L R AS Published on Saturday 24 February 2024 - n° 477 - Categories:company results
SunPower to make a significant loss in 2023, with a further loss forecast for 2024
US solar company SunPower has seen its customer base decline for four consecutive quarters, which it blames on rising interest rates and the introduction of Net Energy Metering (NEM) 3.0 in California.
SunPower's fourth-quarter sales were $357 million (down 28% on the comparable 2022 period). Sales for the full year 2023 were down 3% on 2022 at $1.69 billion. The net loss was $247m for the 2023 financial year, compared with a profit of $43m in 2022. This is well above the annual loss estimated at the end of the third quarter, which was estimated at between $165m and $175m.
For 2024, the company is forecasting a loss of between -$80m and -$160m. The adjusted gross margin will be between 17% and 19%, compared with 14.6% in 2023.
The company has had to borrow $175 million.
PV Tech of 16 February 2024
Editor's note It was thought that Sunpower had stabilised its business, found customers and returned to normal. But at the first sign of a downturn, the accounts go off the rails. So what's going on?
