Sunnova Energy Plunges After Issuing Going Concern Warning (2)

Shares of Sunnova Energy International Inc. plunged as much as 71% after the struggling solar company warned there’s substantial doubt it will remain in business.

The company said Monday that it doesn’t have enough cash coming in to meet its obligations and is suspending guidance.

“Substantial doubt exists regarding our ability to continue as a going concern for a period of at least one year,” Sunnova said in its four-quarter earnings statement Monday.

Sunnova said its management have made plans to address the risk - including refinancing debt, getting additional debt financing, cutting expenses and revising dealer payment terms. The ...