Benzinga - by Anusuya Lahiri, Benzinga Editor.
SunPower Corp (NASDAQ:SPWR) reported a fourth-quarter FY23 revenue decline of 28.3% year-on-year to $356.91 million, missing the consensus of $362.85 million.
The residential solar technology and energy services provider’s adjusted EPS loss of 51 cents missed the consensus loss of 24 cents. The stock price gained Thursday after the results and funding update.
- SPWR added 16,000 customers.
- Adjusted gross margin declined to 4.5% from 23.0% a year ago.
- Adjusted EBITDA declined to $(67.6) million, down from $30.6 million a year ago.
- SunPower held $87.4 million in cash and equivalents and used $(40.04) million in operating cash flow.
Peter Faricy, SunPower CEO, said, “With this funding and industry tailwinds of extended tax credits and lower equipment costs, we believe SunPower is positioned to execute on maximizing the value proposition of solar and storage for our customers.”
FY24 Outlook:
- SunPower expects a net loss of $(160) million – $(80) million.
- It projects an adjusted gross margin of 17% – 19%.
- The company expects to be free cash flow positive in the second half of 2024.
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