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Sunnova Stock Spikes. It Had Sunny News for the Solar Industry.

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The company said had it expected to need to raise $500 million in capital for fiscal 202, but now won't need to do so.

Sunnova Energy International stock was surging Thursday after the solar-panel company said it won’t need to raise corporate capital for fiscal 2024.

Sunnova reported a third-quarter loss of 53 cents a share from revenue of $198.4 million. Analysts surveyed by FactSet were expecting the company to post a loss of 33 cents a share from revenue of $205 million. “Sunnova remains resilient despite the challenging market dynamics marked by higher interest rates and concerns about overall residential solar growth,” CEO John Berger said on the company’s conference call.

 

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