Sunnova Energy International Inc. (NYSE: NOVA) witnessed a 6.10% loss during the last trading session, ultimately closing at $8.01. However, the premarket hours have seen a remarkable recovery, with Sunnova stock surging by 9.49% and now trading at $8.77. This premarket recovery of NOVA stock follows the release of its financial results, which were disclosed after the conclusion of the regular trading session yesterday.

Sunnova (NOVA) on Wednesday unveiled its financial results for the third quarter culminating on September 30, 2023. The metrics disclosed a conspicuous upswing in revenue, as NOVA reported a sum of $198.4 million, signifying an increment of $49.0 million in comparison to the same period in 2022.

Sunnova’s net operating expenditures also experienced a significant uptick, reaching $236.6 million, which represents a $59.5 million rise over the same quarter in the previous year. In contrast to a $32.3 million loss in the same quarter last year, Sunnova saw a net loss of $56.5 million during the reported period.

Sunnova has $725.1 million in total cash on hand as of September 30, 2023, including restricted and unrestricted cash. Additionally, during the third quarter, Sunnova engaged in a transaction involving the transfer of tax credits, amounting to up to $145 million in investment tax credits.

NOVA has consistently maintained a strong focus on enhancing liquidity, increasing operational efficiency, and bolstering profitability, all while augmenting its cash flow. In an environment characterized by higher interest rates and reduced liquidity, Sunnova recognized the distinctive opportunity stemming from the convergence of diminishing solar equipment costs and the steady escalation of utility rates.

This convergence created a unique value proposition for its clientele, enabling NOVA to bolster its pricing power, as exemplified by its increased fully burdened unlevered return.