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]

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 ...

Core Viewpoint - SunPower Corp. shares experienced an increase following the announcement of new funding and waivers from financial partners, which the company believes will help it manage current industry challenges [1]. Financial Performance - The company reported a fourth-quarter loss that was wider than expected, alongside revenue that did not meet forecasts [1].

February 15, 2024 ...

Added 16,000 customers in Q4, 75,900 new customers in FY 2023 Reported Q4 revenue of $357 million; FY 2023 revenue of $1.7 billion Reported Q4 GAAP Net Loss of ($124) million and Adjusted EBITDA of ($68) million; FY 2023 GAAP Net Loss of ($247) million and Adjusted EBITDA of ($84) million Announced $175 million of additional capital and $25 million of additional revolving debt capacity RICHMOND, Calif., Feb. 15, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy ser ...

Obtains $175 million of capital and $25 million of additional revolving debt capacity, long-term waivers Provides up to $155 million of additional liquidity RICHMOND, Calif., Feb. 15, 2024 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) (the "Company" or "SunPower"), a leading residential solar technology and energy services company, today announced that it has raised $175 million in capital financing through a second lien term loan from Sol Holding, LLC ("Sol Holding"), the Company's majority shareholder and ...

Shares of residential solar company SunPower (SPWR 21.12%) jumped as much as 27.4% in trading on Thursday after the company announced some new financing updates. Shares drifted lower as the day went on and are now up 19.9% at 3:15 p.m. ET.SunPower's debt kicked down the roadSunPower has been in default on some of its debt, leading to a "going concern" warning to investors. However, the company has gotten waivers from debtholders and is looking for more financing options. Today's news was that debtholders ha ...