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Anchors include a former-executive quote explicitly rejecting Adjusted EBITDA, a customer-service-rep quote contradicting NOVA's own website branding, and a peer-gap table showing NOVA is the only one of Sunnova/Sunrun/Vivint Solar to use three adjusted metrics. Authored as firm document; no individual signatory on cover. Stake size not disclosed beyond generic 'short position' language in the legal disclaimer. Spruce Point cites its own 2013 Just Energy campaign as a precedent playbook (shares down 96% since). Sector tagged 'energy' to match the NYSE classification, though the entire thesis is that NOVA should be reclassified to financials.", "kpisCited": [ { "detail": "$5.00-$8.00 per share, 70-80% downside from $26.80; sell-side consensus $31", "metric": "Price target / downside" }, { "detail": "-136.1% in Q1 2020 after including interest expense, vs. 53.0% GAAP", "metric": "Spruce Point adjusted gross margin" }, { "detail": "1.06x at YE 2019, vs. 0.30x Sunrun and 0.32x Vivint Solar — ~3x peers", "metric": "Prepaid inventory / LTM sales" }, { "detail": "Decelerating from 35.0% (Q2-2019 YTD) to 25.8% (Q2-2020 YTD)", "metric": "YTD revenue growth" }, { "detail": "Sunnova $34,061 vs. Sunrun $16,933 and Vivint $14,056", "metric": "EV per customer" }, { "detail": "Sunnova 2.5x vs. specialty-finance/leasing peer average 0.6x (range 0.3-1.0x)", "metric": "Price / book" }, { "detail": "Every 1% change in discount rate = $170m change in Contracted Customer Value", "metric": "CCV sensitivity to discount rate" }, { "detail": "Reduced stake ~13% in July and ~24% in August 2020", "metric": "Energy Capital Partners position liquidation" } ], "closingAsk": "Sell Sunnova — Spruce Point carries a Strong Sell opinion with a $5.00-$8.00 price target implying 70-80% downside.", "extraction": { "at": "2026-04-22 21:24:13+00", "model": "unknown-legacy", "runId": null, "seconds": 163.82077, "promptVersion": null }, "scqaReward": "70-80% downside, from $26.80 to a $5-$8 per share fair-value range, versus a $31 sell-side consensus Spruce Point believes rests on flawed EBITDA and estimated-customer-value methodologies applied by solar analysts who do not cover leasing companies.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "NOVA is a specialty finance business, not solar — peer multiples should collapse from 2.5x to 0.75-1.0x book", "Non-GAAP Adjusted EBITDA and Contracted Customer Value aren't audited and hide deeply negative true gross margins", "CEO Berger's 5 years at Enron and CFO Lane's tenure at fraud-linked Madison Williams are omitted from their bios" ], "scqaSituation": "Sunnova Energy (NYSE: NOVA), a recently IPO'd residential solar financing company, trades at a premium valuation to peers Sunrun and Vivint Solar despite offering an undifferentiated leasing and loan product in a competitive, consolidating industry.", "thesisSummary": "Sunnova Energy (NOVA) markets itself as a residential solar provider but operates as an undifferentiated specialty finance business, disguising weak economics behind Adjusted EBITDA and Contracted Customer Value — non-GAAP metrics that peers Sunrun and Vivint Solar do not use and that PwC explicitly declines to audit. Spruce Point argues interest and depreciation are core operating expenses, not addbacks; re-stating them flips gross margins negative (Spruce Point adjusted Q1 2020 gross margin of -136% vs. 53% GAAP) and materially worsens operating cash flow. Management carries red flags: CEO William Berger spent five years at Enron (omitted from his bio), CFO Robert Lane worked at fraud-linked Madison Williams, and audit chair C. Park Shaper came from Kinder Morgan. Largest holder Energy Capital Partners is aggressively liquidating as the IPO lockup expires. Applying a specialty-finance price-to-book multiple of 0.75-1.0x and peer EV/customer yields $5-$8 per share, 70-80% downside from $26.80.", "primaryDemands": [ "Re-rate Sunnova as a specialty finance company, not a solar operator", "Discount non-GAAP metrics (Adjusted EBITDA, Contracted Customer Value) not audited by PwC", "Apply price-to-book valuation consistent with specialty finance peers", "Sell ahead of September lockup expiry and continued Energy Capital Partners liquidation" ], "scqaResolution": "Strong sell. 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In reality, Sunnova is a specialty finance company with undifferentiated offerings that operates in a competitive industry facing secular headwinds. We believe management masks its poor and unsustainable economics with potentially misleading and assumption-based non-GAAP metrics and aggressive accounting. Unlike its solar peers and other financing businesses, Sunnova promotes Adjusted EBITDA, which we believe is the entirely wrong metric to evaluate a business heavily dependent on consumer financing. This is supported by our conversations with a former Sunnova executive, and industry experts who shared our conclusion. Gross contracted customer value is highly dependent on management’s estimates which are based on limited historical data and should not provide investors with confidence. CEO William Berger’s biography omits his previous role at Enron, whose aggressive financial accounting and reporting led to its demise. In addition, CFO Lane obscures his tenure at Madison Williams, a bankrupt broker backed by two investors later charged with fraud. As growth slows and margins deteriorate, the Company’s cash flow profile continues to worsen. We believe the potential misconception of Sunnova as a solar business, as opposed to a financing business, results in sell-side analysts ascribing irrationally high price targets and support its extreme overvaluation. 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We believe the market may be incorrectly analyzing the performance of Sunnova’s business by using Adjusted EBITDA. In addition, a recent SEC Comment Letter shows evidence of aggressive use and calculation of Adjusted EBITDA.(1) We believe core earnings paints an accurate and different picture.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:19.