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Sunpower Corp (SPWR) SEC Filing 10-K Annual report for the fiscal year ending Sunday, January 3, 2021

Sunpower Corp

CIK: 867773 Ticker: SPWR

Exhibit 99.1

Contacts:

Investors
Bob Okunski
408-240-5447
Bob.Okunski@sunpower.com

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Sarah Spitz
832-444-7151
Sarah.Spitz@sunpower.com

SunPower Reports Strong Fourth Quarter and Fiscal Year 2020 Results

Residential demand drives Q4 growth, C&I installs up 65% sequentially
Exceeded GAAP Net Income and Adjusted EBITDA guidance; positive operating cash generation
Strong momentum entering 2021 with advancements in storage and software

SAN JOSE, Calif., Feb. 17, 2021
- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced financial results for its fourth quarter and fiscal year ended January 3, 2021.

“2020 was a transformational year for SunPower: we successfully completed the spin-off of Maxeon, significantly improved our financial performance and rapidly shifted our sales strategy to meet increasing U.S. demand as consumers and businesses look to generate and store their own energy. Entering 2021, we are continuing to focus our efforts and investment on those markets that offer us strong growth potential — storage and energy services” said Tom Werner, SunPower CEO and chairman of the board. “We also finished the year with strong execution as we exceeded our GAAP net income and Adjusted EBITDA guidance, expanded our margins, strengthened our balance sheet and generated positive cash flow. Looking forward, with favorable industry tailwinds, increasing demand for our innovative solar solutions and further investment to significantly expand our solar and storage addressable market, we believe we are well positioned to accelerate our growth through 2022 and beyond.”

Fourth Quarter Company Highlights
Strong sequential revenue / margin growth – met or exceeded guidance, $412 million net income, $39 million Adjusted EBITDA
Further delevered balance sheet – successful convert tender, achieved net debt target ahead of plan

Residential and Light Commercial (RLC)
Residential strength – 24% gross margin, $36 million Adjusted EBITDA
Added 13,000 customers, achieved record new homes backlog, rapidly ramping SunVault storage deployments
Expanded sales channels to increase market access and profitability – continued investment in software and energy services platform, digital and direct sales channel

Commercial and Industrial Solutions (C&I Solutions)
Strong execution - MW recognized up >65% sequentially, 18% gross margin, $8 million Adjusted EBITDA
Helix storage – >30% sales attach rate in 2020, backlog of >50MWh, pipeline >750MWh
Community Solar platform pipeline >90MW


