Page 1

EX - 99.1 2 exhibit991 - pressreleasexq3.htm EX - 99.1 Sunnova Reports Third Quarter 2021 Financial Results Third Quarter 2021 Highlights • • Added 14,300 customers in the third quarter , bringing total customer count to 176,900 as of September 30 , 2021 ; $ 951 million of cash and available liquidity as of September 30 , 2021 ; • Single customer economics as expressed through implied spread remain robust ; and • Battery attachment rate continues to recover as supply constraints abate and customers remain focused on resiliency . Exhibit 99.1 HOUSTON , October 27 , 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 September 30 , 2021 . " We are pleased to report another quarter of strong results and to initiate our complete 2022 guidance , " said William J. ( John ) Berger , Chief Executive Officer of Sunnova . " At Sunnova , we are committed to providing an unparalleled energy experience to our customers . We see brand and service as the critical differentiators in our industry and we are continuing to develop our technological , operational , and logistical capabilities to improve the quality and response time of the energy service we provide . As more equipment manufacturers enter our rapidly growing industry and broaden their equipment offerings , it has become clear that consumers require a service provider who integrates all of the capabilities and technological advancements into a simple , seamless , and integrated energy system that is backed up with quick and efficient service - and that is who Sunnova is . Our vision is to be a wireless power provider and it is our goal to electrify the home for our customers so that they have the freedom to live life uninterrupted . " Third Quarter 2021 Results Revenue increased to $ 68.9 million , or by $ 18.7 million , for the three months ended September 30 , 2021 compared to the three months ended September 30 , 2020. Revenue increased to $ 176.7 million , or by $ 53.9 million , for the nine months ended September 30 , 2021 compared to the nine months ended September 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 $ 77.1 million , or by $ 28.5 million , for the three months ended September 30 , 2021 compared to the three months ended September 30 , 2020. Total operating expense , net increased to $ 222.6 million , or by $ 82.0 million for the nine months ended September 30 , 2021 compared to the nine months ended September 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 $ 38.8 million , or by $ 14.0 million , for the three months ended September 30 , 2021 compared to the three months ended September 30 , 2020. Adjusted Operating Expense increased to $ 99.8 million , or by $ 26.6 million , for the nine months ended September 30 , 2021 compared to the nine months ended September 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 $ 25.9 million for the three months ended September 30 , 2021 compared to a net loss of $ 73.3 million for the three months ended September 30 , 2020. This lower net loss was primarily the result of a loss on the extinguishment of debt from the select conversion of convertible senior notes for common stock in the third quarter of 2020 and lower net interest expense in 2021 which was primarily due to decreases in amortization of debt discounts of $ 2.4 million and interest expense of $ 1.7 million due to more favorable terms of recent financing transactions . Sunnova incurred a net loss of $ 116.3 million for the nine months ended September 30 , 2021 compared to a net loss of $ 179.0 million for the nine months ended September 30 , 2020. This lower net loss was primarily the result of a loss on the extinguishment of debt from the select conversion of convertible senior notes for common stock in the third quarter of 2020 and lower net interest expense in 2021 which was primarily due to a decrease in realized losses on interest rate swaps of $ 37.0 million due to the termination of certain debt facilities in 2020 , an increase in unrealized gains on interest rate swaps of $ 8.3 million and a decrease in amortization of debt discounts of $ 4.0 million . These were partially offset by an increase in amortization of deferred financing costs of $ 4.8 million and an increase in general and administrative expense .