Nvidia’s results, Tesla’s European sales, Japan trade - what’s moving markets
Investing.com -- Sunnova Energy expressed substantial doubt about its ability to continue as a going concern for at least the next year.
As a result, the company has removed its guidance and plans to revisit updating it with future earnings reports.
The company’s stock fell 33% in premarket trading Monday.
The company reported a 15% year-on-year increase in revenue for the fourth quarter, reaching $224.1 million. However, this fell short of the average analyst estimate of $233.7 million, according to Bloomberg Consensus.
The company also reported a net loss of $127.7 million for the fourth quarter. As of December 31, Sunnova Energy had cash and restricted cash totalling $548.1 million.
In other developments, Solstice Borrower, a part of Sunnova Energy, has entered into a $185 million term loan agreement.
William J., a representative from the company, explained the missed revenue target. He stated, "This miss was primarily due to lower tax equity contributions stemming from timing delays of ITC (NSE:ITC) sales, fewer installed systems, and funds received in December classified as restricted."
He also noted that while total cash increased, unrestricted cash remained relatively flat, falling below their estimated $100 million increase.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.