SunPower keeps 2022 outlook as customers, revenue surge in Q2

Sunpower modules. Author: pgegreenenergy. License: Creative Commons, Attribution 2.0 Generic.

SunPower Corp (NASDAQ:SPWR) has reiterated its guidance for 2022 as its customer base and revenues grew substantially in the second quarter.

The US solar technology and energy services provider said on Tuesday its non-GAAP revenues soared nearly 63% year-on-year in the three months through July 3 as more homeowners turned to solar power and boosted its backlog of retrofit and new home customers to 53,000. During the three months alone, SunPower expanded its client base with 19,700 new customers, an all-time high that accounted for a 51% year-on-year rise.

As costs more than doubled, the company’s gross margin declined both sequentially and on a yearly basis, coming at 21.3% while non-GAAP net profit fell to USD 5.2 million.

On a GAAP basis, the US group swung to a net loss of USD 42.5 million.

More details about its second-quarter performance are available in the table.

Amounts in USD millions	Q2 2022	Q2 2021
GAAP revenue	417.8	260.8
GAAP gross margin	19.5%	23.3%
GAAP net profit (loss)	(42.5)	87.1
Non-GAAP revenue	414.1	254.1
Non-GAAP gross margin	21.3%	22.5%
Non-GAAP net profit (loss)	5.2	12.1
Adjusted EBITDA	15.2	22.4
Residential customers	463,600	363,000

“This quarter we added a record number of customers, including an all-time high for new homes installs, and accumulated a backlog that we expect to set us up for high growth in the second half of the year," said CEO Peter Faricy, adding that SunPower is “well-positioned” to capture the strong demand in the solar and storage segments.

SunPower maintained its 2022 forecast for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 90 million-110 million. The number of residential customers is still seen to rise by 73,000-80,000.

(USD 1.0 = EUR 0.977)

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