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.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.