Saturday Feb 04, 2023

SunPower Reports Second Quarter 2022 Results – Yahoo Finance

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  • 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., Aug. 2, 2022 /PRNewswire/ — SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced financial results for the second quarter, ending July 3, 2022.

SunPower Logo. (PRNewsFoto/SunPower Corp.)

“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 …….

Source: https://finance.yahoo.com/news/sunpower-reports-second-quarter-2022-120500355.html

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