Solar installer Sunnova races to raise cash as it issues ‘going concern’ warning

Solar installer Sunnova issued a “going concern” warning as the company runs short on cash. 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 installations will be flat this year. Much of the industry’s turbulence can be traced to ... Read full article.