SunPower swings to Q3 profit as demand grows

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

SunPower Corp (NASDAQ:SPWR) has registered a third-quarter GAAP net profit of USD 139.4 million (EUR 138.4m) after a loss in the year-ago period, as revenues almost doubled and net bookings soared.

The US solar technology and energy services provider closed the three-month period with a “significant” order backlog, with net bookings of its financial products jumping by 94% in annual terms. Meanwhile, the passage of the Inflation Reduction Act spurred demand and boosted net bookings of lease and power purchase agreements (PPAs) by more than 120%.

Excluding one-off items, the solar group’s adjusted earnings came at USD 23.6 million, marking a 15.7% year-on-year increase. At USD 475.7 million, revenues from continuing operations jumped by 68%, fuelled by increased customer growth. Favourable market conditions helped the company add a record 23,000 customers in July-September, or 63% more than a year earlier, bringing the total number of its residential customers to 486,700.

Amounts in USD millions, except percentages	Q3 2022	Q3 2021
GAAP revenue	475.7	283.3
GAAP gross margin	22.2%	22%
GAAP net profit (loss)	139.4	(72.7)
Non-GAAP revenue	469.8	281.6
Non-GAAP gross margin	22.8%	22.4%
Non-GAAP net profit (loss)	23.6	20.4
Adjusted EBITDA	32.6	26.3
Residential customers	486,700	390,200

"In the third quarter we continued to break records for customer growth and revenue, putting us on track toward the high end of our 2022 guidance for these metrics,” said CEO Peter Faricy.

SunPower confirmed its 2022 guidance 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 0.993)

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