US residential solar installer Sunnova's new customer addition slightly dropped to over 37,000 in the third quarter this year, while its net loss in the same quarter increased to US$56.5 million year-on-year.
US residential solar installer Sunnova has recorded a reduced adjusted EBITDA year-on-year of US$28.1 million for the second quarter of 2023 although its revenue increased by 13.2%.
Sunnova aimed to tap into the opportunities in the market as its electricity prices are about US$0.43 per kWh, three times the average power price in the US.
US residential solar installer Sunnova posted an improved adjusted EBITDA of US$14.6 million in the first quarter of 2023, while it is expecting a year-on-year increase of up to 114% in its adjusted EBITDA this year.
US residential solar installer Sunnova has secured a conditional commitment from the US Department of Energy which will offer up to US$3 billion in a partial loan guarantee.
US residential solar installer Sunnova lost US$20.9 million in Q4 2022, while its net loss attributable to shareholders in 2022 amounted to US$161.6 million last year, according to its latest financial results announcement.
Demand is soaring in the US for residential solar and storage, driven by a desire for energy resilience and sustainability, but traditional utilities are hampering progress.