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb92033d-478e-4086-b469-7ff389c730ee", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.79, "x": 0.16, "y": 0.45 }, "kind": "quote", "text": "No, it's not. What you'll see used is a traditional specialty finance company investment model where you use core earnings. All specialty finance companies and really all banks use core earnings. Core earnings takes all interest income, subtracts interest expense, subtracts operating expenses and then divides that by equity and that is what the core return on equity and that's how these businesses really get valued.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:19.65+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21bc7db0-0a2b-49e4-854b-54a7e29d01f5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"No, it's not. What you'll see used is a traditional specialty finance company investment model where you use core earnings. All specialty finance companies and really all banks use core earnings. Core earnings takes all interest income, subtracts interest expense, subtracts operating expenses and then divides that by equity and that is what the core return on equity and that's how these businesses really get valued.\" — Former Sunnova Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0397-72dc-a88e-588bcb66f492", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.02, "y": 0.94 }, "kind": "source-note", "text": "1) SEC.gov\nSource: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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NOVA's 10K states Adjusted EBITDA is useful to measure core financial performance, while omitting core expenses of the Company's business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:18.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5177fb8b-6d72-445c-ae0a-062b8b8424e6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.11, "y": 0.35 }, "kind": "quote", "text": "We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:18.769+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aceb5461-c81c-445c-898b-365affaaac6b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business.\" — NOVA 2019 10K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0397-72dc-a88e-74d50bbbe40d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Company filings, Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Home Equity Loan: If you need to finance your solar panel purchase, the most cost-effective way to do it is to use a home equity loan. 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They also offer low-cost loans. Solar Mosaic Inc. joins with local installers and offers solar-panel loans to homeowners. Mosaic then packages the loans and sells them to banks, insurance companies and other investors. 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In 2017, this trend along with other industry headwinds resulted in Sungevity filling bankruptcy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.133+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68a244ad-e9db-4ce4-b128-fa366dc23f31", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.02, "y": 0.34 }, "kind": "paragraph", "text": "Big players like SolarCity, Vivint see market share drop as homeowners opt to buy rather than lease panels", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.133+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f32ffcd5-1a78-4b57-ad66-107080cf5987", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"You need to support the volume to attract the capital,\" said David Field, chief executive of OneRoof Energy Inc., a solar firm that is in the process of liquidating after it ran out of money late year. \"You find yourself in a vicious cycle.\" — David Field, OneRoof Energy Inc. 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Many are also looking to home storage loans and the lower- and moderate-income customer segment for growth — including the newly minted top solar loan provider, Loanpal.\nThe solar loan market grew by 40 percent year-over-year in the first half of 2019. Solar lending companies and traditional lending sources have expanded their solar loan offerings, giving installers and consumers more financing options.\nSmaller installers are driving much of the growth. These installers can find it difficult to partner with TPO providers, and as WoodMac noted earlier this year, many are embracing loan products as a result.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:22.089+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d9db96f-d164-415e-a298-4d0c458770f6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "For those customers unable to purchase outright, there is a shift towards loans from leases and PPA agreements. Within the solar loan market, Sunnova faces significant competition from existing players, new entrants and traditional financing solutions looking to grow share of solar loans. Another trend of smaller installers growing share is contributing to the growth of solar loans over third-party ownership. 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"paragraph", "text": "Without the renewal of the current 30% Federal Investment Tax Credit (ITC) for the construction of residential solar systems, the underlying economics of the solar leases and PPAs would deteriorate as the level of the ITC drops from 30% to 22% in 2021 and 0% in 2022 (10% for commercial). 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Our research has shown mixed views, and nothing showing total certainty, on the possibility of an extension to the solar tax credits. According to Sunrun, a 4% reduction in costs and 2% increase in prices would be required to offset the loss from a runoff in the ITC. In a highly competitive industry where all players compete for each incremental customer, we find it unlikely for companies to pass through increased costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "482e5a17-84bf-4051-8037-a07bf6560f4d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.12, "y": 0.89 }, "kind": "quote", "text": "You only have so many levers to make up that delta. You're going to have to be pulling on every lever.