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    SunPower Reports Second Quarter 2023 Results

    8/1/23 7:45:00 AM ET
    $ADT
    $SPWR
    Diversified Commercial Services
    Consumer Discretionary
    Semiconductors
    Technology
    Get the next $ADT alert in real time by email
    • Added 20,400 customers in Q2, entering Q3 with backlog of 20,000 retrofit customers and 39,000 New Homes customers 
    • Increased GAAP Revenue 11% year-over-year  
    • Reported Q2 GAAP Net Loss of ($30) million, Adjusted EBITDA of ($3) million 
    • Previously announced updated Guidance to reflect current market conditions  
    • SunPower Financial™ to become ADT Solar's exclusive lease and PPA provider

    RICHMOND, Calif., Aug. 1, 2023 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced financial results for the second quarter, ending July 2, 2023.

    SunPower Logo. (PRNewsFoto/SunPower Corp.)

    "In the second quarter, we saw a softer market for residential solar taking shape as higher interest rates create near-term stress on the value proposition in regions with comparatively lower utility rates such as the Southeast and Southwest. Nevertheless, SunPower continues to outperform competitors in customer experience as well as customer acquisition. We expect the value of solar will continue to increase as equipment prices decline, tax credit programs are implemented, and retail utility rates continue to rise," said Peter Faricy, SunPower CEO. 

    "We enter the third quarter focused on prioritizing efficiency and operational excellence to drive profitability. Energy costs are rising significantly faster than inflation for most households. With energy affordability, grid reliability, and climate change increasingly on the minds of consumers, SunPower remains well-positioned to deliver solutions for clean energy independence through solar, storage and home electrification."

    SECOND QUARTER BUSINESS HIGHLIGHTS

    World-class customer experience

    • Highest-rated solar company: In the second quarter, SunPower again held its position as the top rated solar company in the U.S.1
    • Setting the bar for installation experience: The company also increased its Net Promoter Score (NPS) for customers one year post-install to 51, one of the industry's highest scores. In their reviews, customers cited the company's product quality and installation experience.

    Best, most affordable products

    • SunVault® storage is now more powerful, more modular: In the second quarter, SunPower made its most powerful SunVault energy storage solution generally available. With a 19.5 kWh version and configuration up to 39 kWh, SunVault now offers a nearly 50% increase in energy storage capacity. For homeowners, this means they can purchase a battery solution that can provide even more savings and backup power.

    Growth

    • Increasing solar plus storage adoption: In the second quarter, SunPower grew its SunVault energy storage attach rate 55% year-over-year (YoY) in the retrofit category. The company more than doubled its SunVault attach rate in California YoY, as solar-powered batteries maximize savings following the NEM 3.0 implementation. In July, SunVault attach rates in California have been consistently above 60% in the SunPower Direct channel.
    • New Homes growth accelerating ahead of expectations: SunPower's New Homes business secured a record $108 million in bookings in the second quarter, 11% growth YoY. Record sales were driven in part by the growth of solar standard communities outside California and an improved market for builders. In July, SunPower also completed its 100,000th New Homes solar installation, more than any other solar company.

    Digital innovation

    • Helping customers save more with storage: SunPower released an advanced cost-savings mode for SunVault users. It provides seamless integration with the homeowner's local utility and enables the battery to discharge at peak times. This mode limits use of grid electricity during the costliest hours and enables storage customers to increase their savings under complex billing rates such as California NEM 3.0.
    • Making it easier to sell and buy solar under NEM 3.0: This quarter, SunPower upgraded functionality in its sales and proposal tools to better capture the utility bill savings that can be created with SunVault. By pairing new NEM 3.0 rates with a battery's ability to maximize savings, customers can now easily view expected bill savings and payback period.
    • Simplifying VPP enrollment: SunPower released new functionality that allows customers to enroll in available SunPower Virtual Power Plants (VPPs) directly through their mySunPower® app, making participation easy.

    World-class financial solutions

    • Growing financial services business: In July, SunPower announced that ADT Solar, a division of ADT Inc. (NYSE:ADT), has entered into an agreement in principle with SunPower Financial™ to become the lease and PPA provider for ADT Solar customers. Through this arrangement, ADT Solar expects to begin offering customers a lease option for the first time this year.
    • Lease expansion: SunPower launched lease products in three new states: Texas, Pennsylvania, and New Mexico. All have a significant population of single-family homes eligible for the Energy Communities bonus credit, as defined by the Department of Treasury under the Inflation Reduction Act. In the second quarter, the company's lease business grew 95% YoY.

