Sunnova revenue surges as United States residential solar need continues to be high

Apr 29, 2021 05:31 PM ET
  • Sunnova has reported a surge in Q1 2021 profits as the US residential solar installer lauded its software application as well as services capabilities.
Sunnova revenue surges as United States residential solar need continues to be high
Image: Sunnova

Revenue for Q1 2021 stood at US$ 41.3 million, up 38% year-on-year and also only the 2nd time in the firm's background that quarterly revenue covered US$ 40 million.

This was on the back of a surge in client numbers relative to previous first quarters, with around 8,900 consumers included the first 3 months of the year. Total clients now stand at 116,400, as well as Sunnova has actually reaffirmed assistance that it anticipates to add between 55,000-- 58,000 consumers this year.

William J. Berger, president at Sunnova, claimed the solid opening performance of the year "restates the power of our service version and also capitalisation strategy".

"Our fast development has actually been enabled via the value of the Sunnova Network, where software program and solutions allow gathering capabilities to develop extra worth for our consumers, dealerships and also equipment companions," he stated.

However while clients numbers and revenue increased, so also did the firm's functional expenditures, expanding at a larger rate (46%) than Sunnova's sales in the initial quarter. Company functional expense for the period rose to US$ 64.5 million, which the firm attributed to enhanced customer acquisition, greater basic expense and also US$ 4 million in procurement expenses associated with its purchase of SunStreet.

Nonetheless, Sunnova's net loss in the quarter shrank from US$ 77 million reported in Q1 2020 to US$ 24 million in the initial 3 months of 2021. Readjusted incomes for the quarter were likewise noticeably more healthy, greater than increasing to US$ 12.8 million.

"Thanks to a strong beginning to the year, the quick closing of the SunStreet purchase, and also our proceeded strong consumer development, we are well-positioned for an exciting year in advance," Berger added.

Sunnova's solid begin to the year tallies with efficiencies from various other installers in the space-- Tesla reported strong growth earlier this week, with both Sunrun as well as SunPower readied to report their outcomes next week-- as well as unscientific evidence that demand in the US residential solar room has actually stayed high.

The performances will certainly lend weight to the thought that as much as 4GW of residential solar could be set up in the US this year.

Solar Installers, Manufacturers