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

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SPWR Quarterly Reports

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 Second Quarter 2022 Results

Added a record 19,700 customers in the second quarter, a 51% increase YoY
Accelerated revenue growth to 63% YoY
Achieved backlog of 53,000 retrofit and new homes customers
Delivered strong gross margin: 20% GAAP, 21% non-GAAP
Announced strategic relationship with IKEA U.S. to reach new customers and simplify the solar buying experience

SAN JOSE, Calif., August 2, 2022
- SunPower Corp. (NASDAQ: SPWR), a leading solar technology and energy services provider, today announced financial results for the second quarter, ending July 3, 2022.

“There is a ubiquitous need for reliable electricity at an affordable price that isn't being met with our traditional energy sources,” said Peter Faricy, SunPower CEO. “With our strategic growth plan, investment in world-class customer experience and robust pipeline, SunPower is well positioned to capture the strong resulting demand for solar and storage. This quarter we added a record number of customers, including an all-time high for new homes installs, and accumulated a backlog that we expect to set us up for high growth in the second half of the year.”

SECOND QUARTER BUSINESS HIGHLIGHTS

SunPower continues to execute across its five strategic pillars to capture demand and cement its leadership position as the company delivering the most innovative ecosystem of home energy products with unmatched customer experience.

World-class customer experience
1.Highest rated solar company: In the second quarter of 2022, SunPower remained the only 4+ star rated solar provider in the U.S. with an average review score of 4.3. SunPower’s Net Promoter Score improved to 51, a 38% improvement year-over-year (YoY).

2.Improved time to resolution: The company continued its trend of significantly improving customer response speed. In the last quarter, it minimized wait times to 31 seconds, a 45% improvement YoY, and shortened the average time it takes to resolve a customer query by 36% YoY.

Best, most affordable products
3.Significant progress on ground-breaking panel: SunPower and First Solar (NASDAQ: FSLR) are finalizing negotiations to develop the world’s most-advanced residential solar panels. The companies have agreed on the majority of key terms and are working toward definitive agreements. They are expected to sign a deal in the next quarter and promptly move forward to operationalize production.

4.Increasing panel supply: SunPower secured additional product volume under their agreement with Maxeon Solar Technologies (NASDAQ: MAXN) for increased panel supply through the end of the year. Along with additional supply chain agreements, this further ensures the company’s ability to meet unprecedented demand.

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The following information was filed by Sunpower Corp (SPWR) on Tuesday, August 2, 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)
Debt And Credit Sources - Term Loan Facility With Credit Suisse Ag (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Assets And Liabilities (Details)
Discontinued Operations - Gain On Sale (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)
Related-Party Transactions - Narrative (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 - 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 - Clearwater Energy Group (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: 0000867773-22-000055
Submitted to the SEC: Tue Aug 02 2022 7:17:16 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Sunday, July 3, 2022
Industry: Semiconductors And Related Devices

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