    Financial Highlights 



    ($ Millions, except percentages, residential customers, and per-share data)

    2nd Quarter 2023

    2nd Quarter 2022

    GAAP revenue from continuing operations

    $463.9

    $417.8

    GAAP gross margin from continuing operations

    13.8 %

    19.5 %

    GAAP net (loss) income from continuing operations

    $(30.3)

    $(42.5)

    GAAP net (loss) income from continuing operations per diluted share

    $(0.17)

    $(0.24)

    Non-GAAP revenue from continuing operations1, 4

    $461.3

    $425.0

    Non-GAAP gross margin from continuing operations1, 3, 4

    13.7 %

    21.2 %

    Non-GAAP net (loss) income from continuing operations1, 3, 4

    $(23.5)

    $1.7

    Non-GAAP net (loss) income from continuing operations per diluted share1, 3, 4

    $(0.13)

    $0.01

    Adjusted EBITDA1, 3, 4

    $(2.8)

    $11.8

    Residential customers

    551,700

    463,600

    Cash2

    $114.1

    $206.4



    The sale of our C&I Solutions business met the criteria for classification as "discontinued operations" in accordance with U.S. GAAP beginning the first quarter of fiscal 2022. For all periods presented, the financial results of C&I Solutions are excluded in the table above.



    1 Information about SunPower's use of non-GAAP financial information, including a reconciliation to U.S. GAAP, is provided under "Use of Non-GAAP Financial Measures" below.



    2 Includes cash and cash equivalents, excluding restricted cash.



    3 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Transition Costs" from our non-GAAP results, and have adjusted all comparative periods to reflect the current presentation.



    4 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation.

    2023 Financial Outlook

    On July, 26, 2023, SunPower updated its FY 2023 guidance in a preliminary earnings announcement to $1,450-$1,650 Adjusted EBITDA per customer before platform investment and 70,000–90,000 incremental customers, resulting in $55–$75 million Adjusted EBITDA for the year. 

    Earnings Conference Call Information

    SunPower will discuss its second quarter 2023 financial results on Tuesday, August 1 at 8:00 a.m. Eastern Time. Analysts intending to participate in the Q&A session must register for a personal link and dial-in at https://register.vevent.com/register/BI48b45e1a95444ba288520060aea99e7c. The live audio webcast and supplemental financial information will be available on SunPower's investor website at http://investors.sunpower.com/events.cfm.

    About SunPower

    SunPower (NASDAQ:SPWR) is a leading residential solar technology and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that give customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) expectations regarding demand and our future performance based on backlog, bookings, projected consumer demand, and pipelines in our sales channels and for our products, and our ability to meet consumer demand; (b) our plans and expectations with respect to our strategic partnerships and initiatives, and the anticipated business and financial impacts thereof; (c) our strategic plans and areas of investment and focus, both current and future, and expectations for the results thereof, including improved customer experience, lease and loan funding capacity, increased installation capacity, and development of new products and services; (d) our expectations regarding projected demand and growth in 2023 and beyond, our positioning for future success, and our ability to capture demand and deliver long-term value to our shareholders; (e) our expectations for industry trends and factors, and the impact thereof on our business and strategic plans; (f) the availability and sufficiency of the supply of products and raw materials to meet consumer demand; and (g) our guidance for fiscal year 2023, including Net Loss, Adjusted EBITDA per customer, incremental customers, and Adjusted EBITDA, as well as platform investments and related assumptions.

    These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results, performance, or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) regulatory changes and the availability of economic incentives promoting use of solar energy; (2) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, and other factors; (3) competition in the solar and general energy industry, supply chain constraints, interest rates, inflation, and pricing pressures; (4) changes in public policy, including the imposition and applicability of tariffs and duties; (5) our dependence on sole- or limited-source supply relationships, including for our solar panels and other components of our products; (6) risks related to the introduction of new or enhanced products, including potential technical challenges, lead times, and our ability to match supply with demand while maintaining quality, sales, and support standards; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) our liquidity, indebtedness, and ability to obtain additional financing for our projects and customers; (9) challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage acquired assets and supplier relationships; and (10) the timing and execution of restructuring plans. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

    ©2023 SunPower Corporation. All rights reserved. SUNPOWER, the SUNPOWER logo, SUNPOWER FINANCIAL, MYSUNPOWER and SUNVAULT are trademarks or registered trademarks of SunPower Corporation in the U.S.

