SunPower Corp (NASDAQ:SPWR) has narrowed its second-quarter GAAP net loss to USD 30.3 million (EUR 27.6m) as its revenues grew thanks to the rising number of customers and a surge in net bookings.
The US solar technology and energy services provider’s net loss was cut from USD 42.5 million a year back. On a non-GAAP basis, the result was a negative USD 23.5 million versus a profit of USD 1.7 million.
During the three months, SunPower’s performance was fuelled by falling solar equipment prices and tax credit programmes that enabled more homeowners to go solar. Chief executive Peter Faricy explained that the higher interest rates weakened the residential solar market, especially in regions with comparatively lower utility rates such as the Southeast and Southwest.
The company added 20,400 new clients to its customer base, rounding off the list of people using its services to 20,000 retrofit customers and 39,000 New Homes customers.
At USD 463.9 million, SunPower’s revenues gained 11% on the year in the second quarter. The New Homes business secured a record USD 108 million in bookings, up 11% in annual terms.
| Amounts in USD million | Q2 2023 | Q2 2022 |
| GAAP revenue | 463.9 | 417.8 |
| GAAP gross margin | 13.8% | 19.5% |
| GAAP net profit (loss) | (30.3) | (42.5) |
| Non-GAAP revenue | 461.3 | 425 |
| Non-GAAP gross margin | 13.7% | 21.2% |
| Non-GAAP net profit (loss) | (23.5) | 1.7 |
| Adjusted EBITDA (loss) | (2.8) | 11.8 |
| Residential customers | 551,700 | 463,600 |
“We expect the value of solar will continue to increase as equipment prices decline, tax credit programs are implemented, and retail utility rates continue to rise,” the CEO stated. He went on to say that among SunPower’s priorities in the third quarter will be to enhance its efficiency and improve profitability.
Looking ahead, SunPower confirmed its recently revised forecast for 2023 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of between USD 55 million and USD 75 million and adjusted EBITDA per customer of USD 1,450-1,650. Customer additions for the year are seen at between 70,000 and 90,000.
(USD 1.0 = EUR 0.910)
