Whenever a company delays a regulatory filing, particularly one involving quarterly or annual financial updates, some investors fear the worst. After all, such filings are a normal and expected aspect of the life of publicly traded businesses.This explains the nearly 2% sell-off in SunPower (SPWR -1.89%) shares on Thursday. The solar energy company admitted in a brief regulatory filing that it'll be late in filing its latest set of fundamentals.Annual report filing delayedAnyone hoping to learn in-depth how ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

Financial Data and Key Metrics Changes - The company reported negative $68 million of adjusted EBITDA and $361 million of non-GAAP revenue for Q4 2023, reflecting lower year-over-year installations due to higher interest rates and changes in California's net metering policy [20][21] - Cash on hand at the end of Q4 was $87 million, with net recourse debt at $208 million, and inventory levels decreased by $64 million to $261 million [22] Business Line Data and Key Metrics Changes - The company added 16,000 new customers in Q4, with a backlog of 52,100 homes, including 15,100 in retrofit and 37,000 in new homes [8][9] - New Homes installations grew 19% in Q4 compared to Q3, while overall net bookings for Q4 were down 24% year-over-year [9][14] Market Data and Key Metrics Changes - The company experienced a decline in net bookings due to the transition from NEM 2.0 to NEM 3.0 in California, which has negatively impacted consumer demand [8][36] - The average U.S. retail electric rates remain near all-time highs, with significant increases in states like California, which saw a 13% rise in PG&E rates [17][18] Company Strategy and Development Direction - The company aims to improve profitability and cash flow through cost reduction actions, with an estimated $100 million in annual savings expected by mid-2024 [6][12] - The focus is shifting towards gross margin and cash flow rather than platform investment, with guidance for gross margins projected between 17% to 19% for 2024 [23][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged 2023 as a challenging year but expressed optimism about the company's ability to achieve cash flow positivity in the second half of 2024 [6][24] - The company anticipates that rising utility rates and declining solar equipment costs will drive demand for residential solar in the long term [26][66] Other Important Information - The company raised $200 million in new capital commitments, including $175 million of second lien debt from its majority shareholders [7][29] - The company plans to simplify financial metrics reported to investors, focusing on profitability under current market conditions [11] Q&A Session Summary Question: Context around recent capital commitments - Management expressed satisfaction with the $200 million capital commitment, emphasizing its importance for liquidity and executing the business plan [29][30] Question: Need for additional lease capital - Management indicated strong growth in SunPower Financial's attach rate and highlighted the need to increase lease capacity as a top priority [31][32] Question: Pricing dynamics in California - Management noted disappointment in the slow market recovery due to NEM 3.0 but observed high battery attach rates and increased system sizes among customers [36][37] Question: Dealer strategy and relationships - Management reaffirmed the importance of the dealer network and expressed commitment to supporting dealers during challenging market conditions [39][40] Question: Health of master dealer relationships - Management reported a flat count of master dealers and emphasized ongoing efforts to strengthen partnerships [56] Question: Terms of the second lien note - The second lien has an interest rate of 13% cash or 15% paid in kind, with a five-year maturity [78][79]