    SUNPOWER CORPORATION

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands)

    (Unaudited)





    July 2, 2023



    January 1, 2023

    Assets







    Current assets:







    Cash and cash equivalents

    $                    114,104



    $                    377,026

    Restricted cash and cash equivalents, current portion

    1,233



    9,855

    Short-term investments

    —



    132,480

    Accounts receivable, net

    214,378



    174,577

    Contract assets

    49,357



    50,692

    Loan receivables held for sale, net

    12,917



    —

    Inventories

    424,040



    316,815

    Advances to suppliers, current portion

    1,895



    9,309

    Prepaid expenses and other current assets

    228,283



    197,760

    Total current assets

    1,046,207



    1,268,514









    Restricted cash and cash equivalents, net of current portion

    15,937



    15,151

    Property, plant and equipment, net

    95,715



    74,522

    Operating lease right-of-use assets

    35,219



    36,926

    Solar power systems leased, net

    39,767



    41,779

    Goodwill

    126,338



    126,338

    Other intangible assets, net

    20,682



    24,192

    Other long-term assets

    193,912



    192,585

    Total assets

    $                 1,573,777



    $                 1,780,007









    Liabilities and Equity







    Current liabilities:







    Accounts payable

    $                    229,008



    $                    242,229

    Accrued liabilities

    131,694



    145,229

    Operating lease liabilities, current portion

    11,501



    11,356

    Contract liabilities, current portion

    223,302



    144,209

    Short-term debt

    42,285



    82,404

    Convertible debt, current portion

    —



    424,919

    Total current liabilities

    637,790



    1,050,346









    Long-term debt

    305,709



    308

    Operating lease liabilities, net of current portion

    26,873



    29,347

    Contract liabilities, net of current portion

    11,024



    11,555

    Other long-term liabilities

    114,705



    112,797

    Total liabilities

    1,096,101



    1,204,353









    Equity:







    Common stock

    175



    174

    Additional paid-in capital

    2,847,884



    2,855,930

    Accumulated deficit

    (2,149,927)



    (2,066,175)

    Accumulated other comprehensive income

    11,586



    11,568

    Treasury stock, at cost

    (232,940)



    (226,646)

    Total stockholders' equity

    476,778



    574,851

    Noncontrolling interests in subsidiaries

    898



    803

    Total equity

    477,676



    575,654

    Total liabilities and equity

    $                 1,573,777



    $                 1,780,007

     

    SUNPOWER CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except per share data)

    (Unaudited)







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 20231



    July 3, 2022

    Total revenues



    $         463,851



    $         417,772



    $         904,729



    $         768,049

    Total cost of revenues



    399,724



    336,273



    769,667



    614,241

    Gross profit



    64,127



    81,499



    135,062



    153,808

    Operating expenses:

















    Research and development



    6,508



    7,405



    13,755



    12,415

    Sales, general, and administrative



    82,709



    93,043



    173,054



    170,039

    Restructuring charges (credits)



    —



    (494)



    —



    133

    Expense (income) from transition services agreement, net



    84



    (494)



    (140)



    (228)

    Total operating expenses



    89,301



    99,460



    186,669



    182,359

    Operating (loss) income



    (25,174)



    (17,961)



    (51,607)



    (28,551)

    Other (expense) income, net:

















    Interest income



    329



    92



    1,160



    134

    Interest expense



    (5,786)



    (5,964)



    (11,464)



    (11,008)

    Other, net



    289



    (14,652)



    (10,694)



    (13,208)

    Other (expense) income, net



    (5,168)



    (20,524)



    (20,998)



    (24,082)

    (Loss) income from continuing operations before income taxes

    and equity in earnings (losses) of unconsolidated investees



    (30,342)



    (38,485)



    (72,605)



    (52,633)

    (Provision for) benefits from income taxes



    (227)



    (3,226)



    (1,454)



    8,417

    Equity in earnings (losses) of unconsolidated investees



    311



    —



    558



    —

    Net (loss) income from continuing operations



    (30,258)



    (41,711)



    (73,501)



    (44,216)

    (Loss) income from discontinued operations before income taxes

    and equity in earnings (losses) of unconsolidated investees



    (2,796)



    (20,857)



    (10,156)



    (47,155)

    Benefits from (provision for) income taxes from discontinued operations



    —



    241



    —



    584

    Net (loss) income from discontinued operations, net of taxes



    (2,796)



    (20,616)



    (10,156)



    (46,571)

    Net (loss) income



    (33,054)



    (62,327)



    (83,657)



    (90,787)

    Net (income) loss from continuing operations attributable to noncontrolling interests



    (14)



    (785)



    (95)



    (446)

    Net loss (income) from discontinued operations attributable to noncontrolling interests



    —



    —



    —



    250

    Net (income) loss attributable to noncontrolling interests



    (14)



    (785)



    (95)



    (196)

    Net (loss) income from continuing operations attributable to stockholders



    (30,272)



    (42,496)



    (73,596)



    (44,662)

    Net (loss) income from discontinued operations attributable to stockholders



    (2,796)



    (20,616)



    (10,156)



    (46,321)

    Net (loss) income attributable to stockholders



    $         (33,068)



    $         (63,112)



    $         (83,752)



    $         (90,983)



















    Net (loss) income per share attributable to stockholders - basic and diluted:

















    Continuing operations



    $             (0.17)



    $             (0.24)



    $             (0.42)



    $             (0.26)

    Discontinued operations



    $             (0.02)



    $             (0.12)



    $             (0.06)



    $             (0.27)

    Net (loss) income per share – basic and diluted



    $             (0.19)



    $             (0.36)



    $             (0.48)



    $             (0.53)



















    Weighted-average shares:

















    Basic



    175,042



    173,951



    174,785



    173,664

    Diluted



    175,042



    173,951



    174,785



    173,664



    1  For the three months ended April 2, 2023, warranty claims of $6.8 million, and legal expenses of $0.5 million, previously included in the financial statement line items "total cost of revenues" and "sales, general, and administrative expense", respectively, should be included in the line item "net loss from discontinued operations." Accordingly, the prior presentation for the three months ended April 2, 2023 has been corrected in the six months ended July 2, 2023. The correction has no effect on "net income (loss) attributable to stockholders" or the condensed consolidated statements of cash flows. 

     

    SUNPOWER CORPORATION

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    Cash flows from operating activities:

















    Net (loss) income



    $         (33,054)



    $         (62,327)



    $         (83,657)



    $         (90,787)

    Adjustments to reconcile net (loss) income to net cash used in operating activities:

















    Depreciation and amortization



    15,235



    10,985



    25,224



    15,155

    Amortization of cloud computing arrangements



    1,005



    1,398



    2,678



    1,893

    Stock-based compensation



    8,659



    7,072



    15,536



    12,499

    Non-cash interest expense



    546



    833



    1,163



    1,559

    Equity in (earnings) losses of unconsolidated investees



    (311)



    —



    (558)



    —

    Loss (gain) on equity investments



    —



    15,255



    10,805



    13,940

    Unrealized (gain) loss on derivatives



    (3,628)



    —



    (294)



    —

    Dividend from equity method investee



    225



    —



    596



    —

    Deferred income taxes



    283



    2,554



    (532)



    (11,196)

    Loss (gain) on loan receivables held for sale



    2,163



    —



    2,163



    —

    Other, net



    484



    104



    575



    949

    Changes in operating assets and liabilities:

















    Accounts receivable



    (20,635)



    (25,585)



    (40,380)



    (37,939)

    Contract assets



    9,253



    13,852



    1,335



    7,333

    Inventories



    (42,193)



    18,022



    (107,225)



    (17,059)

    Project assets



    —



    (2,597)



    —



    295

    Loan receivables held for sale



    (15,081)



    —



    (15,081)



    —

    Prepaid expenses and other assets



    (12,642)



    (83,296)



    (24,841)



    (169,798)

    Operating lease right-of-use assets



    2,806



    3,017



    5,516



    5,432

    Advances to suppliers



    10,612



    150



    7,414



    (2,072)

    Accounts payable and other accrued liabilities



    1,344



    5,074



    (25,213)



    46,518

    Contract liabilities



    61,732



    44,207



    78,562



    66,273

    Operating lease liabilities



    (4,071)



    (4,545)



    (6,134)



    (7,572)

    Net cash (used in) provided by operating activities



    (17,268)



    (55,827)



