SunPower’s Q4 Revenue Jumps 43% to $497 Million on Record New Customers

The company recorded the highest-ever quarterly customer addition


Distributed generation storage and energy services provider SunPower Corporation‘s revenue came in at $497.3 million for the fourth quarter (Q4) of 2022, a 43% jump year-over-year (YoY).

The company’s performance was primarily driven by the addition of 23,700 new customers in the quarter, up 39% YoY. It was also the company’s highest-ever customer acquisition in a quarter.

The company said that the revenue increase also includes the operational developments in the residential solar provider Blue Raven which SunPower acquired in October 2021.

SunPower’s lease business grew 55% YoY in the October-December period, enabling the company to scale full-year 2022 lease and loan net bookings by 81% YoY.

“SunPower plans to expand its lease offerings in 2023 following the passage of the Inflation Reduction Act and release of U.S. Department of Treasury guidance related to various federal bonus tax credits and has adequate funding capacity to support anticipated lease and PPA growth,” the company said.

SunPower’s net income for the October-December period stood at $7.6 million.

The company’s adjusted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 370% YoY to $36.2 million in Q4. SunPower secured additional modules during Q4 from Maxeon Technologies and Hanwa Solutions Qcells.

SunPower’s CEO Peter Faricy said, “With more consumers transitioning toward full home electrification, and new incentives to support that transition, the solar value proposition is more compelling than it’s ever been. We enter 2023 with our lowest level of net debt since first issuing convertible debt after the IPO over 15 years ago, diverse new supply agreements, and a clear strategy to remain the industry leader in customer experience.”

Full-year 2022

SunPower swung to a profit of $56 million during 2022 against a loss of $37.3 million YoY.

The company’s revenue grew 53% YoY to $1.7 billion in 2022, primarily fuelled by the addition of 83,000 new customers, a 48% increase compared to 56,100 in 2021.

SunPower’s adjusted EBITDA for 2022 amounted to $95.1 million compared to $75.3 million in the previous fiscal.

Its residential customer base stood at 510,400 at the end of Q4, a growth of 2% YoY.

The company posted a net income of $139 million for the third quarter of 2023, compared to a loss of $84.4 million YoY. SunPower’s turnaround was primarily driven by the addition of 23,100 new customers in Q3, a YoY jump of 63%.