Reported 1 day ago
Sunnova, a major U.S. solar installer, has issued a ‘going concern’ warning as it grapples with cash shortages, leading to a 68% drop in stock value amid fears of impending bankruptcy. The company plans to refinance debt, seek new funding, and cut costs to avoid insolvency. Despite reporting a narrower net loss of $447 million in 2024, Sunnova's market value has plummeted from $4.5 billion to approximately $63 million, amidst broader industry challenges related to high interest rates and uncertainties surrounding the Inflation Reduction Act.
Source: YAHOO