SunPower to buy platform upgrades as domestic solar customer backlog gets to new record

May 9, 2022 12:43 PM ET
  • US household solar installer SunPower's backlog soared to a record 13,800 customers entering Q2 2022 with the installer validating a series of financial investments it is making to meet surging demand.
SunPower to buy platform upgrades as domestic solar customer backlog gets to new record
Image: SunPower

Its quarterly backlog greater than doubled year-on-year, with setups throughout the quarter climbing 40% to 16,500 as the installer reaped the rewards of enhanced demand for household solar in the United States.

In addition, SunPower additionally indicated a 70,000-strong pipe of installs for new homes, which it described as a crucial pillar of the business's portfolio. SunPower has actually targeted collaborations with various homebuilders throughout the United States, including Landsea Homes more just recently.

The company posted total earnings of US$ 350.3 million for the opening up quarter of the year, up from US$ 250 million recorded in Q1 2021. The figure does not consist of proceeds from the sale of its C&I Solutions operations, which it sold in February to TotalEnergies for US$ 250 million.

However while household solar profits struck a record-high of US$ 336 million-- up 41% from Q1 2021-- the business reported a bottom line of around US$ 2 million. Talking with experts adhering to the outcomes disclosure, company CFO Manu Sial noted that SunPower had actually experienced its revenues per customer autumn from a target of US$ 2,000-- US$ 2,400 to around US$ 1,700, an autumn credited to raised module, freight as well as labour expenses.

Furthermore, costs of around US$ 18 million have been connected with investment in SunPower's platforms, which the company anticipates to take advantage of in the coming quarters.

Changed incomes stood at US$ 11.2 million in Q1 2022, down from US$ 18.8 million in the exact same quarter last year.

During the quarter SunPower verified it remained in late-stage conversations with First Solar to develop a domestic solar panel with a module that will incorporate crystalline silicon with a thin movie semiconductor. The company likewise released in March 2022 an updated version of its battery storage space system SunVault, with 26kWh and also 52kWh variations.

"Demand is increasing as customers look to solar as a much more secure, safe as well as sustainable energy resource, and also this appears as we enter the second quarter with a record backlog and pipeline for new homes," stated Peter Faricy.

SunPower stated its guidance for the year of revenues of US$ 90-110 million and also customer additions of 73,000-80,000.

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