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SunPower Reports Fourth Quarter and Fiscal Year 2022 Results
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PR Newswire
RICHMOND, Calif., Feb. 15, 2023
- Achieved record Q4: added nearly 24,000 customers; Revenue of $497 million, 43% growth YoY
- Reported Q4 GAAP Net Income of $8 million and Adjusted EBITDA of $36 million
- Added 83,000 customers and drove Revenue of $1.7 billion in 2022, 53% growth YoY
- Reported 2022 GAAP Net Income of $56 million and Adjusted EBITDA of $95 million
- Entered 2023 with strong balance sheet: $48 million Net Recourse Debt, repaid $425 million Convertible Debt in January
- Secured new panel supply agreements to meet rising demand
RICHMOND, Calif., Feb. 15, 2023 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced financial results for the fourth quarter, ending January 1, 2023.
"Solar helps customers reduce and stabilize their escalating electricity bills while making a positive impact on the planet. With more consumers transitioning toward full home electrification, and new incentives to support that transition, the solar value proposition is more compelling than it's ever been," said Peter Faricy, SunPower CEO. "This is evident in our 2022 results: we beat our topline guidance for customer growth, closing the year with SunPower on more than half a million roofs in the U.S. We enter 2023 with our lowest level of net debt since first issuing convertible debt after the IPO over 15 years ago, diverse new supply agreements, and a clear strategy to remain the industry leader in customer experience."
BUSINESS HIGHLIGHTS
World-class customer experience
- Highest rated solar company: In the fourth quarter of 2022, SunPower remained the top-rated1 solar company in the U.S. In 2022, the company also improved its overall Net Promoter Score (NPS) related to end-to-end experience in a customer's first year from 35 to 45, a 29% improvement. These scores reflect the company's focus on building software that makes it simpler to get solar and resolve issues more seamlessly, including transparent progress reports and self-service options.
Best, most affordable products
- Secured new supply to meet customer demand: In December, SunPower signed a new supply agreement with Maxeon (NASDAQ: MAXN) securing significant additional quantities of Maxeon's premium, high efficiency interdigitated back contact (IBC) solar panels through 2025. Today the company also announced it is sourcing panels from Hanwha Qcells out of its Dalton, Georgia facility.
Growth
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- Continued record growth trend: SunPower achieved record customer growth for the third consecutive quarter. It added 23,700 customers in the final quarter of the year, a 39% year-over-year (YoY) increase.
- Growing new homes across the U.S.: In the fourth quarter, SunPower achieved record installations across the new homes business: California, national and multifamily and is preparing to operate successfully under tighter homebuilding market conditions in 2023 and possibly beyond.
Digital innovation
- Making switching to solar easy: The company enhanced its digital tools to create a better customer experience from the very first step. The mySunPower Installation Tracker now offers customers transparent status tracking on each stage of their home solar installation, prompts users with friendly reminders about upcoming milestones and enables them to easily upload required documentation. Monthly active users of mySunPower Installation Tracker reached 87%, nearly doubling from 45% at the end of 2021.
World-class financial solutions
- Scaling lease business: SunPower's lease business grew 55% YoY in the fourth quarter, enabling the company to scale full-year 2022 lease and loan net bookings by 81% YoY. SunPower plans to expand its lease offerings in 2023 following the passage of the Inflation Reduction Act and release of U.S. Department of Treasury guidance related to various federal bonus tax credits and has adequate funding capacity to support anticipated lease and PPA growth.
