SunPower Corp (NASDAQ:SPWR) on Wednesday posted a 53.8% year-on-year jump in revenues and soaring earnings in 2022, helped by the rising number of customers willing to go solar and the surge in net bookings of its financial products.
The US solar technology and energy services provider’s performance in the past year benefitted from customers’ higher interest in full home electrification and incentives adopted to support the energy transition. "This is evident in our 2022 results: we beat our topline guidance for customer growth, closing the year with SunPower on more than half a million roofs in the US,” said CEO Peter Faricy.
Excluding one-off items, the solar group’s adjusted earnings rose to USD 57.9 million (EUR 54m) from USD 46.8 million a year back.
Thanks to the passage of the Inflation Reduction Act and government guidance related to federal tax bonuses, demand on the solar market spurred and boosted SunPower’s lease and loan net bookings by 81% on the year in 2022. Customer additions for the year totalled 83,000. In the fourth quarter alone, 23,700 customers were added, accounting for a 39% rise in annual terms, and the number of SunPower installations reached an all-time high.
| Amounts in USD million |
Q4 2022 |
Q4 2021 |
2022 |
2021 |
| GAAP revenue |
497.3 |
347.8 |
1,741.1 |
1,132 |
| GAAP gross margin |
21.0% |
17.3% |
20.9% |
20.3% |
| GAAP net profit (loss) |
7.6
|
38.9 |
102.4
|
6.1 |
| Non-GAAP revenue |
492.4 |
347.5 |
1,712.4 |
1,121.2 |
| Non-GAAP gross margin |
21.3% |
17.9% |
21.8% |
21.0% |
| Non-GAAP net profit (loss) |
26.2 |
4.1 |
57.9 |
46.8 |
| Adjusted EBITDA |
36.2 |
7.7 |
95.1 |
75.3 |
| Residential customers |
510,400
|
427,300 |
510,400
|
427,300 |
7.6
102.4
510,400
510,400
"We enter 2023 with our lowest level of net debt since first issuing convertible debt after the IPO over 15 years ago, diverse new supply agreements, and a clear strategy to remain the industry leader in customer experience," the CEO said.
In view of the upward trend in the solar market, SunPower intends to further expand its lease offerings for the current year. It guided for adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 125 million-155 million in 2023. The number of residential customers is seen at 90,000-110,000.
(USD 1.0 = EUR 0.933)
Choose your newsletter by Renewables Now. Join for free!
Residential solar system by SunPower.
Image by SunPower Corp.
