pv magazine USA recaps the top earnings reports and conference calls for public companies that supply solar modules, silicon wafer materials, inverters, hardware and energy storage systems to the North American renewable energy market, as well as integrated residential solar installation companies and rooftop solar finance providers. This report tracks quarterly and annual volumes of orders, wafer material shipments and customer allocations.
REC Silicon (Oslo: RECSI) posted lower Q4 2022 revenue of $31.6 million revenue compared to $43.2 million in Q4 2021 revenue, while the company’s negative EBITDA of $23.6 million widened from negative $400,000 in the previous year’s quarter. EBITDA is a common business financial earnings metric that represents earnings before interest, taxes, depreciation, and amortization are calculated.
The company’s widening loss is attributed to record high energy costs and decreases in polysilicon production combined with lower shipments of Silicon Gases.
REC Silicon gas sales volumes for the quarter were 515 metric tons, down 31.3% from 750 metric tons sold a year ago. Total polysilicon sales volumes for the quarter were 302 metric tons, down 37% compared to 481 metric tons a year ago.
On its earnings call, chief executive officer Kurt Levens said the relaunch of REC’s Moses Lake, Wash., first production target remains unchanged with production on schedule for Q4 2023, with all required activities progressing on schedule.
REC Silicon recently executed a binding term sheet with Hanwha Solutions for the supply of polysilicon silane from the Moses Lake facility. The term sheet calls for a 10-year take or pay fixed agreement for 100% offtake of prime granular polysilicon produced at the facility. Under the agreement, the company will have a minimum and maximum price threshold, providing “pricing flexibility and guardrails” under the supply agreement, as well as prepayment for contract security, Levens said on the earnings call. The company has more than 50% of project execution commitments in place, with the project advancing through construction through the middle of this year.
REC Silicon projected $100 million to $300 million run-rate EBITDA for the Moses Lake facility, which if launched would bring the company back to positive EBITDA generation.
Sunrun’s (Nasdaq: RUN) revenue increased to $609.2 million in Q4 2022, up 40% from $435.2 million in revenue produced a year ago. The solar installer also placed 33,359 customers into service this quarter, with its total count of 797,296 customers representing a 21% year over year growth.
Total revenue increased to $2.32 billion in FY 2022, representing a 44% increase from $1.61 billion of total revenue generated in FY 2021.
In the recent quarter, Sunrun added 275.4 MW of solar capacity, an increase of 25.2% from the 220 MW of solar capacity brought online in Q4 2021.
For 2023, management expects solar capacity installed growth to be in a range of 10% to 15% for the full year.
Sunnova Energy International
Sunnova’s (NYSE:NOVA) revenue increased to $195.6 million in Q4 2022, up 200% from $65 million in revenue produced in the year ago quarter. The solar installer also placed a record number of 33,000 customers into service this quarter, bringing its yearly total to 87,000 for FY 2022.
The company more than doubled its revenue year over year, to $558 million for FY 2022, from $242 million in 2021.
“This strong growth trend has carried into 2023, increasing our confidence in our ability to meet or exceed our 2023 guidance targets,” said John Berger, chief executive officer. “We continue to increase our total addressable market and market share.”
Sunnova reaffirmed 2023 guidance of adding 115k – 125k customers.
- Daqo New Energy (DQ) will announce Q4 2022 and FY 2022 results on February 28, 2023, with an earnings call schedule for 8:00 a.m. ET that day.
- First Solar (FSLR) will announce Q4 2022 and FY 2022 results on February 28, 2023, with an earnings call scheduled for 4:30 p.m. ET that day.
- Canadian Solar (CSIQ) will announce Q4 2022 and FY 2022 results on March 21, 2023, with an earnings call scheduled for 8:00 a.m. ET that day.
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