Sunnova Q1 customer additions decrease, to rely on ‘lease and PPA customers’ in 2024
- Admin
- May 5, 2024
- 1 min read
Sunnova, a US residential solar installer, reported a decline in new customer additions for the third consecutive quarter in Q1 2024, adding 27,000 new customers. Despite the decline, the company's adjusted EBITDA surged by over 200%, reaching $46.4 million. The decrease in customer additions contrasts with prior higher predictions, adjusted after acquiring SunStreet in April 2021. Meanwhile, Sunnova is shifting focus towards lease and PPA customers and enhancing its cash efficiency, with expectations of improved cash generation beyond 2025.
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