SunPower: SunPower Reports Second Quarter 2021 Results

SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced financial results for its second quarter ended July 4, 2021.

“Consumer demand for better, more resilient energy is increasing and with more than 100 million homes in the U.S. that could benefit from solar and storage, we see a significant opportunity to meet that demand,” said Peter Faricy, CEO of SunPower. “To lead in customer adoption and growth we are focused on delivering world class customer experiences and continuing to invest in strategic priorities that will make solar easy, reliable and affordable. We believe this long-term strategic approach will position SunPower as a leader as the market continues to expand.”

“Our solid second quarter results reflect continued execution in both our residential and commercial businesses as year over year megawatts grew 40 percent and we doubled our gross margin per watt,” said Faricy. “We also made material progress on a number of our key initiatives to expand our addressable market during the quarter including increasing our dealer footprint, expanding our financial platform to include loan servicing as well as announcing our strategic alliance with leading EV solutions provider Wallbox. This alliance will enable us to offer our residential customers a simple and cost effective integrated solar, storage and EV solution that will lower overall energy costs while reducing strain on the grid. Looking forward, we remain on track to achieve our 2021 financial outlook and are well positioned to drive growth and profitability in 2022 and beyond.”

Residential and Light Commercial (RLC)

Residential strength – 23 percent gross margin, up 160 basis points sequentially, $28 million Adjusted EBITDA
Added 13,000 customers – residential bookings up 16 percent sequentially, 67 percent year-over-year (YoY)
Continued progress in converting residential mix to more full systems sales (>55 percent in Q221)
EV business alliance with Wallbox expected to expand addressable market by $15 billion
Commercial and Industrial Solutions (CIS)

YoY megawatts (MW) growth of ~30 percent, 1 gigawatt installed base, backlog above 260MW
Strong bookings momentum – up more than 20 percent YoY
Helix storage – >20 MWh Front of the Meter (FTM) storage under contract, >500 MWh pipeline
Continued momentum in community solar – more than 150 MW of pipeline, added >35 MW in Q221