The company's operating expenses came in at $210.5 million, up from $100 million in the year-ago quarter as general and administrative expenses grew by $31 million. However, revenue included $59.9 million of inventory sales which would have reduced year-over-year growth to 55% was it excluded. Sunnova Energy Fiscal 2023 First Quarter Form 10-Q Critically, the rate of customer additions nearly doubled in the first quarter versus its year-ago comp. Growth was driven by 30,100 new customers added during the first quarter to bring the total customer count to 309,300. The company recorded fiscal 2023 first-quarter revenue of $161.7 million, up 146% over the year-ago comp and a beat by $2.16 million on consensus estimates. The company describes itself as an energy-as-a-service company with customers driving sustained flows of cash to Sunnova for years. Sunnova makes money by selling rooftop solar systems to homeowners and then collecting payments for the system over time. This is as the US solar market is forecast to more than double through to 2028 with total installed capacity growing to reach 377 GW from 142 GW at the end of 2022. The 2022 Inflation Reduction Act is set to help drive investments in solar power to surpass oil for the first time in 2023. This constituted 54% of all new electricity generating capacity added to the grid during the first quarter and was an increase of 47% over the year-ago period. The first quarter of 2023 was the best-ever quarter for the growth of solar with 6.1 GW installed across the U.S. However, I don't think it's time to buy Sunnova even after a bear market of two and half years likely set to invert as solar enters a new phase of adoption. The Fed's June rate hike pause has opened up the prospect of sentiment finally improving and bulls will be looking for investor appetite for previously risk-off equity to increase. Sunnova has staged a recovery in 2023, up around 11% year-to-date recovering from lows set during the March banking panic. Two years and ten consecutive interest rate hikes later and the landscape for green energy stock has been radically redefined. This was an era filled with unrestrained optimism around the revolutionary potential of green energy on the back of its fast-ramping adoption across the US and the world. Pull up a 5-year chart of Sunnova ( NYSE: NOVA) and you're met with a stock price that's a long way away from its 2021 highs. RoschetzkyIstockPhoto/iStock via Getty Images
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |