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Sunpower Corp (SPWR) SEC Filing 10-Q Quarterly Report for the period ending Sunday, April 4, 2021

Sunpower Corp

CIK: 867773 Ticker: SPWR

FOR IMMEDIATE RELEASE.

Contacts:

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

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

SunPower Reports First Quarter 2021 Results

Appointed digital and customer experience veteran Peter Faricy as CEO
Total year-over-year bookings growth of greater than 30 percent
Gross margin dollar expansion across both businesses - 60 percent year-over-year growth

SAN JOSE, Calif., May 5, 2021
- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced financial results for its first quarter ended April 4, 2021.

“While demand is soaring, less than three percent of U.S. homes currently have solar and storage and penetration is still in its infancy. To significantly increase category growth, the adoption of distributed energy needs to be easy, reliable and affordable,” said Peter Faricy, CEO of SunPower. “SunPower has the deepest history and strongest residential and commercial products in the business, and we see customer experience and digital product innovation as the keys to our future success. We believe we are well positioned to accelerate and lead the next era of solar.”

“Specifically, our solid first quarter results reflect the continued strong demand for our industry-leading solar and storage solutions in both our residential and commercial markets,” said Faricy. “We continue to see homeowners and businesses across the country looking for cleaner, lower-cost energy with resiliency becoming a critical factor in their decisions. SunPower is delivering the industry’s leading solutions today while investing in the highest growth markets including storage, energy services, and expanding our community solar efforts. With these strategic initiatives and favorable national policy proposals, we are on track to achieve our 2021 goals and drive growth in 2022 and beyond.”


Residential and Light Commercial (RLC)
Residential strength – 22 percent gross margin, $25 million Adjusted EBITDA
Overall bookings up 25 percent, record new homes bookings
Strong success in shifting residential mix to more full systems sales (55 percent in Q121)
Progress on addressable market expansion initiatives such as multi-family, loan servicing, long tail

Commercial and Industrial Solutions (C&I Solutions)
Revenue growth of >20 percent, year-over-year (YOY) megawatts (MW) growth of 34 percent, backlog above 275 MW
Strong bookings momentum – up 50 percent compared to Q1 2020
Helix storage – >20 MWh Front of the Meter (FTM) storage under contract, >400 MWh awarded or shortlisted


The following information was filed by Sunpower Corp (SPWR) on Wednesday, May 5, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Sunpower Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Sunpower Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Sunpower Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parentheticals)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Loss
Condensed Consolidated Statements Of Equity
Condensed 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 - Allowance For Credit Losses (Details)
Balance Sheet Components - Inventories (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)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Facility And Equipment Leases (Details)
Commitments And Contingencies - Future Maturities (Details)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Product Warranties (Details)
Commitments And Contingencies - Purchase Commitment (Details)
Debt And Credit Sources
Debt And Credit Sources (Tables)
Debt And Credit Sources - Narrative (Details)
Debt And Credit Sources - Non-Recourse Debt (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)
Equity Investments
Equity Investments - Consolidated Vies (Details)
Equity Investments - Equity Method Investments (Details)
Equity Investments - Related Party Transactions With Investees (Details)
Equity Investments - Summarized Financial Information Of 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 (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income Per Share - Anti-Dilutive Securities (Details)
Net Income Per Share - Calculation Of Basic And Diluted Net Loss Per Share Attributable (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies - Liquidity (Details)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Restructuring
Restructuring (Details)
Restructuring (Tables)
Restructuring - Cost (Details)
Restructuring - Rollforward (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Contract Assets And Liabilities (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Revenue From Contracts With Customers - Net Change In Estimate (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Revenue From Contracts With Customers - Schedule Of Contract Assets And Liabilities (Details)
Segment And Geographical Information
Segment And Geographical Information (Tables)
Segment And Geographical Information - Narrative (Details)
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)
Solar Services
Solar Services (Tables)
Solar Services - Lease Payments To Be Received (Details)
Solar Services - Operating Leases (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
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. - 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)
Transactions With Total And Total S.A. - Supply Agreements (Details)
Transactions With Total And Total S.A.- 0.875% Debentures Due 2021 (Details)

Material Contracts, Statements, Certifications & more

Sunpower Corp provided additional information to their SEC Filing as exhibits

Ticker: SPWR
CIK: 867773
Form Type: 10-Q Quarterly Report
Accession Number: 0000867773-21-000045
Submitted to the SEC: Wed May 05 2021 8:52:00 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Sunday, April 4, 2021
Industry: Semiconductors And Related Devices

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