The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 17, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Sunpower Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Condensed Consolidated Balance Sheets (Parentheticals)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Equity (Deficit)
Consolidated Statements Of Operations
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Accounts Receivable, Net (Details)
Balance Sheet Components - Accrued Liabilities (Details)
Balance Sheet Components - Accumulated Other Comprehensive Loss (Details)
Balance Sheet Components - Allowances (Details)
Balance Sheet Components - Inventory (Details)
Balance Sheet Components - Other Long-Term Assets (Details)
Balance Sheet Components - Other Long-Term Liabilities (Details)
Balance Sheet Components - Prepaid Expenses And Other Current Assets (Details)
Balance Sheet Components - Property, Plant And Equipment, Net (Details)
Balance Sheet Components - Property, Plant And Equipment, Net By Geography (Details)
Business Divestiture And Sale Of Assets
Business Divestiture And Sale Of Assets (Tables)
Business Divestiture And Sale Of Assets - Assets And Liabilities (Details)
Business Divestiture And Sale Of Assets - Net Gains (Details)
Business Divestiture And Sale Of Assets - Net Proceeds Received (Details)
Business Divestiture And Sale Of Assets - Sale Of Operations And Maintenance Business (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Facility And Equipment Leases (Details)
Commitments And Contingencies - Future Maturities (Details)
Common Stock
Common Stock (Details)
Common Stock (Tables)
Debt And Credit Sources
Debt And Credit Sources (Tables)
Debt And Credit Sources - 0.875% Debentures Due 2021 (Details)
Debt And Credit Sources - 4.00% Debentures Due 2023 (Details)
Debt And Credit Sources - Deutsche Bank Trust (Details)
Debt And Credit Sources - Financing For Safe Harbor Panels Inventory (Details)
Debt And Credit Sources - Loan Agreement With California Enterprise Development Authority ("Ceda") (Details)
Debt And Credit Sources - Non-Recourse Debt (Details)
Debt And Credit Sources - Other Facilities (Details)
Debt And Credit Sources - Revolving Credit Facility With Credit Agricole (Details)
Debt And Credit Sources - Schedule Of Convertible Debt (Details)
Debt And Credit Sources - Schedule Of Debt (Details)
Debt And Credit Sources - Schedule Of Maturities (Details)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities (Details)
Discontinued Operations - Noncash (Details)
Discontinued Operations - Revenue (Details)
Equity Investments
Equity Investments - Consolidated Vies (Details)
Equity Investments - Equity Method Investments (Details)
Equity Investments - Related Party Transactions With Investees (Details)
Equity Investments - Sunstrong Llc (Details)
Equity Investments - Unconsolidated Vies (Details)
Equity Investments Equity Investments (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Equity Method Investments Activity (Details)
Fair Value Measurements - Level 3 Significant Unobservable Input Sensitivity (Details)
Fair Value Measurements - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Income Taxes - Classification Of Interests And Penalties (Details)
Income Taxes - Components Of Income Tax (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Narrative (Details)
Income Taxes - Unrecognized Tax Benefits Activity (Details)
Income Taxes - Unrecognized Tax Benefits Narrative (Details)
Income Taxes - Valuation Allowance (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Details)
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Antidilutive Shares (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Advertising Costs (Details)
Organization And Summary Of Significant Accounting Policies - Concentration Risks (Details)
Organization And Summary Of Significant Accounting Policies - Fair Value Of Financial Instruments (Details)
Organization And Summary Of Significant Accounting Policies - Financial Instruments - Credit Losses And Financing Receivables (Details)
Organization And Summary Of Significant Accounting Policies - Lease Accounting (Details)
Organization And Summary Of Significant Accounting Policies - Liquidity (Details)
Organization And Summary Of Significant Accounting Policies - Product Warranties (Details)
Organization And Summary Of Significant Accounting Policies - Property, Plant And Equipment (Details)
Organization And Summary Of Significant Accounting Policies- Revenue Recognition (Details)
Related Party Disclosures
Related Party Disclosures (Details)
Related Party Disclosures (Tables)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Restructuring - Charges Comparison (Details)
Restructuring - Rollforward (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Segment And Geographical Information
Segment And Geographical Information (Narrative) (Details)
Segment And Geographical Information (Tables)
Segment And Geographical Information - Reconciliation Of Other Significant Reconciling Items From Segments To Consolidated (Details)
Segment And Geographical Information - Reconciliation Of Segment Gross Profit To Condensed Consolidated Gaap Gross Profit (Details)
Segment And Geographical Information - Reconciliation Of Segment Revenue To Condensed Consolidated Gaap Revenue (Details)
Segment And Geographical Information - Reconciliation Of Segments Ebitda To Loss Before Income Taxes And Equity In Earnings (Losses) Of Unconsolidated Investees (Details)
Selected Unaudited Quarterly Financial Data
Selected Unaudited Quarterly Financial Data (Details)
Selected Unaudited Quarterly Financial Data (Tables)
Solar Services
Solar Services (Details)
Solar Services (Tables)
Solar Services - Lease Payments To Be Received (Details)
Solar Services - Narrative (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Compensation Expense (Details)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Shares (Details)
Subsequent Events
Subsequent Events (Details)
Transactions With Total And Total S.A.
Transactions With Total And Total S.A. (Tables)
Transactions With Total And Total S.A. - 0.875% Debentures Due 2021 (Details)
Transactions With Total And Total S.A. - 4.00% Debentures Due 2023 (Details)
Transactions With Total And Total S.A. - Affiliation Agreement (Details)
Transactions With Total And Total S.A. - Joint Solar Projects With Total And Its Affiliates (Details)
Transactions With Total And Total S.A. - Narrative (Details)
Transactions With Total And Total S.A. - Revenue From Related Parties (Details)
Transactions With Total And Total S.A. - Schedule Of Related Party Transactions (Details)
Ticker: SPWR
CIK: 867773
Form Type: 10-K Annual Report
Accession Number: 0000867773-21-000026
Submitted to the SEC: Fri Feb 19 2021 8:23:57 PM EST
Accepted by the SEC: Mon Feb 22 2021
Period: Sunday, January 3, 2021
Industry: Semiconductors And Related Devices

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