Sunnova’s stock sinks as losses double, revenue underwhelms

Shares of Sunnova Energy International Inc.
NOVA,
-0.97%
were dropping more than 6% in after-hours trading Wednesday after the clean-energy company delivered downbeat revenue for its second quarter and saw losses double. The company logged a net loss of $86 million, or 74 cents a share, compared with a loss of $41 million, or 36 cents a share, in the year-earlier quarter. Analysts surveyed by FactSet were anticipating a 42-cent per-share loss. Revenue grew to $166 million from $147 million, while analysts had been expecting $196 million. The company boosted its full-year forecast and now expects 135,000 to 145,000 customer additions, up from a prior outlook calling for 125,000 to 135,000. Sunnova added more than 39,000 customers in the second quarter.