2023-04-27 09:25:16 ET
Sunnova Energy ( NYSE: NOVA ) +9% pre-market Thursday after reporting better than expected Q1 revenues and raised its full-year outlook for new customers.
The results follow disappointing guidance from Enphase Energy, which tanked that company's stock 26% on Wednesday and dragged down other solar sector names including Sunnova ( NOVA ), which closed -8.5% .
Sunnova ( NOVA ) said Q1 adjusted EBITDA rose to $14.6M from $12.5M in the year-earlier quarter, as revenues jumped by ~2.5X to $161.7M, due to an increased number of solar energy systems in service and the sale of inventory to dealers or other parties.
The company said it added 30,100 customers in Q1, bringing the total customer count to 309,300 as of March 31.
For the full year, Sunnova ( NOVA ) raised its guidance on customer additions to 125K-135K customers, and reaffirmed its outlook for adjusted EBITDA of $235M-$255M, compared to FY 2022 adjusted EBITDA of $119.1M.
More on Sunnova Energy:
- See financial and valuation comparisons to sector peers
- SA analysis: Strong Demand but Debt is a Concern
- Stock price return: 7% loss YTD, roughly flat in the past 12 months
For further details see:
Sunnova surges after hiking guidance for new customers