Sunnova (NOVA) Rises 10% Shortly After Reporting Q3 2022 Financial Results
Sunnova Energy (NOVA) rose 10% today, the day after reporting their Q3 2022 financial results. Some highlights from their press release can be found below.
- Added 21,800 customers in the third quarter of 2022, bringing total customer count to 246,600 as of September 30, 2022;
- Reinforced liquidity through a convertible debt raise, satisfying our projected corporate capital needs given our current growth plans;
- Increased single customer economics as expressed through fully burdened unlevered return;
- Effectively managed our emergency response to support our customers’ energy reliability and resilience during recent hurricanes; and
- Expect growth to escalate further in 2023 due to increasing demand for cheaper, more reliable energy services, complemented by the positive impacts of the Inflation Reduction Act.
“In the third quarter, we took action to fortify our liquidity and satisfy our planned 2023 corporate capital needs ahead of schedule through a timely capital raise, putting the company in an excellent financial position with a strong balance sheet,” said William J. (John) Berger, founder and Chief Executive Officer of Sunnova.
Sunnova is housed in the PRISM Solar Index, which is up 1.7% for the day, and is the only PRISM Index that is in the positive today.
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that home and business owners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.