Sunnova Energy International press release ( NYSE:NOVA ) : Q2 GAAP EPS of -$0.27 beats by $0.37.
Revenue of $219.6M ( +32.0% Y/Y ) beats by $3.74M.
Adjusted EBITDA was $216.7 million for the three months ended June 30, 2024, compared to $28.1 million for the three months ended June 30, 2023.
Unrestricted cash increased by $21.5 million in the second quarter of 2024.
161 megawatts of solar power generation and 284 megawatt hours of energy storage under management added in the second quarter of 2024.
Total cumulative solar power generation under management increased to 2.8 gigawatts and megawatt hours of energy storage under management increased to 1,439 as of June 30, 2024.
2024 Full Year Guidance
As Sunnova continues to refocus on its higher margin core adaptive energy customers it now expects full year 2024 customer additions to fall between 110,000 and 120,000.
Adjusted EBITDA is expected to fall between $650 million and $750 million.
Interest income and the principal proceeds from customer notes receivable, net of amounts recorded in revenue, and proceeds from investments in solar receivables are expected to fall between $115 million and $125 million and $180 million and $190 million, respectively.
Increased cash generation guidance to $100 million in 2024, $350 million in 2025, and $400 million in 2026.
Sunnova shares jumped 18.5% in premarket trading Thursday.
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