to $5.4 million from $30 million in the previous year.</p>
<p>The company posted a  total revenue of $1.1 billion, down 8% from $1.2 billion in the previous year.</p>
<p>The renewables revenue stood at $821.4 million, down by 12% YoY even as the production increased by 15% to 5.3 GW during the year.</p>
<p>Atlantica posted a total EBITDA of $797.1 million, down by 3% from $824.3 million in the previous year. Renewables EBITDA for the year fell by 2% YoY to $588 million.</p>
<p>Atlantica Sustainable Infrastructure’s renewable business <a href="https://mercomindia.com/atlanticas-renewables-business-8-54-yoy-in-q3-2022/" target="_blank" rel="noopener">recorded</a> a revenue of $232.42 million in the third quarter of 2022, a decrease of 8.54% YoY from $254.13 million.</p>
<p>The company’s renewable energy production and battery storage systems <a href="https://mercomindia.com/atlantica-renewable-business-revenue-dips/" target="_blank" rel="noopener">totaled</a> 1.9 GWh in the first quarter, an 80.5% from 606 GWh in Q1 2021.</p>


Atlantica’s Q4 Revenue From Renewables Segment Drops 17% YoY

<p><a href="https://www.sunrun.com/" target="_blank" rel="noopener">Sunrun</a>, a U.S.-based residential solar, battery storage, and energy services company, has announced financial results for the second quarter (Q2) of the calendar year (CY) 2021.</p>
<p>The company’s total revenue in Q2 CY 2021 stood at $401.2 million a 121% year-over-year (YoY) increase compared to $181.29 million in the same period the year before. In the first half of CY 2021, the company’s total revenue was $735.96 million.</p>
<p>In Q2 CY 2021, the company’s net loss attributed to common stockholders was $41.2 million.</p>
<p>The total cost of revenue increased by 124% YoY and stood at $328.9 million, and the total operating expenses were $542.9 million, a 105% YoY increase. Included in the operating costs for Q2 CY 2021 were $12.4 million of non-recurring expenses, including $9.1 million in expenses related to litigation and $3.4 million in restructuring costs regarding the<a href="https://mercomindia.com/sunrun-acquire-vivint-solar/" target="_blank" rel="noopener"> acquisition</a> of Vivint Solar.</p>
<p>In Q2 CY 2021, the company added 26,110 consumers and had 599,743 consumers at the end of June 2021.</p>
<p>According to the financial statement, the company installed 185.6 MW of solar capacity in Q2 CY 2021, and the cumulative solar capacity reached 4.23 GW as of June 30, 2021.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2021/08/Picture3.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-28068" src="https://mercomindia.com/wp-content/uploads/2021/08/Picture3.png" alt="" width="512" height="371" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/08/Picture3.png 512w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/08/Picture3-300x217.png 300w" sizes="(max-width: 512px) 100vw, 512px" /></a></p>
<p><a href="https://www.sunrun.com/" target="_blank" rel="noopener">Sunrun</a>, a U.S.-based residential solar, battery storage, and energy services company, has announced financial results for the second quarter (Q2) of the calendar year (CY) 2021.</p>
<p>The company’s total revenue in Q2 CY 2021 stood at $401.2 million a 121% year-over-year (YoY) increase compared to $181.29 million in the same period the year before. In the first half of CY 2021, the company’s total revenue was $735.96 million.</p>
<p>In Q2 CY 2021, the company’s net loss attributed to common stockholders was $41.2 million.</p>
<p>The total cost of revenue increased by 124% YoY and stood at $328.9 million, and the total operating expenses were $542.9 million, a 105% YoY increase. Included in the operating costs for Q2 CY 2021 were $12.4 million of non-recurring expenses, including $9.1 million in expenses related to litigation and $3.4 million in restructuring costs regarding the<a href="https://mercomindia.com/sunrun-acquire-vivint-solar/" target="_blank" rel="noopener"> acquisition</a> of Vivint Solar.</p>
<p>In Q2 CY 2021, the company added 26,110 consumers and had 599,743 consumers at the end of June 2021.</p>
<p>According to the financial statement, the company installed 185.6 MW of solar capacity in Q2 CY 2021, and the cumulative solar capacity reached 4.23 GW as of June 30, 2021.</p>


