Summary by Moomoo AI
Sunnova Energy International Inc. reported Q2 2024 financial results, highlighting increased cash generation and customer growth. Revenue rose to $219.6 million, up $53.2 million year-over-year, driven by core adaptive energy customer growth. Net loss narrowed to $79.7 million from $100.8 million in Q2 2023, benefiting from investment tax credit sales and higher interest income.Adjusted EBITDA surged to $216.7 million from $28.1 million last year, primarily due to investment tax credit sales and increased lease and PPA customer contributions. The company added 161 MW of solar power and 284 MWh of energy storage in Q2, bringing total cumulative solar power under management to 2.8 GW.Sunnova raised its 2024 cash generation guidance to $100 million, with projections of $350 million in 2025 and $400 million in 2026. The company now expects 110,000 to 120,000 customer additions in 2024, focusing on higher-margin core adaptive energy customers. Adjusted EBITDA for 2024 is forecasted between $650 million and $750 million.
