CORRECTED (OFFICIAL) - SunPower's H1 revenue tops USD 500m after spin-off

Solar module by SunPower. Author: PSNH. License: Creative Commons, Attribution-NoDerivs 2.0 Generic

SunPower (NASDAQ:SPWR) on Monday filed a correction of previously announced figures, unveiling that the company's first-half revenue post the Maxeon spin-off is actually USD 100 million (EUR 84m) higher than initially reported.

For the six-month period to June 28, 2020, the company now reports a revenue of USD 508.2 million, when excluding the business now part of Maxeon Solar Technologies (NASDAQ:MAXN). The latter was formally spun off from SunPower in late August.

“In Amendment No. 1, the Company incorrectly stated the historical revenue and cost of revenue of Maxeon separation and as a result, pro forma revenue and cost of revenue for SunPower, for all periods presented. Also, pro forma Income (loss) before income taxes and equity in losses of unconsolidated investees, net income (loss), and net income attributable to shareholders were incorrectly stated due to a mathematical error,” the company says in the latest filing.

The table below includes the corrected figures for SunPower’s H1 financial performance before and after the separation.

Figures in USD	Previously reported	Maxeon separation	Pro forma adjustments	SunPower Corporation
Revenue	802.1m	(392.7m)	98.8m	508.2m
Gross profit	59m	4.8m	(3.7m)	60.1m
Operating (loss) income	(83.1m)	65.5m	3.1m	(14.5m)
Other income (expense), net	104.9m	8.8m	(9.3m)	104.4m
Net income (loss) attributable to stockholders	17.9m	78.3m	(24.2m)	72m