| 1 Based on public solar providers in the U.S. Includes average of BBB, Yelp, ConsumerAffairs, BestCompany, Google, SolarReviews and EnergySage reviews scores as of 12/31/22. |
Financial Highlights
| ($ Millions, except | 4th Quarter | 3rd Quarter | 4th Quarter | Fiscal Year | Fiscal Year |
| GAAP revenue from | $497.3 | $475.7 | $347.8 | $1,741.1 | $1,132.0 |
| GAAP gross margin from | 21.0 % | 22.2 % | 17.3 % | 20.9 % | 20.3 % |
| GAAP net income (loss) from | $7.6 | $139.4 | $38.9 | $102.4 | $6.1 |
| GAAP net income (loss) from | $0.04 | $0.74 | $0.22 | $0.59 | $0.03 |
| Non-GAAP revenue from | $492.4 | $469.8 | $347.5 | $1,712.4 | $1,121.2 |
| Non-GAAP gross margin from | 21.3 % | 22.8 % | 17.9 % | 21.8 % | 21.0 % |
| Non-GAAP net income (loss) | $26.2 | $23.6 | $4.1 | $57.9 | $46.8 |
| Non-GAAP net income (loss) | $0.15 | $0.13 | $0.02 | $0.33 | $0.27 |
| Adjusted EBITDA1 | $36.2 | $32.6 | $7.7 | $95.1 | $75.3 |
| Residential customers | 510,400 | 486,700 | 427,300 | 510,400 | 427,300 |
| Cash2 | $377.0 | $396.5 | $123.7 | $377.0 | $123.7 |
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| The sale of our C&I Solutions business met the criteria for classification as "discontinued operations" in accordance with the guidance in ASC 205-20, Discontinued Operations, beginning the first quarter of fiscal 2022. For all periods presented, the financial results of C&I Solutions are excluded in the table above. |
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| 1Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below |
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| 2Includes cash, and cash equivalents, excluding restricted cash |
Looking toward 2023
"We will continue to invest in the business in 2023 to ensure SunPower remains at the forefront of home electrification while expanding access to solar so more Americans can realize its benefits," said Faricy. "Among our many advancements this year, we plan to launch a bi-directional charging product through our collaboration with GM and introduce more of their customers to solar; roll out our work with OhmConnect as well as add more Virtual Power Plant (VPP) offerings that enable customers to save more money while helping improve grid stability; expand our multifamily footprint; make more enhancements to SunVault storage; and elevate the digital experience to make it easier than ever to switch to solar."
2023 Financial Outlook
SunPower initiated 2023 guidance of $2,450-$2,900 adjusted EBITDA per customer before platform investment and 90,000-110,000 incremental customers, resulting in $125-$155 million Adjusted EBITDA for the year.
Earnings Conference Call Information
SunPower will discuss its fourth quarter 2022 financial results on Wednesday, February 15 at 5 p.m. Eastern Time. The conference call can be accessed live by registering at https://edge.media-server.com/mmc/p/kqr37kfz.
About SunPower
SunPower (NASDAQ:SPWR) is a leading solar technology and energy services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages. For more information, visit www.sunpower.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) expectations regarding demand and our future performance based on backlog, bookings, projected consumer demand, and pipelines in our sales channels and for our products, and our ability to meet consumer demand; (b) our plans and expectations with respect to our strategic partnerships and initiatives, including our relationship with General Motors, OhmConnect, and Maxeon and other suppliers, and the anticipated business and financial impacts thereof; (c) our strategic plans and areas of investment and focus, both current and future, and expectations for the results thereof, including improved customer experience, lease and loan funding capacity, increased installation capacity, and development of new products and services; (d) our expectations regarding projected demand and growth in 2023 and beyond, our positioning for future success, and our ability to capture demand and deliver long-term value to our shareholders; (e) our expectations for industry trends and factors, and the impact thereof on our business and strategic plans; (f) the availability and sufficiency of the supply of products and raw materials to meet consumer demand; and (g) our guidance for fiscal year 2023, including Adjusted EBITDA per customer, incremental customers, and Adjusted EBITDA, as well as platform investments and related assumptions.
These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) regulatory changes and the availability of economic incentives promoting use of solar energy; (2) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including impacts of the COVID-19 pandemic, and other factors; (3) competition in the solar and general energy industry, supply chain constraints, interest rates, inflation, and pricing pressures; (4) changes in public policy, including the imposition and applicability of tariffs and duties; (5) our dependence on sole- or limited-source supply relationships, including for our solar panels and other components of our products; (6) risks related to the introduction of new or enhanced products, including potential technical challenges, lead times, and our ability to match supply with demand while maintaining quality, sales, and support standards; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) our liquidity, indebtedness, and ability to obtain additional financing for our projects and customers; and (9) challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage acquired assets and supplier relationships. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
©2023 SunPower Corporation. All rights reserved. SUNPOWER, SUNPOWER FINANCIAL, SUNVAULT, and the SUNPOWER logo are trademarks or registered trademarks of SunPower Corporation in the U.S.
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| | January 1, 2023 | | January 2, 2022 |
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