SunPower returns to non-GAAP profit in Q2, incomes grow

Aug 4, 2021 06:37 PM ET
  • SunPower Corp (NASDAQ: SPWR) on Tuesday reported a 34.5% rise in GAAP net benefit from proceeding operations in its 2nd financial quarter with July 4, 2021, as well as went back to profit on a non-GAAP basis.
SunPower returns to non-GAAP profit in Q2, incomes grow
Image: pgegreenenergy

The United States solar company scheduled a GAAP net revenue of USD 75.2 million (EUR 63.3 m) and earnings of USD 308.9 million, which boosted from USD 217.7 a year prior to. The business kept in mind that its economic results on a non-GAAP basis leave out web adjustments related to a mark-to-market gain on equity financial investments and also a gain on sale and impairment of residential lease possessions.

During the reporting duration, SunPower took pleasure in solid consumer demand for its solar as well as storage space remedies in both household as well as industrial markets. "Consumer demand for much better, extra resilient energy is boosting as well as with more than 100 million homes in the United States that might benefit from solar and storage, we see a considerable opportunity to satisfy that demand," claimed Chief Executive Officer Peter Faricy.

The table below offers even more details concerning SunPower's performance in the second quarter.

Amounts in US dollars Q2 2021 Q2 2020
GAAP revenue 308.9m 217.7m
Non-GAAP revenue 308.9m 217.7m
GAAP gross margin 19.8% 11.8%
Adjusted EBITDA (loss) 22.2m (4.3m)
GAAP net profit (loss) 75.2m 55.9m
Non-GAAP net profit (loss) 10.4m (17.2m)


The Residential as well as Light Commercial (RLC) sector had a gross margin of 23%, up by over 600 basis factors on an annual basis thanks to a reduced expense of resources, supply chain efforts and also the button to higher-margin complete system sales. This section fetched adjusted revenues before interest, tax obligation, devaluation and amortisation (EBITDA) of USD 28 million. In the meantime, the Commercial and also Industrial Solutions (C&I Solutions) sector raised its overall mounted base to 1 GW and expanded its stockpile by 20% on the year.

SunPower's CEO claimed that the business gets on track to accomplish its 2021 projection as well as is "well positioned to drive growth as well as earnings in 2022 as well as past." GAAP revenue and internet revenue are seen at USD 1.41 billion-1.49 billion and USD 40 million-60 million, specifically. Adjusted EBITDA is still expected to be within the USD 110 million-130 million array.

For the third quarter, it expects GAAP incomes of USD 325 million-375 million, GAAP net loss of USD 10 million-0 million, changed EBITDA of in between USD 21 million and also USD 31 million, and 125 MW-150 MW in MWs identified.

Consecutive quantity and also margin improvements are expected in the property company, with quantity seen to expand more than 40% from a year previously, SunPower stated.