    (152,348)



    (164,577)

    Cash flows from investing activities:

















    Purchases of property, plant and equipment



    (14,340)



    (12,947)



    (26,283)



    (21,583)

    Investments in software development costs



    (1,429)



    (1,204)



    (2,320)



    (2,725)

    Cash paid for working capital settlement related to C&I Solutions sale



    (30,892)



    —



    (30,892)



    —

    Cash received from C&I Solutions sale, net of de-consolidated cash



    —



    146,303



    —



    146,303

    Cash paid for equity investments under the Dealer Accelerator Program and other



    (7,500)



    (9,420)



    (7,500)



    (16,420)

    Proceeds from sale of equity investment



    —



    —



    121,675



    149,830

    Cash paid for investments in unconsolidated investees



    (6,223)



    (3,164)



    (7,677)



    (3,318)

    Dividend from equity method investee, in excess of cumulative earnings



    —



    —



    149



    —

    Net cash (used in) provided by investing activities



    (60,384)



    119,568



    47,152



    252,087

    Cash flows from financing activities:

















    Proceeds from bank loans and other debt



    193,337



    78,818



    439,101



    100,276

    Repayment of bank loans and other debt



    (123,427)



    (74,100)



    (171,573)



    (98,044)

    Repayment of convertible debt



    —



    —



    (424,991)



    —

    Payments for financing leases



    (1,031)



    (118)



    (1,806)



    (118)

    Purchases of stock for tax withholding obligations on vested restricted stock



    (1,223)



    (2,256)



    (6,293)



    (9,588)

    Net cash provided by (used in) financing activities



    67,656



    2,344



    (165,562)



    (7,474)

    Net (decrease) increase in cash, cash equivalents, and restricted cash



    (9,996)



    66,085



    (270,758)



    80,036

    Cash, cash equivalents and restricted cash, beginning of period



    141,270



    162,564



    402,032



    148,613

    Cash, cash equivalents, and restricted cash, end of period



    $         131,274



    $         228,649



    $         131,274



    $         228,649



















    Reconciliation of cash, cash equivalents, and restricted cash to the

    condensed consolidated balance sheets, including discontinued operations:

















    Cash and cash equivalents



    $         114,104



    $         206,355



    $         114,104



    $         206,355

    Restricted cash and cash equivalents, current portion



    1,233



    1,024



    1,233



    1,024

    Restricted cash and cash equivalents, net of current portion



    15,937



    21,270



    15,937



    21,270

    Total cash, cash equivalents, and restricted cash



    $         131,274



    $         228,649



    $         131,274



    $         228,649



















    Supplemental disclosure of non-cash activities:

















    Property, plant and equipment acquisitions funded by liabilities (including financing leases)



    $             5,212



    $             3,713



    $             8,717



    $             4,635

    Right-of-use assets obtained in exchange of lease obligations



    1,723



    649



    3,809



    1,526

    Net working capital settlement related to C&I Solutions sale



    —



    6,265



    —



    6,265

    Supplemental cash flow disclosures:

















    Cash paid for interest



    6,035



    1,312



    18,004



    11,186

    Cash paid for income taxes



    1,052



    2,250



    1,236



    2,500

    Use of Non-GAAP Financial Measures

    To supplement its consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the company uses non-GAAP measures that are adjusted for certain items from the most directly comparable GAAP measures. The specific non-GAAP measures listed below are: revenue; gross margin; net (loss) income; net (loss) income per diluted share; and adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"). Management believes that each of these non-GAAP measures are useful to investors, enabling them to better assess changes in each of these key elements of the company's results of operations across different reporting periods on a consistent basis, independent of certain items as described below. Thus, each of these non-GAAP financial measures provide investors with another method to assess the company's operating results in a manner that is focused on its ongoing, core operating performance, absent the effects of these items. Management uses these non-GAAP measures internally to assess the business, its financial performance, current and historical results, as well as for strategic decision-making and forecasting future results. Many of the analysts covering the company also use these non-GAAP measures in their analysis. Given management's use of these non-GAAP measures, the company believes these measures are important to investors in understanding the company's operating results as seen through the eyes of management. These non-GAAP measures are not prepared in accordance with GAAP or intended to be a replacement for GAAP financial data; and therefore, should be reviewed together with the GAAP measures and are not intended to serve as a substitute for results under GAAP, and may be different from non-GAAP measures used by other companies.

