SunPower’s Q2 2023 net loss shrinks by 47% YoY

03 Aug 2023 CW Team

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.

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