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Sunpower Corp (SPWR) SEC Filing 10-Q Quarterly Report for the period ending Sunday, April 3, 2022

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Sunpower Corp

CIK: 867773 Ticker: SPWR


FOR IMMEDIATE RELEASE
Contacts:

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

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

SunPower Reports First Quarter 2022 Results

Recorded $350 million GAAP revenue, including record-high $336 million non-GAAP residential revenue, 41% year-over-year residential growth
Added 16,500 customers, 40% year-over-year growth
Entered second quarter with a record 13,800 backlog, up 169% year-over-year
Advancing industry leadership with late-stage discussions to develop world’s most innovative residential panel with First Solar


SAN JOSE, Calif., May 5, 2022
- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced financial results for the first quarter, ending April 3, 2022.

“SunPower delivered strong first quarter results, driven by a record $336 million non-GAAP residential revenue, representing 41% growth year-over-year. Demand is accelerating as consumers look to solar as a more stable, secure and sustainable energy source, and this is evident as we enter the second quarter with a record backlog and pipeline for new homes,” said Peter Faricy, SunPower CEO. “We are executing across our key growth pillars and making strategic investments to ensure SunPower can capture this demand. This includes securing nationwide coverage through our direct business and dealer network, creating a world-class customer experience, building out our installation capacity, and developing industry leading financial products, hardware and software solutions.”

SunPower reported first quarter net loss of $2M and Adjusted EBITDA of $11 million.

Capturing Demand by Executing Across Strategic Pillars

Energy share-of-wallet is increasing faster than other spending categories, according to a 2021 Deloitte Insights Consumer Spending Forecast, which predicts customers will increase spending on energy products and services by more than 20% from 2021 to 2026 compared to a total 7% increase in projected disposable personal income during that time. Demand for cleaner, more reliable energy is higher than ever, yet less than 5% of the 100 million home addressable market have adopted solar, presenting a land-grab opportunity for solar providers.

SunPower made significant strides towards capturing this demand in the first quarter, adding 16,500 customers in the period, up 40% from the previous year, with a record customer backlog of 13,800 bookings and a 70,000-customer new homes pipeline, setting the company up for high growth in 2022. SunPower is executing across the strategic pillars described at its recent Analyst Day to ensure it can capture this unprecedented demand through the rest of 2022 and beyond. First quarter updates include:

1.SunPower is in late-stage discussions with First Solar (NASDAQ: FSLR) to co-develop the world’s most advanced residential solar panel, exclusively for SunPower. This initiative is expected to support SunPower’s strategy to expand its catalog of suppliers while remaining the leader in superior products and tech innovation.

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The following information was filed by Sunpower Corp (SPWR) on Wednesday, February 16, 2022 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 (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (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 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)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Facility And Equipment Leases (Details)
Commitments And Contingencies - Future Maturities (Details)
Commitments And Contingencies - Indemnifications - Narrative (Details)
Commitments And Contingencies - Product Warranties (Details)
Commitments And Contingencies - Product Warranties - Narrative (Details)
Commitments And Contingencies - Purchase Commitment (Details)
Commitments And Contingencies - Purchase Commitment - Narrative (Details)
Debt And Credit Sources
Debt And Credit Sources (Tables)
Debt And Credit Sources - Bank Of The West (Details)
Debt And Credit Sources - Deutsche Bank Trust (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 (Tables)
Discontinued Operations - Assets And Liabilities (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Non-Cash Items And Capital Expenditures (Details)
Discontinued Operations - Operations Income Statement (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)
Equity Investments - 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)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Future Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Other Intangible Assets (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 (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Related-Party Transactions
Related-Party Transactions (Details)
Related-Party Transactions (Tables)
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 - Contract Assets And Liabilities Narrative (Details)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers - Performance Obligations (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Transactions With Total And Total Energies Se
Transactions With Total And Total Energies Se (Tables)
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 - 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)

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: 0000867773-22-000029
Submitted to the SEC: Thu May 05 2022 6:13:30 PM EST
Accepted by the SEC: Fri May 06 2022
Period: Sunday, April 3, 2022
Industry: Semiconductors And Related Devices

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