Sunnova Energy reports Q2 EPS (74c), consensus (42c)

Reports Q2 revenue $166.4M, consensus $197.1M. CEO William J. Berger of Sunnova. “We are rapidly achieving scale as evidenced by another record number of customers placed into service in the second quarter. This impressive customer growth is a testament to our commitment to providing exceptional service and meeting the needs of our expanding customer base. As a result, we are once again increasing our customer additions guidance by 10,000 customers at the midpoint. We are already in the customer contracting phase for 2024, and, given our strong growth momentum, we are projecting 40% customer growth over 2023. We are committed to providing exceptional and timely service. We 24-hour service guarantee, currently in four markets and growing to seven by year-end, to reach 70% of our customer base. This unparalleled focus on service further solidifies our position as the industry leader in Energy as a Service, and allows our customers to gain access to reliable, affordable, and sustainable energy solutions. Our retention of long-term contracted cash flows, coupled with our growing gain on sale EBITDA businesses such as service and supply chain, creates an environment of increased cash returns, continued growth in net contracted customer value, and strengthened ability to pay down existing debt. We expect to grow our long-term levered cash flows at a brisk pace and accelerate our Adjusted EBITDA growth as we benefit from the increased growth of the businesses that we have invested in. Improvement to our operating leverage will be evident in 2024.”