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]

February 15, 2024 ...

Table of Contents _________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Stock, $0.001 par value per share SPWR The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2023 OR ☐ TRANSITION REPORT PURS ...

SunPower Corporation (NASDAQ:SPWR) Q3 2023 Earnings Conference Call November 1, 2023 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 Tristan Richardson - Scotiabank Colin Rusch - Oppenheimer & Company, Inc. Philip Shen - Roth MKM Pavel Molchanov - Raymond James Joseph Osha - Guggenheim Brian Lee - Goldman Sachs Ben Kallo - Baird Jon Windham - UBS Julien Dumoulin-Smith - ...

November 1, 2023 SunPower Confidential and Proprietary | © 2023 SunPower Corporation Safe Harbor Statement This presentation contains forward-looking statements within the meaning of (1) regulatory changes and the availability of economic incentives promoting use of solar the Private Securities Litigation Reform Act of 1995, including, but not limited to, energy; (2) potential disruptio ...

Table of Contents _________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Stock, $0.001 par value per share SPWR The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2023 OR ☐ TRANSITION REPORT PURSUAN ...

SunPower Corporation (NASDAQ:SPWR) Q2 2023 Earnings Conference Call August 1, 2023 8:00 AM ET Company Participants Mike Weinstein - Vice President, Investor Relations Peter Faricy - Chief Executive Officer Beth Eby - Executive Vice President and Chief Financial Officer Conference Call Participants Sean Morgan - Evercore ISI Tristan Richardson - Scotiabank Pavel Molchanov - Raymond James Philip Shen - Roth MKM Kashy Harrison - Piper Sandler Michael Blum - Wells Fargo Andrew Percoco - Morgan Stanley Brian Lee ...

Aug 1, 2023 ...

SunPower Corporation (NASDAQ:SPWR) Q1 2023 Earnings Conference Call May 3, 2023 8:00 AM ET Company Participants Mike Weinstein - Vice President of Investor Relations Peter Faricy - Chief Executive Officer Guthrie Dundas - Interim Chief Financial Officer Conference Call Participants Kashy Harrison - Piper Sandler Sean Morgan - Evercore ISI Julien Dumoulin-Smith - Bank of America Ben Kallo - Baird Tristan Richardson - Scotiabank Philip Shen - Roth MKM Andrew Percoco - Morgan Stanley Biju Perincheril - Susqueh ...

Table of Contents _________________________________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Stock, $0.001 par value per share SPWR The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 OR ☐ TRANSITION REPORT PURSUA ...