SunPower Corporation

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Description

SunPower Corporation’s results were a major disappointment as the company failed to meet the revenue expectations as well as earnings expectations of Wall Street. In Q2, the company experienced a more significant decline in customer bookings and installations than anticipated due to higher interest rates affecting consumer behavior, resulting in a negative $3 million of adjusted EBITDA. This led to a revision of the 2023 guidance, reflecting market conditions, lower operating expenses, reduced platform investment, and a delay in certain projects. Despite challenges, the company added 20,400 new customers in Q2, achieving a 3% year-over-year growth. Adjusted revenue grew by 9%, partly offsetting higher product costs with price increases. SunPower’s New Homes segment secured record bookings of $108 million, driven by growth outside California and improved market conditions for builders. Platform investment is strategic to gain market share, with adjustments to investment pace as conditions evolve. The value of residential solar is emphasized amid rising electric utility rates and grid instability, highlighting its role in stabilizing and reducing home electric bills. The company continues to explore agreements with financing partners to enhance lease financing capacity, emphasizing their competitive cost of capital below 6.5%.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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