SunPower Reports Q4 Revenue Drop and Loss

19 Feb 2024 CW Team

During Q4, SunPower added only 16,000 customers, a stark contrast to the 35,700 added in the same period last year, reflecting a decline of approximately 56%. The company cited reduced bookings stemming from higher interest rates, changes in California?s NEM 3.0 net metering policy, and the winding down of NEM 2.0 installations as key factors contributing to this decline.

As a consequence of these challenges, SunPower reported a Q4 loss of $89.5 million, a notable downturn from the $19.5 million profit recorded in the previous year. The company also experienced negative adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the quarter, with an adjusted EBITDA loss of $67.6 million compared to positive adjusted EBITDA of $30.6 million in the prior year.

To address its financial position and support its strategic initiatives, SunPower announced $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners. This funding comprises $45 million of prior bridge financing, $80 million in new investment, and an additional $50 million available upon the satisfaction of certain conditions. As part of this transaction, the company will also receive $25 million of revolving debt capacity.

CEO Peter Faricy emphasized, ?With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability.?

Looking at the full-year (FY) 2023 performance, SunPower reported revenue of $1.69 billion, a decrease of 3.3% from the previous year, attributed to higher interest rates and lower installations due to California?s NEM 3.0 regulations. The company also incurred a loss of $158.5 million in 2023, compared to a profit of $30 million in the prior year, primarily due to the impact of higher interest rates and regulatory changes.

Despite these challenges, SunPower remains optimistic about its future prospects. During a post-earnings call with analysts, CEO Peter Faricy acknowledged the difficulties faced in 2023, stating it was "one of the toughest years this industry has had to endure."

While SunPower added 75,900 customers throughout the fiscal year, compared to 111,600 in the previous year, the company remains focused on recovery and growth. In 2022, SunPower experienced significant revenue growth of 53%, driven by the addition of 83,000 new customers, highlighting its potential for expansion and resilience in the face of challenges.

The company also recorded a strong recovery in the second quarter of the fiscal year, with a 47% reduction in net loss compared to the previous year, supported by higher bookings and strategic initiatives.

In the latest financial report from SunPower Corporation, the distributed generation, storage, and energy services company revealed a fourth-quarter (Q4) revenue of $356.9 million, marking a significant decline of 28% from $498 million in the previous year. This downturn was primarily attributed to lower customer additions during the period. During Q4, SunPower added only 16,000 customers, a stark contrast to the 35,700 added in the same period last year, reflecting a decline of approximately 56%. The company cited reduced bookings stemming from higher interest rates, changes in California?s NEM 3.0 net metering policy, and the winding down of NEM 2.0 installations as key factors contributing to this decline. As a consequence of these challenges, SunPower reported a Q4 loss of $89.5 million, a notable downturn from the $19.5 million profit recorded in the previous year. The company also experienced negative adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the quarter, with an adjusted EBITDA loss of $67.6 million compared to positive adjusted EBITDA of $30.6 million in the prior year. To address its financial position and support its strategic initiatives, SunPower announced $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners. This funding comprises $45 million of prior bridge financing, $80 million in new investment, and an additional $50 million available upon the satisfaction of certain conditions. As part of this transaction, the company will also receive $25 million of revolving debt capacity. CEO Peter Faricy emphasized, ?With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability.? Looking at the full-year (FY) 2023 performance, SunPower reported revenue of $1.69 billion, a decrease of 3.3% from the previous year, attributed to higher interest rates and lower installations due to California?s NEM 3.0 regulations. The company also incurred a loss of $158.5 million in 2023, compared to a profit of $30 million in the prior year, primarily due to the impact of higher interest rates and regulatory changes. Despite these challenges, SunPower remains optimistic about its future prospects. During a post-earnings call with analysts, CEO Peter Faricy acknowledged the difficulties faced in 2023, stating it was one of the toughest years this industry has had to endure. While SunPower added 75,900 customers throughout the fiscal year, compared to 111,600 in the previous year, the company remains focused on recovery and growth. In 2022, SunPower experienced significant revenue growth of 53%, driven by the addition of 83,000 new customers, highlighting its potential for expansion and resilience in the face of challenges. The company also recorded a strong recovery in the second quarter of the fiscal year, with a 47% reduction in net loss compared to the previous year, supported by higher bookings and strategic initiatives.

Infrastructure Urban

30 Oct 2025

ABB India Expands Local Production with New Line for Energy-Efficient Drives

ABB India has announced the expansion of its local manufacturing footprint with the launch of a new production line for variable speed drive (VSD) modules at its Peenya facility in Bengaluru. The new line enhances ABB’s local production capacity for drives by around 25 per cent, supporting the Government of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives.Equipped with state-of-the-art automation and digital monitoring technologies, the new line is designed to meet the rising demand for energy-efficient and high-performance drives across industries such as buildings, da..

Infrastructure Urban

30 Oct 2025

Aimtron Secures International IoT Order Worth $3.9 Million

Aimtron Electronics, one of India’s fastest-growing Electronics System Design and Manufacturing (ESDM) companies, has announced that it has secured a major international IoT order worth $3.946 million (approximately Rs 340.69 million) from a leading global client. The contract involves the manufacture and export of 200,000 IoT devices over the next 12 to 15 months.This order marks a significant milestone in Aimtron’s global expansion, underscoring its capability to deliver complete box-build IoT solutions that meet international quality standards. The deal is expected to strengthen the com..

Infrastructure Urban

30 Oct 2025

AAI Urges Govt to Check Rising Aluminium Imports

The Aluminium Association of India (AAI) has called on the Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Finance to take urgent measures to safeguard the country’s aluminium industry from escalating import dependence and market distortions. The association has warned that unchecked imports could lead to an impending aluminium shortage—similar to global concerns around critical and rare minerals—and derail over Rs 20 trillion of potential investments in India’s aluminium value chain.AAI has urged the government to increase the basic customs duty to ..