    We exclude the following adjustments from our non-GAAP financial measures:

    Non-GAAP Adjustments Based on International Financial Reporting Standards ("IFRS")

    The company's non-GAAP results include adjustments under IFRS that are consistent with the adjustments made in connection with the company's internal reporting process as part of its status as a subsidiary and equity method investee of TotalEnergies SE, a foreign public registrant that reports under IFRS. Differences between GAAP and IFRS reflected in the company's non-GAAP results are further described below. In these situations, management believes that IFRS enables investors to better evaluate the company's performance, and assists in aligning the perspectives of the management with those of TotalEnergies SE.

    • Mark-to-market loss (gain) in equity investments: We recognize adjustments related to the fair value of equity investments with readily determinable fair value based on the changes in the stock price of these equity investments at every reporting period. Under U.S. GAAP, mark-to-market gains and losses due to changes in stock prices for these securities are recorded in earnings while under IFRS, an election can be made to recognize such gains and losses in other comprehensive income. Such an election was made by TotalEnergies SE. Further, we elected the Fair Value Option ("FVO") for some of our equity method investments, and we adjust the carrying value of those investments based on their fair market value calculated periodically. Such option is not available under IFRS, and equity method accounting is required for those investments. We believe that excluding these adjustments on equity investments is consistent with our internal reporting process as part of its status as a subsidiary and equity method investee of TotalEnergies SE and better reflects our ongoing results.

    Other Non-GAAP Adjustments

    • Legacy power plant and development projects: We exclude from our Non-GAAP results adjustments to variable consideration resulting from the true-up of estimated milestone payments for two legacy power plant projects sold in fiscal 2018 and 2019. We believe that it is appropriate to exclude such charges from our non-GAAP results as they are not reflective of ongoing operating results.
    • Loss/Gain on sale and impairment of residential lease assets: In fiscal 2018 and 2019, in an effort to sell all the residential lease assets owned by us, we sold membership units representing a 49% membership interest in majority of our residential lease business and retained a 51% membership interest. We recorded impairment charges based on the expected fair value for a portion of residential lease assets portfolio that was retained. Depreciation savings from the unsold residential lease assets resulting from their exclusion from non-GAAP results historically, are excluded from our non-GAAP results as they are not reflective of ongoing operating results.
    • Stock-based compensation: Stock-based compensation relates primarily to our equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict. We believe that this adjustment for stock-based compensation provides investors with a basis to measure the company's core performance, including compared with the performance of other companies, without the period-to-period variability created by stock-based compensation.
    • Litigation: We may be involved in various instances of litigation, claims and proceedings that result in payments or recoveries. We exclude gains or losses associated with such events because the gains or losses do not reflect our underlying financial results in the period incurred. We also exclude expenses pertaining to litigation relating to businesses that discontinued as a result of spin-off of Maxeon Solar, for which we are indemnifying them. We believe that it is appropriate to exclude such charges from our non-GAAP results as they are not reflective of ongoing operating results.
    • Transaction-related costs: In connection with material transactions such as acquisition or divestiture of a business, the company incurred transaction costs including legal and accounting fees. We believe that it is appropriate to exclude these costs from our non-GAAP results as they would not have otherwise been incurred as part of the business operations and therefore is not reflective of ongoing operating results.
    • Amortization of intangible assets and software: We incur amortization of intangible assets as a result of acquisitions, primarily from the Blue Raven acquisition, which includes brand, non-compete arrangements, and purchased technology. In addition, we also incur amortization of our capitalized internal-use software costs once the software has been placed into service, until the end of the useful life of the software. We believe that it is appropriate to exclude these amortization charges from our non-GAAP results as they are non-recurring in nature, and are therefore not reflective of ongoing operating results.
    • Acquisition-related costs: We incurred certain costs in connection with the acquisition of Blue Raven, that are either paid as part of the transaction or will be paid in the coming year, but are considered post-acquisition compensation under the applicable GAAP framework due to the nature of such items. For fiscal 2022, other post-combination expenses include change in fair value of contingent consideration as well as deferred post-combination employment expense payable to certain Blue Raven employees and sellers. We believe that it is appropriate to exclude these from our non-GAAP results as they are directly related to the acquisition transaction and non-recurring in nature, and are therefore not reflective of ongoing operating results.
    • Business reorganization costs: In connection with the spin-off of Maxeon into an independent, publicly traded company, we incurred non-recurring charges on third-party legal and consulting expenses, primarily to enable in separation of shared information technology systems and applications. In addition, we incurred certain non-recurring costs upon amendment, settlement or termination of historical agreements with Maxeon to fully enable separate independent operations of the two companies that is focused on our respective core business. We believe that it is appropriate to exclude these from our non-GAAP results as it is not reflective of ongoing operating results.
    • Restructuring charges (credits): We incur restructuring expenses related to reorganization plans aimed towards realigning resources consistent with the company's global strategy and improving its overall operating efficiency and cost structure. Although the company has engaged in restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. We believe that it is appropriate to exclude these from our non-GAAP results as it is not reflective of ongoing operating results.
    • Equity (income) loss from unconsolidated investees: We account for our minority investments in dealers included in the Dealer Accelerator Program using the equity method of accounting and recognize our proportionate share of the reported earnings or losses of the investees through net income. We do not control or manage the investees' business operations and operating and financial policies. Therefore, we believe that it is appropriate to exclude these from our non-GAAP results as it is not reflective of ongoing operating results.
    • Mark-to-market loss (gain) on interest rate swaps: We recognize changes in fair value of our interest rate swaps as mark-to-market gains or losses, excluding final settlements, and record within "interest expense" and "total revenues" within our condensed consolidated statements of operations dependent on the risk that is being economically hedged and mitigated by the interest rate swap. Such fair value changes are not necessarily indicative of the actual settlement value of the underlying interest rate swap, thus, we believe that excluding these adjustments from our non-GAAP results is appropriate and allows investors to better understand and analyze our ongoing operating results.
    • Tax effect: This amount is used to present each of the adjustments described above on an after-tax basis in connection with the presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. Our non-GAAP tax amount is based on estimated cash tax expense and reserves. We forecast our annual cash tax liability and allocates the tax to each quarter in a manner generally consistent with its GAAP methodology. This approach is designed to enhance investors' ability to understand the impact of our tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments, which may not reflect actual cash tax expense, or tax impact of non-recurring items.
    • Adjusted EBITDA adjustments: When calculating Adjusted EBITDA, in addition to adjustments described above, we exclude the impact of the following items during the period:
    • Cash interest expense, net of interest income
    • Provision for income taxes
    • Depreciation

