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
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"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.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.