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Sunnova Understates Net Loss More Than Six Percent
Solar power company lost even more money than originally reported.
April 30, 2023
Sunnova Energy International (NOVA), a residential solar power services provider, did not accurately account for counterparty credit risk for its interest rate derivative financial instruments in the quarter ended March 31, 2022. Sunnova did not record the estimated reduction to the derivative assets related to the credit valuation adjustment.
The accounting errors were revealed and corrected in the company’s most recent quarterly report. The corrections, which impacted the first quarter of 2022, reveal:
—Sunnova understated its net loss $1.47 million, or 6.65%
Instead of reporting a net loss of $20.6 million, Sunnova lost $22.1 million in the quarter being corrected.
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