    For more information about these non-GAAP financial measures, please see the tables captioned "Reconciliations of GAAP Measures to Non-GAAP Measures" set forth at the end of this release, which should be read together with the preceding financial statements prepared in accordance with GAAP.

    SUNPOWER CORPORATION 

    RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES 

    (In thousands, except percentages and per share data) 

    (Unaudited) 



    Adjustments to Revenue: 







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    GAAP revenue



    $         463,851



    $         417,772



    $         904,729



    $         768,049

    Other adjustments:

















    Legacy power plant and development projects1



    —



    7,239



    —



    7,239

    Mark-to-market (gain) loss on interest rate swaps



    (2,505)



    —



    (80)



    —

    Non-GAAP revenue



    $         461,346



    $         425,011



    $         904,649



    $         775,288



    1 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation.

     

    Adjustments to Gross Profit Margin: 







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    GAAP gross profit from continuing operations



    $       64,127



    $       81,499



    $     135,062



    $     153,808

    Other adjustments:

















    Legacy power plant and development projects1



    —



    7,239



    —



    7,239

    (Gain) loss on sale and impairment of residential lease assets



    (267)



    (278)



    (534)



    (557)

    Stock-based compensation expense



    1,904



    1,398



    3,142



    2,297

    Business reorganization costs



    —



    11



    —



    11

    Transaction-related costs



    —



    56



    —



    56

    Mark-to-market (gain) loss on interest rate swaps



    (2,505)



    —



    (80)



    —

    Litigation



    62



    —



    62



    —

    Non-GAAP gross profit2



    $       63,321



    $       89,925



    $     137,652



    $     162,854



















    GAAP gross margin (%)



    13.8 %



    19.5 %



    14.9 %



    20.0 %

    Non-GAAP gross margin (%)



    13.7 %



    21.2 %



    15.2 %



    21.0 %



    1 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation. 

    2 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Transition Costs" from our non-GAAP results, and have adjusted all comparative periods to reflect the current presentation.

