SunPower’s Q1 loss shrinks on excessive demand for dwelling photo voltaic

Could 6 (Renewables Now) – SunPower Corp (NASDAQ:SPWR) narrowed its first-quarter GAAP internet loss from persevering with operations to USD 2.2 million (EUR 2.1m) following a lift in revenues because the tempo of deployments grew amid rising demand for photo voltaic merchandise.

The photo voltaic expertise and power companies supplier stated on Thursday that it entered the second quarter with a document backlog and pipeline as extra householders flip to photo voltaic as a supply for a extra sustainable energy provide. SunPower expanded its shopper base with 16,500 new clients, or 40% greater than a yr earlier, and introduced the entire variety of residential clients to 443,800. Its order backlog jumped by 169% in annual phrases.

At USD 350.3 million, GAAP income from persevering with operations elevated each sequentially and on a yearly foundation, helped primarily by the expansion within the residential section. Extra particulars in regards to the firm’s first-quarter monetary efficiency from persevering with operations can be found within the desk.

Quantities in USD million Q1 2022 Q1 2021
GAAP income 350.3 240.1
GAAP gross margin 20.6% 19.1%
GAAP internet revenue (loss) (2.2) (47.1)
Non-GAAP income 336.1 237.9
Non-GAAP gross margin 21.7% 22.2%
Non-GAAP internet revenue (loss) 2.9 10.2
Adjusted EBITDA 11.2 18.8
Residential clients 443,800 363,000

SunPower reiterated its 2022 forecast, anticipating to guide adjusted earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of USD 90 million-110 million. Residential buyer quantity remains to be seen to rise by 73,000-80,000 clients.

“Within the first half of the yr, you will see us investing closely in our platform to maintain robust buyer demand and guarantee our means to seize the nation’s rising curiosity in dwelling photo voltaic,” stated CFO Manavendra Sial. He added that the corporate is on monitor to satisfy its full-year steerage, with the outcomes from the abovementioned investments seen to be seen in direction of the second half of the yr and past.

(USD 1.0 = EUR 0.953)

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