SunPower Declares Q2/2022 Financial Results

• SunPower's $417.8 million revenues in Q2/2022 grew 63% compared to the previous year
• Its gross margin was 19.5%, while net loss widened to $-42.5 million and customer tally grew by 51%
• Management reiterated its annual incremental customer forecast of 73,000 to 80,000 for 2022

Riding high on customer demand, US residential solar power company SunPower Corporation improved annual revenues in Q2/2022 by 63%, and reiterated its 2022 guidance of 73,000 to 80,000 incremental customers. But it fears a slowdown in single-family housing market in 2023.

In Q2/2022, SunPower's GAAP revenues added up to $417.8 million while gross margin declined to 19.5%. Its net loss during the quarter widened to $-42.5 million from $-2.2 million in Q1/2022, but adjusted EBITDA improved to $15.2 million (see SunPower's Q1/2022 Financial Results).

The company added a record 19,700 new customers in Q2/2022, 51% more from a year back. At the end of the reporting quarter, its contracted backlog in new homes grew to 34,000 with another 40,000 potential customers in the pipeline, including a growing multifamily segment.

Citing this and annual growth in revenues, CEO Peter Faricy said this is an indication of how higher pricing is working its way into our results without dampening customer appetite. He added that it should not impact the business too much since SunPower is increasingly engaged in multifamily and single-family build-to-rent categories.

The management provided an update to its collaboration with CdTe module maker First Solar wherein the duo plan to develop a domestically produced residential tandem thin film module and a long-term supply plan, that's expected to materialize in Q3/2022 (see SunPower & First Solar To Collaborate Again).