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6574ec5e-eccd-4f98-af37-3b26c4737454", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.71 }, "kind": "quote", "text": "We would need to do to maintain neutrality on that is to improve costs by about 4% every year and raise pricing by about 2% each year. And so we think that's incredibly doable.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74d4aad5-290d-4733-917d-6c83f5efd217", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.85, "x": 0.12, "y": 0.57 }, "kind": "quote", "text": "Biden announced the $2 trillion policy and I think people are assuming that's going to directly benefit those companies... I think a lot of what the focus will be under a Biden administration will be offshore wind and energy efficiency.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.59+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c104523-0e3e-44ee-a486-793ede0fd84f", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.85, "x": 0.12, "y": 0.37 }, "kind": "quote", "text": "You're really in 50/50 land on the federal investment tax credit being extended... 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I'm on the 50 that says, I don't think it gets renewed.\" — Senior Solar Industry Executive; \"I think a lot of what the focus will be under a Biden administration will be offshore wind and energy efficiency.\" — Former Sunnova Executive; \"We would need to do to maintain neutrality on that is to improve costs by about 4% every year and raise pricing by about 2% each year.\" — Sunnova CEO Q4 2019 Call Feb 27, 2020; \"You only have so many levers to make up that delta. 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We're just a few days away from announcing a significant addition to our lease portfolio... this technology actually increased our gross margins over $0.40 a watt.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.725+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee646cf8-3a9b-417b-a80f-a986dfe47e85", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Our lease financing team inside SunPower has been very actively working on improving our lease offering as well. We're just a few days away from announcing a significant addition to our lease portfolio, which takes funding well through 2021. Most importantly, it doesn't just provide great lease capability to customers and our dealer partners, this technology actually increased our gross margins over $0.40 a watt. I would say this is one of the areas since we became much more focused on the space that has really improved our fundamental financials as a company. 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Sunnova is required to send all its leads in a given geography while partners (i.e. Trinity Solar, one of Sunnova’s largest partners) are not required to use Sunnova financing for its customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56d5d4ed-590d-463e-a405-84ce8e46cf9f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Why wouldn't a dealer sign up to receive \"exclusivity payments\" with those benefits, while still being able to work with other providers?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:11+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0398-7399-b325-94a45dae016d", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Sunnova's exclusivity agreements limit Sunnova while providing upside for its partners. We believe Sunnova is forced to pay “exclusivity bonuses” to secure volumes for its undifferentiated financing services. Sunnova pays partners to send them its leads when in turn, we believe if Sunnova provided any value, Sunnova should be the party receiving exclusivity payments from partners.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ee58ac5-a7a5-4156-bc96-23876daa640a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.86, "x": 0.12, "y": 0.58 }, "kind": "quote", "text": "At year-end, the total number of dealer and sub dealers who partnered with Sunnova reached 155, a 14% increase from the end of September 2019. We currently have a growing backlog of high-quality contractors, who are looking to become Sunnova dealers and an increasing number of them desire exclusivity.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d17bccb8-e81f-4374-98c0-508fb1f150b8", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.86, "x": 0.12, "y": 0.72 }, "kind": "quote", "text": "What did come as a surprise that we recently had our dealers summit, and this was something that was a pretty strong feedback. I think, look, we're adding a lot of operational capabilities to the company. And then, again, looking at our widest product portfolio, there really isn't a need. And certainly, there is a desire to cut costs by the dealers to just plug in again to one service platform. Our strong financial position, relationships, we've proven that we're focused on the dealer and the customer and service. So all that comes together is that dealers are looking to find a home. They want to be able to pick up the phone, talk to senior management if need be because things do happen on both sides of the relationship, and they know we're totally focused on them. And so that is giving a lot more comfort to folks, and you're seeing a lot of dealers talks amongst each other that are not yet Sunnova dealers and saying, you know what, you need to come over here. This is home. This is the place you want to be. This is where you can build your business over the long term.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df4267d2-e916-4806-a8c0-d8a49cf28982", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.12, "y": 0.44 }, "kind": "quote", "text": "So it's really a benefit to Trinity, not to Sunnova. It's very easy to give for Trinity. It's very easy to get a Sunnova exclusive.