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SunPower Announces Delay in Filing Form 10-K
Prnewswire· 2024-02-29 14:05
RICHMOND, Calif., Feb. 29, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it filed a Form 12b-25 with the Securities and Exchange Commission to provide notice of the delayed filing of its Annual Report on Form 10-K ("Form 10-K") for the fiscal year ended December 31, 2023. SunPower requires additional time to complete its financial statements included in the Company's Form 10-K. This ...
SunPower Announces CEO Transition
Prnewswire· 2024-02-27 14:05
Board establishes Office of the Chairman to lead business operations as Peter Faricy departs  Board is conducting a comprehensive CEO search  RICHMOND, Calif., Feb. 27, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that Chief Executive Officer (CEO) Peter Faricy has departed the Company, effective February 26, 2024. The Board is conducting a comprehensive search process to identify a per ...
SunPower Stock Has 34% Upside, According to 1 Wall Street Analyst
The Motley Fool· 2024-02-25 11:55
Even though the market seems to have a less-than-sunny view of solar stocks just now, one analyst recently upped his price target on sector mainstay SunPower (SPWR 0.63%). SunPower has an upside potential of more than 30% at the targeted price. Let's take a quick look at the state of the company and its industry to gauge whether the analyst's view is realistic.UBS bumps its SunPower price target higherIn mid-February UBS analyst Jon Windham added $0.25 per share to his fair value assessment of SunPower, for ...
SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease Programs
Prnewswire· 2024-02-23 13:30
Builds on the recent capital raise to provide SunPower with access to more than half a billion dollars in financing RICHMOND, Calif., Feb. 23, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), (the "Company" or "SunPower"), a leading residential solar technology and energy services provider, today announced that it has secured over $300 million in project financing commitments from funds managed by Apollo (NYSE: APO) (the "Apollo Funds"), ATLAS SP Partners, ("ATLAS SP") and Hannon Armstrong Sustainable Inf ...
How SunPower Narrowly Avoided Bankruptcy With ‘Trojan Horse' Rescue Deal
Forbes· 2024-02-22 15:47
Higher interest rates have made it more expensive to finance new solar panels.gettySunPower reported pretty dismal 2023 results last week. For the year the residential solar company lost $247 million on $1.7 billion in revenue. It burned through $300 million in cash, and didn’t even have any growth to show for it. In the fourth quarter installations were down 4% over the previous year, while new bookings fell 9%.Short on cash, in December SunPower defaulted on hundreds of millions of dollars in first lien d ...
SunPower's (SPWR) Q4 Earnings Miss, Revenues Decline Y/Y
Zacks Investment Research· 2024-02-21 14:16
Shares of SunPower Corporation (SPWR) declined 18.9% to $3.47 on Feb 20, following the company’s recent quarterly report release.  The company reported a fourth-quarter 2023 adjusted loss of 51 cents per share against earnings of 11 cents posted in the prior-year period. The loss was wider than the Zacks Consensus Estimate of a loss of 27 cents per share.Including one-time adjustments, the company reported a GAAP loss of 66 cents per share against the prior-year quarter’s earnings of 3 cents.For 2023, the c ...
Tom Werner Joins SunPower's Board of Directors as Executive Chairman
Prnewswire· 2024-02-20 14:05
RICHMOND, Calif., Feb. 20, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) a leading residential solar technology and energy services provider, today announced Tom Werner as Executive Chairman of the Board, effective Feb. 19, 2024. "As we move forward into our next era and navigate this critical moment for our industry, we are pleased to welcome Tom Werner back to SunPower," said Peter Faricy, SunPower's CEO. "Tom's unmatched experience in the solar business and his legacy institutional knowledge will be ...
Why SunPower's Shares Jumped 22% Today Before Falling
The Motley Fool· 2024-02-15 19:47
Shares of residential solar installer SunPower (SPWR -0.70%) jumped a whopping 22.1% in trading early on Thursday after the company reported $175 million in financing and fourth-quarter 2023 financial results. At 1:30 p.m. ET shares were down slightly on the day, so the early gains have already evaporated.The quarter for SunPowerQuarterly results were secondary today, but I'll start there. Revenue was $356.9 million in the quarter and net loss was $115.6 million, or $0.66 per share. SunPower ended the quart ...
SunPower(SPWR) - 2023 Q4 - Earnings Call Transcript
2024-02-15 16:27
SunPower Corporation (NASDAQ:SPWR) Q4 2023 Earnings Conference Call February 15, 2024 8:00 AM ET Company Participants Mike Weinstein - Vice President, Investor Relations Peter Faricy - Chief Executive Officer Beth Eby - Chief Financial Officer Conference Call Participants James West - Evercore ISI Colin Rusch - Oppenheimer & Company, Inc. Ben Kallo - Baird Jon Windham - UBS Philip Shen - Roth Capital Partners Jordan Levy - Truist Securities Kashy Harrison - Piper Sandler Brian Lee - Goldman Sachs Andrew Per ...
SunPower (SPWR) Reports Q4 Loss, Misses Revenue Estimates
Zacks Investment Research· 2024-02-15 15:01
SunPower (SPWR) came out with a quarterly loss of $0.51 per share versus the Zacks Consensus Estimate of a loss of $0.27. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -88.89%. A quarter ago, it was expected that this solar products and services company would post a loss of $0.01 per share when it actually produced a loss of $0.12, delivering a surprise of -1,100%.Over the last four quarter ...