SunPower Corp (SPWR) Reports Q3 2023 Earnings: Revenue of $432 Million, Net Loss of $32 Million - Yahoo Finance

• SunPower Corp (NASDAQ:SPWR) reported Q3 2023 GAAP revenue of $432 million and a net loss of $32 million.

• The company added 18,800 customers in Q3, entering Q4 with a backlog of 18,400 retrofit customers and 38,000 New Homes customers.

• Bookings increased by 59% month-over-month in September.

• SunPower Corp (NASDAQ:SPWR) revised its 2023 guidance due to lower-than-expected consumer demand and delayed revenue recognition.

On November 1, 2023, SunPower Corp (NASDAQ:SPWR), a leading residential solar technology and energy services provider, announced its preliminary financial results for the third quarter of 2023. The company reported a GAAP revenue of $432 million and a net loss of $32 million. Despite facing challenges due to lower-than-expected consumer demand and delayed revenue recognition, the company managed to add 18,800 customers in Q3 and increased its bookings by 59% month-over-month in September.

Financial Performance and Challenges

According to the company's CEO, Peter Faricy, SunPower Corp (NASDAQ:SPWR) is reducing its 2023 guidance due to lower-than-expected consumer demand and delayed revenue recognition from longer cycle times. Despite these challenges, the company is focused on reducing costs and managing cash prudently. Faricy stated,

We are prioritizing our efforts to build a stronger and more resilient company that can withstand changing market conditions."

Financial Highlights

The company reported a GAAP Q3 revenue of $432 million and a net loss of $32 million. The company also updated its 2023 guidance, projecting a net loss of $(175) million to $(165) million. Despite the challenges, the company saw a 59% month-over-month increase in bookings in September and more than doubled its SunPower Financial bookings growth quarter-over-quarter.

Key Details from Financial Statements

As per the company's condensed consolidated balance sheets, as of October 1, 2023, the company had total assets of $1,459,640 thousand and total liabilities of $1,026,504 thousand. The company's net loss from continuing operations was $(30,027) thousand, and the net loss from discontinued operations was $(1,924) thousand. The total net loss attributable to stockholders was $(31,951) thousand.

Company's Performance Analysis

Despite the challenges, SunPower Corp (NASDAQ:SPWR) managed to add 18,800 customers in Q3, entering Q4 with a backlog of 18,400 retrofit customers and 38,000 New Homes customers. The company also saw a 59% month-over-month increase in bookings in September, indicating a potential recovery in the market. However, the company's revised 2023 guidance reflects the ongoing challenges in the market and the need for the company to adapt to changing market conditions.

For more detailed financial information, please visit the SunPower's investor website.

Explore the complete 8-K earnings release (here) from SunPower Corp for further details.

This article first appeared on GuruFocus.

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SunPower Corp (SPWR) Reports Q3 2023 Earnings: Revenue of $432 Million, Net Loss of $32 Million - Yahoo Finance
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