Page 1

EX - 99.1 2 exhibit991 - pressreleasexq1.htm EX - 99.1 Sunnova Reports First Quarter 2021 Financial Results First Quarter 2021 and Recent Highlights • • Added approximately 8,900 customers in the first quarter , bringing total customer count to 116,400 as of March 31 , 2021 ; Reaffirmed full - year 2021 guidance ; • Completed the acquisition of Lennar's residential solar platform SunStreet ; and Exhibit 99.1 • Published Inaugural Environmental , Social , and Governance ( ESG ) Report , detailing the company's ESG strategy and performance . HOUSTON , April 28 , 2021 ( NEWSWIRE ) - Sunnova Energy International Inc. ( " Sunnova " ) ( NYSE : NOVA ) , one of the leading U.S. residential solar and storage service providers , today announced financial results for the quarter ended March 31 , 2021 . " Sunnova's strong first quarter results and continued rapid growth reiterates the power of our business model and capitalization strategy , " said William J. ( John ) Berger , Chief Executive Officer of Sunnova . " Our rapid growth has been made possible through the value of the Sunnova Network , whereby software and services enable aggregation capabilities to create additional value for our customers , dealers and equipment partners . " Thanks to a solid start to the year , the quick closing of the SunStreet acquisition , and our continued strong customer growth , we are well- positioned for an exciting year ahead . " Mr. Berger added , " At Sunnova , sustainability is not only a core value , but a top priority . From driving innovation in residential solar and storage services to inspiring positive social change in our communities , we are committed to sustainable business practices and to advancing corporate responsibility within the solar industry . To document this commitment , we recently released our inaugural ESG report that reaffirms our commitment to serving all stakeholders . With a local focus and a global vision , Sunnova aims to create a reliable energy future that will transform the world for the better . " First Quarter 2021 Results Revenue increased to $ 41.3 million , or by $ 11.4 million , for the three months ended March 31 , 2021 compared to the three months ended March 31 , 2020. This increase was primarily the result of an increase in the number of customers served . Total operating expense , net increased to $ 64.6 million , or by $ 20.4 million , for the three months ended March 31 , 2021 compared to the three months ended March 31 , 2020. This increase was primarily the result of an increase in the number of customers served , greater depreciation expense , and higher general and administration expense . General and administration expense is higher for the three months ended March 31 , 2021 compared to the three months ended March 31 , 2020 due to $ 4.0 million in SunStreet acquisition costs and higher payroll and employee related expense due to an increase in non - cash equity compensation and the hiring of personnel in commercial operations to support growth . Adjusted Operating Expense increased to $ 28.5 million , or by $ 4.9 million , for the three months ended March 31 , 2021 compared to the three months ended March 31 , 2020. This increase was primarily the result of an increase in the number of customers served . Sunnova incurred a net loss of $ 24.1 million for the three months ended March 31 , 2021 compared to a net loss of $ 77.0 million for the three months ended March 31 , 2020. This smaller net loss was primarily the result of lower net interest expense which was driven by decreases in realized losses on interest rate swaps of $ 31.3 million due to the termination of certain debt facilities in 2020 , unrealized losses on interest rate swaps of $ 26.3 million and debt discount amortization of $ 2.9 million . These decreases were partially offset by an increase in interest expense of $ 2.5 million due to an increase in the principal debt balance after entering into new financing arrangements . Adjusted EBITDA was $ 12.8 million for the three months ended March 31 , 2021 compared to $ 6.2 million for the three months ended March 31 , 2020 , an increase of $ 6.6 million . Customer principal ( net of amounts recorded in revenue ) and interest payments received from solar loans increased to $ 12.3 million and $ 7.1 million , respectively , for the three months ended March 31 , 2021 , or by $ 5.9 million and $ 2.7 million , respectively , compared to the three months ended March 31 , 2020. This overall increase was primarily driven by customer growth increasing at a faster rate than expenses . 1