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6e90e5e-4aa4-486c-8ac3-bb0e9d254c5f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.86, "x": 0.12, "y": 0.51 }, "kind": "quote", "text": "We mostly provide financing through Sunnova, but can also offer Sunrun, Sunlight and other financing providers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.55+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe62914a-7a8c-4e70-9914-c0b99fdd7e2d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So it's really a benefit to Trinity, not to Sunnova. It's very easy to give for Trinity. It's very easy to get a Sunnova exclusive.\" — Industry Executive; \"We mostly provide financing through Sunnova, but can also offer Sunrun, Sunlight and other financing providers.\" — Manager, Trinity Solar; \"At year-end, the total number of dealer and sub dealers who partnered with Sunnova reached 155, a 14% increase from the end of September 2019. We currently have a growing backlog of high-quality contractors, who are looking to become Sunnova dealers and an increasing number of them desire exclusivity.\" — CEO Sunnova, Q4 2019 Call Feb 25, 2020; \"Could you discuss, actually, a bit more on the increase in exclusivity for dealers?\" — BoA Analyst; \"What did come as a surprise that we recently had our dealers summit, and this was something that was a pretty strong feedback. I think, look, we're adding a lot of operational capabilities to the company. And then, again, looking at our widest product portfolio, there really isn't a need. 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Sunrun’s CEO states that independent dealers hurt the economics of the business and prevent the highest level of long-term value to customers. 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I would suspect that our direct will take share versus the pre-COVID for all those reasons that the market leaders, I think, will take share generally.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "117a31a6-e07a-4259-a4c1-75f62df93a52", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.345 }, "kind": "quote", "text": "As always, we are focused on the building the industry's most valuable and satisfied customer base... We don't compete with dealer-only businesses... We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:23.821+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f3024a6-8186-4bfd-8a1c-3921ee70c7d9", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We are exercising caution around the industry's recent acceleration of the direct selling or door-to-door sales channels through independent sales dealers.\" — Lynn Michelle Jurich, CEO of Sunrun, Q4 2019 Earnings Call. \"I would suspect that our direct will take share versus the pre-COVID for all those reasons that the market leaders, I think, will take share generally.\" — Lynn Michelle Jurich, CEO of Sunrun, Q1 2020 Earnings Call. \"we expect those channels to continue to grow faster than our direct-to-home and dealer channels\" — David H. 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Sunnova partners that go bankrupt may be unable to reimburse the Company for millions of dollars in upfront payments. 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When the Company collapsed in 2018, we found it owed Sunnova $15 million. Compared to Sunnova's Q1 2018 revenue of $19.8 million, we believe Code Green was a major partner of Sunnova at the time. According to Code Green's CEO, 94% of solar arrays were built with Sunnova. In May 2019, Code Green Solar CEO Charles Kartsaklis pleaded guilty to wire fraud and defrauding the U.S. Treasury Department by falsely claiming the Company had installed solar panels and manufactured fraudulent documents.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:28.234+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ee3edd7-23db-4151-b36a-6708dfb53ec0", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.46, "x": 0.02, "y": 0.615 }, "kind": "paragraph", "text": "The nail in the coffin came a month ago when an arbitrator decided the company had to pay $15 million to its funding partner, Sunnova, over a contract dispute. 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We believe the market may be incorrectly analyzing the performance of Sunnova’s business by using Adjusted EBITDA. In addition, a recent SEC Comment Letter shows evidence of aggressive use and calculation of Adjusted EBITDA(1). We believe core earnings paints an accurate and different picture.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:24.086+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7de3240c-2062-475d-883f-7fe9fd2a1ed3", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.79, "x": 0.16, "y": 0.45 }, "kind": "quote", "text": "No, it's not. What you'll see used is a traditional specialty finance company investment model where you use core earnings. All specialty finance companies and really all banks use core earnings. 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What you'll see used is a traditional specialty finance company investment model where you use core earnings. All specialty finance companies and really all banks use core earnings. Core earnings takes all interest income, subtracts interest expense, subtracts operating expenses and then divides that by equity and that is what the core return on equity and that's how these businesses really get valued.\" — Former Sunnova Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:07:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0398-7399-b324-95f4acf84311", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.18, "x": 0.01, "y": 0.94 }, "kind": "source-note", "text": "1) SEC.gov\nSource: Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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{ "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "Sunnova points investors to Adjusted EBITDA as a key metric to evaluate financial performance, while key public competitors Sunrun and Vivint Solar do not report EBITDA. Spruce Point believes EBITDA does not accurately reflect Sunnova's financial performance and paints an overly optimistic picture of the business. 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This discount rate might not be the most appropriate discount rate based on interest rates in effect from time to time and industry or company-specific risks associated with these cash flows and the appropriate discount rate for these estimates may change in the future due to the level of inflation, rising interest rates, our cost of capital, customer default rates and consumer demand for solar energy systems, among other things. We also assume customer losses of 0% in calculating these metrics even though we expect to have some minimal level of customer losses over the life of our contracts. To illustrate the way in which actual results may change, we present sensitivities around the discount rate and the rate of customer losses, although these sensitivities may not capture the most appropriate discount rate or the rate of customer losses we will experience. For a discussion of estimated gross contracted customer value and the related discount rate, see \"Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Financial and Operational Metrics—Estimated Gross Contracted Customer Value\".", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08878ebb-4a94-43a5-ae72-0deae896e1ff", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "In Spruce Point's experience, it is unusual for a Company to disclaim that an auditor has not reviewed or audited non-GAAP operational metrics outside of the financial statements. According to the Company's risk factor disclosure, PwC has not audited or reviewed Sunnova's Contracted Customer Value metric. Spruce Point believes investors should be concerned by a possible lack of confidence in this crucial performance metric by auditor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20148835-cf1e-4b4a-9cc9-ce6cf3fa3c67", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "paragraph", "text": "Certain of our key operational metrics, including estimated gross contracted customer value, are based on various assumptions and estimates we make over an extended period of time. Actual experience may vary materially from these estimates and assumptions and therefore undue reliance should not be placed on these metrics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a063e54-6738-4d12-b48e-248579410445", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.88 }, "kind": "paragraph", "text": "PricewaterhouseCoopers LLP has not audited, reviewed, examined, compiled nor applied agreed-upon procedures with respect to these operational metrics or their components. The estimates discussed above are based on a combination of assumptions that may prove to be inaccurate over time. Such inaccuracies could be material, particularly given the estimates relate to cash flows up to 35 years in the future.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8beec9c7-c8bb-4f7b-bfbe-7830b081462c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.43 }, "kind": "paragraph", "text": "Our key operational metrics include a number of assumptions and estimates we make over an extended period of time (up to 35 years) and may not prove accurate. In calculating estimated gross contracted customer value, we estimate projected monthly customer payments over the remaining life of our solar service agreements, which are typically 25 years in length with an opportunity for customers to renew for up to an additional 10 years, and from the future sale of related SRECs. These estimated future cash flows depend on various factors including but not limited to solar service agreement type, contracted rates, customer loss rates, expected sun hours and the projected production capacity of the solar equipment installed. Additionally, in calculating estimated gross contracted customer value we also estimate cash distributions to tax equity fund investors and operating, maintenance and administrative expenses associated with the solar service agreements, including expenses related to accounting, reporting, audit, insurance, maintenance and repairs over the remaining life of our solar service agreements.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:26.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d349ed05-30a4-4ea3-bb4b-f3efa11a11d3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Certain of our key operational metrics, including estimated gross contracted customer value, are based on various assumptions and estimates we make over an extended period of time. 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"parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.1, "y": 0.35 }, "kind": "list", "text": "Sunnova: weighted-average method", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:27.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4ba5116-cb2f-4221-89ba-6f213e415d6a", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point finds Sunnova's use of the weighted-average method for inventory to be aggressive relative to Sunrun and Vivint Solar's use of first-in-firs-out (FIFO). As the costs of solar systems inputs (PV modules, batteries, meters) decline overtime, the use of the weighted-average method lowers Sunnova's cost of goods sold relative to its peers. 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We believe it is wise to follow the activity of insiders.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:36:28.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8871ddc2-78ab-45dd-b360-f0bbc2f4f7fe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.64, "x": 0.18, "y": 0.58 }, "kind": "list", "text": "Sungevity Cuts Staff by Two-Thirds as Downward Spiral Continues. This round of layoffs didn't come with severance pay. 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Since Tesla acquired SolarCity in 2016, it appears the residential solar installation business has not been a priority for Tesla as SolarCity's share of the installation and financing market has plummeted. Given Sunrun's recently announced acquisition of Vivint Solar, we believe at the moment it is very unlikely for Sunrun to pursue an acquisition of Sunnova. With Sunnova's largest investor selling shares, it is a good signal that any large transformational acquisition is not a near term catalyst. 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