Distributed generation storage and energy services company SunPower Corporation narrowed its net loss to $33 million during the second quarter (Q2) of 2023, an improvement of 47% on a year-over-year (YoY) basis compared to losses of $62.3 million.

The company recorded a revenue of $463.85 million during Q2 2023, an increase of 11% compared to $417.77 million recorded during the corresponding period in 2022.

The improvement in net loss and revenue increase can be attributed to the increased number of installations by the company during the period and higher bookings.

The total operating expense declined to $89.3 million, a 10% YoY decrease from $99.46 million. With 20,400 customers added in Q2, the company registered 3% YoY growth.

During the second quarter, SunPower released “SunVault,” an energy storage solution, for public availability. The offering includes a 19.5 kWh version and a configurable option of up to 39 kWh, providing a nearly 50% boost in energy storage capacity.

As a result, homeowners can now acquire a battery solution that offers enhanced savings and backup power capabilities.

SunPower’s new homes business also achieved a record $108 million in bookings, representing 11% YoY growth in Q2, and the company completed its 100,000th New Homes Solar installation, which the company said is the highest among all solar companies.

SunPower also enhanced its sales and proposal tools this quarter to improve the measurement of utility bill savings possible with SunVault. The upgraded tools now allow customers to see the anticipated bill savings and payback period conveniently.

“In the second quarter, we saw a softer market for residential solar taking shape as higher interest rates create near-term stress on the value proposition in regions with comparatively lower utility rates, such as the Southeast and Southwest. Nevertheless, SunPower continues to outperform competitors in customer experience as well as customer acquisition. We expect the value of solar will continue to increase as equipment prices decline, tax credit programs are implemented, and retail utility rates continue to rise,” said Peter Faricy, SunPower CEO.

1H 2023

During the first half (1H) of 2023, SunPower reported a net loss of $83.66 million, showcasing an improvement of 7.8% compared to the losses incurred in 1H 2022, which amounted to $90.79 million.

SunPower recorded revenue of $904.7 million, demonstrating a 17.7% YoY growth, driven by the launch of the “SunVault” energy storage solution, strong performance in the new homes business, and improvements in sales tools, despite facing some market challenges due to higher interest rates in certain regions.

The company said the impact of higher interest rates on demand has been more substantial than initially anticipated.

SunPower’s net loss widened to $51 million for Q1FY 2023 against the loss of $2 million YoY.