Residential Solar Firm Sunrun’s Total Revenue Surges 121% YoY in Q2 2021

<p>The Solar Energy Corporation of India (<a href="https://seci.co.in/" target="_blank" rel="noopener">SECI</a>) paid about ₹4.25 billion (~$58.6 million) to solar and wind developers in January 2021, according to data released by the agency. These expenses amounted to over 89% of its disbursements during the month.</p>
<p>During the month, SECI paid around ₹4.76 billion (~$65.6 million) towards subsidies, solar and wind power purchases, duty, and tax reimbursements, payments for services, among other charges.</p>
<p>Wardha Solar (Maharashtra), Clean Solar (Bhadla), and SB Energy One were some of the companies that received the most payouts for power purchases in January 2021.</p>
<p>SECI spent ₹348 million (~$4.8 million) under the Viability Gap Funding (VGF) program in terms of subsidies. Some of the top beneficiaries were Gale Solarfarms, RattanIndia Solar, and Acme Babadham Solar Power.</p>
<p>It also spent and ₹23 million (~$317,003) on subsidies under the Rooftop Solar Program. Top beneficiaries included Clean Max Enviro Energy Solutions, Centaurus Green Energy, Mahindra EPC Services, and Hero Solar Energy.</p>
<p>The agency also reimbursed ₹66 million (~$909,661) towards Goods and Services Tax (GST) and Safeguard Duty claims under the annuity method.  SB Energy Four, Azure Power India, Wardha Solar (Maharashtra), and Clean Sustainable Energy were among the companies that received the most reimbursements.</p>
<p>SECI also spent ₹31 million (~$427,265) on transmission charges. Gujarat Energy Transmission Corporation Limited, Madhya Pradesh Power Transmission Corporation Limited, and Rajasthan Rajya Vidyut Prasaran Nigam Limited were the only three recipients during the month.</p>
<p><strong>Disbursements in December 2020: </strong></p>
<p>SECI also released details about its disbursements in December 2020. It spent a total of ₹3.96 billion ($54.6 million) towards solar and wind power purchases during the month. This amounted to over 90% of the month&#8217;s expenses which stood at ₹4.37 billion (~$60.2) million. Compared to the previous month, overall disbursements were down 31%.</p>
<p>SB Energy Four, Green Infra Wind Energy, Clean Solar (Bhadla), and Wardha Solar (Maharashtra) received the most payments for solar and wind power purchases during the month.</p>
<p>SECI released ₹167 million (~$2.3 million) in subsidies under the VGF program during the month. Top beneficiaries included Wardha Solar (Maharashtra) and Sepset Constructions.</p>
<p>It also released ₹104 million (~$1.4 million) in subsidies towards the Rooftop Solar Program. Arunachal Pradesh Power Corporation, ReNew Solar Energy, Clean Max Enviro Energy Solutions, ad Bosch received some of the highest subsidies during the month.</p>
<p>Transmission charges during the month amounted to ₹36 million (~$496,179). Gujarat Energy Transmission Corporation Limited, Rajasthan Rajya Vidyut Prasaran Nigam Limited, and the Madhya Pradesh Power Transmission Corporation Limited were the top recipients.</p>
<p>SECI reimbursed ₹66 million (~$909,661) towards GST and Safeguard Duty claims under the annuity method. The top recipients were SB Energy Four, Azure Power India, Wardha Solar (Maharashtra), and Clean Sustainable Energy.</p>
<p>In November 2020, SECI <a href="https://mercomindia.com/seci-payouts-to-developers-up/" target="_blank" rel="noopener">paid </a>nearly ₹3.85 billion (~$52.6 million) to solar and wind developers in November 2020, which amounted to over 60% of the agency&#8217;s total amount disbursed during the month.</p>
<p>In the Union Budget, the government <a href="https://mercomindia.com/budget-2021-%e2%82%b910-billion-seci/" target="_blank" rel="noopener">said</a> it would infuse additional capital of ₹10 billion (~$137 million) in Solar Energy Corporation of India (SECI) and ₹15 billion (~$205.6 million) in the Indian Renewable Energy Development Agency (IREDA).</p>


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