SunPower Offers 2020 Guidance Post Maxeon Spin-Off

Post Maxeon Solar Spin-Off, SunPower Corporation Guides For $30 Million To $40 Million Annual Net Income In 2020
04:19 PM (Beijing Time) - 11. September 2020
SunPower Offers 2020 Guidance Post Maxeon Spin-Off

SunPower seems confident of its business doing well going into 2021 as it hopes to report GAAP net income of $30 million to $40 million in 2020. (Source: SunPower Corporation)

Key Takeaways

  • SunPower has offered 2020 guidance expecting GAAP revenues of $1.06 billion to $1.10 billion
  • For Q4/2020, it forecasts between $330 million to $370 million of GAAP revenues
  • It also presented a new modeling framework for its Devco and Powerco business models

Post the spin-off of Maxeon Solar Technologies into an independent entity, SunPower Corporation has revealed its new modeling framework under the heads “Devco” and “Powerco” during its Capital Markets Day on September 10, 2020.

Under Devco, it will cover solar origination and installation business and target growing EBITDA and cash; whereas under Powerco the modeling will factor in recurring revenue and EBITDA, upsell to installed base along with SunStrong and services. It will continue to focus on residential and commercial segments.

The management also offered annual guidance for the year 2020 forecasting 465 MW to 510 MW of capacity to be deployed. GAAP revenues of $1.06 billion to $1.10 billion are expected in 2020 with net income hitting $30 million to $40 million range. Adjusted EBITDA is likely to fall within $20 million to $30 million.

For Q4/2020, GAAP revenues of $330 million to $370 million can be anticipated with GAAP net income of $0 million to $10 million, adjusted EBITDA of $20 million to $30 million. Between 150 MW to 170 MW of will be recognized for the last quarter of the year, as per the management’s expectations.

Further details of the company’s 2020 Capital Markets Day presentation are available on its website.

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani