Strong demand from the residential segment helped US residential solar installer SunPower Corporation grow its annual GAAP revenues by 46% annually to $350 million in Q1/2022, and narrow down net loss to $-2.2 million from $-47.1 million a year back.
Its adjusted EBITDA for the quarter was $11.2 million, down from $18.8 million YoY while GAAP gross margin improved slightly to 20.6% vis-à-vis 19.1%.
During the reporting quarter, the company added 40% more 16,500 new customers compared to the previous year, growing the overall tally to 443,800. It counts 13,800 bookings as backlog and 70,000-customer new homes pipeline.
Management has reiterated its 2022 guidance of adjusted EBITDA between $2,000 to $2,400 per customer and 73,000 to 80,000 incremental customers leading to full year adjusted EBITDA of $90 million to $110 million.
"In the first half of the year, you'll see us investing heavily in our platform to sustain strong customer demand and ensure our ability to capture the nation's growing interest in home solar," said SunPower CFO Manavendra Sial. "We expect to reap the rewards of that investment as we look towards the second half of the year and beyond, and we are on track to meet our 2022 guidance."
Providing an update of its collaboration with First Solar, SunPower said the discussions with the American module maker to co-develop 'the world's most advanced residential solar panel exclusively for the company', are at a late stage. The deal is aimed at expanding its catalogue of suppliers and maintaining its leadership in superior products and tech innovation, it stated (see SunPower & First Solar To Collaborate Again).
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