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EX - 99.1 2 exhibit991 - pressreleasexq2.htm EX - 99.1 Exhibit 99.1 Sunnova Reports Second Quarter 2021 Financial Results Second Quarter 2021 and Recent Highlights • • • • Total customer count of 162,600 as of June 30 , 2021 , which includes approximately 33,500 SunStreet customers acquired on April 1 , 2021 , and approximately 12,700 added through organic growth during the second quarter ; • $ 629 million of cash and available liquidity as of June 30 , 2021 ; Launched Green Financing Framework to guide the issuance of green financings ; classified as Dark Green by leading provider of Second Opinions on green financings CICERO Shades of Green ; Single customer economics as expressed through implied spread continues to increase ; and Battery attachment rate increased faster than expected as customers are increasingly focused on resiliency and service . HOUSTON , July 28 , 2021 ( NEWSWIRE ) - Sunnova Energy International Inc. ( " Sunnova " ) ( NYSE : NOVA ) , one of the leading U.S. residential energy service providers , today announced financial results for the quarter ended June 30 , 2021 . " The residential solar industry has entered a new phase of maturation and growth and with it a new value proposition for customers has emerged . Where it was once solely focused on the product and savings , the customer value proposition is now acutely focused on reliability and resiliency as well as savings , " said William J. ( John ) Berger , Chief Executive Officer of Sunnova . " Customers are now expecting a long - term energy service offering that is fast and intelligent . To meet this need , we have dedicated resources to building out our end - to - end software platform , which contains capabilities such as quoting tools for dealers , predictive service analytics for customers , and grid services software for aggregation . " Our field service technicians and customer care team are increasingly providing higher quality services at a quicker pace to our growing customer base . Service delivery must be quick , accurate , and predictive as new technologies such as batteries , load managers , electric vehicle chargers , and secondary generation enter the market . Service is becoming the crucial differentiator in the residential energy industry , and Sunnova continues to position itself as the industry leader for wireless power services . " Second Quarter 2021 Results Revenue increased to $ 66.6 million , or by $ 23.8 million , for the three months ended June 30 , 2021 compared to the three months ended June 30 , 2020. Revenue increased to $ 107.8 million , or by $ 35.2 million , for the six months ended June 30 , 2021 compared to the six months ended June 30 , 2020. These increases were primarily the result of an increase in the number of solar energy systems in service and the April 2021 acquisition of SunStreet . Total operating expense , net increased to $ 80.9 million , or by $ 33.0 million , for the three months ended June 30 , 2021 compared to the three months ended June 30 , 2020. Total operating expense , net increased to $ 145.5 million , or by $ 53.4 million for the six months ended June 30 , 2021 compared to the six months ended June 30 , 2020. These increases were primarily the result of an increase in the number of solar energy systems in service , the April 2021 acquisition of SunStreet , greater depreciation expense , and higher general and administrative expense . Adjusted Operating Expense increased to $ 32.6 million , or by $ 7.8 million , for the three months ended June 30 , 2021 compared to the three months ended June 30 , 2020. Adjusted Operating Expense increased to $ 61.1 million , or by $ 12.7 million , for the six months ended June 30 , 2021 compared to the six months ended June 30 , 2020. These increases were primarily the result of an increase in the number of solar energy systems in service , the April 2021 acquisition of SunStreet , and higher general and administrative expense . Sunnova incurred a net loss of $ 66.3 million for the three months ended June 30 , 2021 compared to a net loss of $ 28.7 million for the three months ended June 30 , 2020. This larger net loss was primarily the result of higher net interest expense , which was primarily due to increases in unrealized losses on interest rate swaps of $ 18.8 million and higher general and administrative expense . Sunnova incurred a net loss of $ 90.3 million for the six months ended June 30 , 2021 compared to a net loss of $ 105.7 million for the six months ended June 30 , 2020. This lower net loss was primarily the result of lower net interest expense which was primarily due to a decrease in realized losses on interest rate swaps of $ 36.9 million due to the termination of certain debt facilities in 2020. This was partially offset by an increase in general and administrative expense . 1