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Sunpower Corp (SPWR) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 3, 2021

Sunpower Corp

CIK: 867773 Ticker: SPWR

FOR IMMEDIATE RELEASE

Contacts:

Investors
Mike Weinstein
510-260-8585
Mike.Weinstein@sunpower.com

Media
Sanah Sadaruddin
832-630-3707
Sanah.Sadaruddin@sunpower.com

SunPower Reports Third Quarter 2021 Results


Strong third quarter Residential demand with record lead generation.
Growing demand for storage, third quarter storage bookings run rate at $80 million, on track for $100 million run rate by year end.
Reported third quarter financials consistent with previous October 5th business update.
Geographic expansion with Blue Raven brings solar to more homeowners across U.S.


SAN JOSE, Calif., November 3, 2021
- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced financial results for its third quarter ended October 3, 2021.

Residential demand remains strong with record lead generation and 14,200 new customers, up 29% versus a year earlier. New homes market accelerated growth with 5,700 new customers in the quarter, more than double when compared to the previous year.

“Our decision to increase our focus on the residential market was validated by strong sequential third quarter solar and storage demand and deployment, combined with continued margin expansion,” said Peter Faricy, CEO of SunPower. “The time is now for homeowners to adopt solar energy and storage, with flexible financing options and favorable clean energy incentives currently under consideration by Congress that make it easier for consumers to help fight against the increasing impact of climate change. Along with our recent acquisition of Blue Raven Solar and new leadership hires, there is a bright future for the next phase of SunPower.”

Making Solar Accessible to All
To meet the goals of a clean energy future in which nearly half of the U.S. is powered by solar, policymakers and corporations must work together to make solar accessible for all customers. With 108 MW of Residential bookings in the quarter, up 36% versus the prior year, the company’s total residential install base has grown to nearly 390,000, not including 20,000 from the recent acquisition of Blue Raven Solar in October. SunPower’s recent efforts to further expand the reach of solar include:

Geographic expansion into underpenetrated areas including the Northwest and Mid-Atlantic regions with Blue Raven Solar.
Continued leadership in the new homes market with two new agreements with homebuilders, including a multi-year exclusive agreement with Toll Brothers to provide solar, storage and services to new homes and communities.


The following information was filed by Sunpower Corp (SPWR) on Wednesday, November 3, 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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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 Income (Loss)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parentheticals)
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 Income (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)
Business Divestitures
Business Divestitures (Tables)
Business Divestitures - Assets And Liabilities (Details)
Business Divestitures - Narrative (Details)
Business Divestitures - Net Gain (Loss) On Sale (Details)
Business Divestitures - Proceeds Received (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 (Tables)
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)
Fair Value Measurements
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)
Fair Value Measurements - Summary Of Assets And Liabilities Measured And Recorded At Fair Value On A Recurring Basis (Details)
Income Taxes
Income Taxes (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Anti-Dilutive Securities (Details)
Net Income (Loss) Per Share - Calculation Of Basic And Diluted Net Income (Loss) Per Share Attributable (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Narrative (Details)
Related Party Transactions - Transactions (Details)
Restructuring
Restructuring (Tables)
Restructuring - Cost (Details)
Restructuring - Narrative (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)
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)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Events
Subsequent Events (Details)
Transactions With Total And Total Energies Se
Transactions With Total And Total Energies Se (Tables)
Transactions With Total And Total Energies Se - 0.875% Debentures Due 2021 (Details)
Transactions With Total And Total Energies Se - 4.00% Debentures Due 2023 (Details)
Transactions With Total And Total Energies Se - Affiliation Agreement (Details)
Transactions With Total And Total Energies Se - Joint Solar Projects With Total And Its Affiliates (Details)
Transactions With Total And Total Energies Se - Narrative (Details)
Transactions With Total And Total Energies Se - Revenue From Related Parties (Details)
Transactions With Total And Total Energies Se - Schedule Of Related Party Transactions (Details)
Transactions With Total And Total Energies Se - Supply Agreements (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: 0000867773-21-000076
Submitted to the SEC: Wed Nov 03 2021 7:57:59 PM EST
Accepted by the SEC: Thu Nov 04 2021
Period: Sunday, October 3, 2021
Industry: Semiconductors And Related Devices

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