Summary by Moomoo AI
Sunnova Energy International reported Q3 2024 financial results, with revenue increasing 19% YoY to $235.3 million. The company maintained its cash generation guidance of $100 million for 2024, $350 million for 2025, and $400 million for 2026. Total cumulative solar power generation under management rose to 2.9 gigawatts, while megawatt hours of energy storage increased to 1,556 as of September 30, 2024.Despite a decline in unrestricted cash balance due to working capital seasonality, Sunnova remains confident in meeting its 2024 cash generation target. The company expects easing working capital needs, additional asset-level capital closings, and an increase in assets placed in service. The weighted average investment tax credit rate on origination increased from 40.7% in September to 42.2% in October 2024.Sunnova ended Q3 with $473.9 million in total cash, including $208.9 million in unrestricted cash, and $1.0 billion in available borrowing capacity. The company also had $221.9 million in undrawn committed capital under its tax equity funds. Sunnova's customer base grew to 422,700 as of September 30, 2024, up from 419,200 at the end of 2023.
