Summary by Moomoo AI
Sunnova Energy International reported Q3 2024 results, with revenue increasing 19% year-over-year to $235.3 million. The company posted a net loss of $150.3 million, widening from $56.5 million in Q3 2023. Customer agreements and incentives revenue grew 46% to $157.5 million, driven by a 37% increase in PPA and lease systems.Operations and maintenance expenses rose 92% to $35.9 million, including $13.2 million in non-recoverable costs from terminated dealers. General and administrative expenses increased 10% to $110.7 million as the company expanded its workforce to support growth. Interest expense surged 217% to $182.5 million due to higher debt levels and interest rates.Sunnova ended the quarter with $473.9 million in total cash, including $208.9 million unrestricted. The company raised $308.5 million through asset-backed notes in August and an additional $295.2 million in October. Management believes current cash and financing arrangements will be sufficient to meet anticipated needs for at least the next 12 months, while seeking to maintain diversified funding sources to support ongoing operations and growth.
