SunPower Corporation, a distributed generation storage and energy services provider, announced the financial results for the first quarter (Q1) of the calendar year (CY) 2022.
The company posted revenue of $350.3 million, an increase of 0.7% compared to $347.8 million in the fourth quarter (Q4) of 2021. The figure was significantly higher than $240.1 million, an increase of 45% during the same period last year.
The company posted a net loss of $2.2 million, compared to the net profit of $38.9 million registered last quarter. SunPower had non-recurring expenses, including litigation fees, executive transition costs, transaction-related charges, and costs associated with the acquisition of Blue Raven Solar. The non-recurring items were to the tune of $10 million.
The adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter were $11.2 million, an increase of 45% compared to $7.7 million in the fourth quarter of 2021. However, the figure was lower by 40% compared to $18.8 million registered in the same period last year.
SunPower added 16,500 customers in the first quarter of 2022, a 40% increase from the previous year, with a customer backlog of 13,800 bookings and a 70,000-customer new homes pipeline.
In March, Global energy company TotalEnergies had signed a definitive agreement to acquire SunPower’s commercial and industrial solutions business for $250 million.
In October 2021, SunPower acquired residential solar provider Blue Raven Solar. The acquisition was made for a cash consideration of up to $165 million. The acquisition will allow SunPower to serve more customers in underpenetrated areas, including the Northwest and Mid-Atlantic regions.
In May 2020, the company announced a strategic partnership of $1 billion (~₹74.97 billion) with Technology Credit Union, a leading credit union in California. The partnership is expected to increase financing options for U.S. residential solar customers and give SunPower access to capital for its loan program.