Sunnova's "Going Concern" Warning: Solar Industry Faces Financial Challenges
Sunnova, a major solar installer, warns of potential bankruptcy amid financial struggles.
Matilda
Sunnova's "Going Concern" Warning: Solar Industry Faces Financial Challenges
Solar installer Sunnova issued a “going concern” warning as the company runs short on cash. Image Credits:Marty Caivano/Digital First Media/Boulder Daily Camera / Getty Images The stock is currently down around 68% as investors gauge the risk that Sunnova is headed for bankruptcy, a frequent outcome for companies that issue such warnings. In a bid to stave off insolvency, Sunnova said Monday it is planning to refinance debt, raise new debt, and cut expenses. Houston-based Sunnova is one of the largest solar installers in the U.S., bringing in $840 million in revenue last year. Sunnova reported a net loss of $447 million in 2024, a narrower loss than the previous year. The company had once been valued as much as $4.5 billion. Its market cap has since plunged to around $63 million. The news comes as the solar industry has been bracing for a rough road ahead. Last week, Sunrun, the country’s largest installer, lowered its guidance for cash generation in 2025 on expectations that installation…