     

    Adjustments to Net (Loss) Income: 







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    GAAP net (loss) income from continuing operations attributable to stockholders



    $         (30,272)



    $         (42,496)



    $         (73,596)



    $         (44,662)

    Adjustments based on IFRS:

















    Mark-to-market loss (gain) on equity investments



    —



    15,255



    10,805



    13,940

    Other adjustments:

















    Legacy power plant and development projects1



    —



    7,239



    —



    7,239

    (Gain) loss on sale and impairment of residential lease assets



    (267)



    (278)



    (534)



    (557)

    Litigation



    (413)



    3,166



    157



    3,343

    Stock-based compensation expense



    8,659



    7,054



    15,503



    12,383

    Amortization of intangible assets and software



    2,796



    2,786



    5,582



    4,764

    Transaction-related costs



    122



    259



    766



    1,223

    Business reorganization costs



    —



    4,521



    —



    4,521

    Restructuring charges (credits)



    —



    (639)



    —



    (453)

    Acquisition-related costs



    (200)



    2,310



    (197)



    8,118

    Equity (income) loss from unconsolidated investees



    (311)



    —



    (558)



    —

    Mark-to-market (gain) loss on interest rate swaps



    (3,628)



    —



    (294)



    —

    Tax effect



    29



    2,531



    851



    (9,655)

    Non-GAAP net (loss) income from continuing operations attributable to stockholders2



    $         (23,485)



    $             1,708



    $         (41,515)



    $                 204



    1 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation.

    2 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Transition Costs" from our non-GAAP results, and have adjusted all comparative periods to reflect the current presentation.

     

    Adjustments to Net (Loss) Income per diluted share:







    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    Net (loss) income per diluted share

















    Numerator:

















    GAAP net (loss) income from continuing operations attributable to stockholders1



    $         (30,272)



    $         (42,496)



    $         (73,596)



    $         (44,662)

    GAAP net (loss) income from continuing operations attributable to stockholders1



    $         (30,272)



    $         (42,496)



    $         (73,596)



    $         (44,662)



















    Non-GAAP net (loss) income from continuing operations attributable to stockholders1, 2, 3



    $         (23,485)



    $             1,708



    $         (41,515)



    $                204



















    Denominator:

















    GAAP weighted-average shares



    175,042



    173,951



    174,785



    173,664

    GAAP dilutive weighted-average common shares:



    175,042



    173,951



    174,785



    173,664



















    Non-GAAP weighted-average shares



    175,042



    173,951



    174,785



    173,664

    Effect of dilutive securities:

















    Restricted stock units



    —



    770



    —



    790

    Non-GAAP dilutive weighted-average common shares1



    175,042



    174,721



    174,785



    174,454



















    GAAP dilutive net (loss) income per share - continuing operations



    $             (0.17)



    $             (0.24)



    $             (0.42)



    $             (0.26)

    Non-GAAP dilutive net (loss) income per share - continuing operations2, 3



    $             (0.13)



    $               0.01



    $             (0.24)



    $                   —



    1 In accordance with the if-converted method, net (loss) income available to common stockholders excludes interest expense related to the 4.00% debentures if the debentures are considered converted in the calculation of net (loss) income per diluted share. If the conversion option for a debenture is not in the money for the relevant period, the potential conversion of the debenture under the if-converted method is excluded from the calculation of non-GAAP net income (loss) per diluted share.

    2 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation. 

    3 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Transition Costs" from our non-GAAP results, and have adjusted all comparative periods to reflect the current presentation.

     

    Adjusted EBITDA:





    THREE MONTHS ENDED



    SIX MONTHS ENDED





    July 2, 2023



    July 3, 2022



    July 2, 2023



    July 3, 2022

    GAAP net (loss) income from continuing operations attributable to stockholders



    $         (30,272)



    $         (42,496)



    $         (73,596)



    $         (44,662)

    Adjustments based on IFRS:

















    Mark-to-market loss (gain) on equity investments



    —



    15,255



    10,805



    13,940

    Other adjustments:

















    Legacy power plant and development projects1



    —



    7,239



    —



    7,239

    (Gain) loss on sale and impairment of residential lease assets



    (267)



    (278)



    (534)



    (557)

    Litigation



    (413)



    3,166



    157



    3,343

    Stock-based compensation expense



    8,659



    7,054



    15,503



    12,383

    Amortization of intangible assets and software



    2,796



    2,786



    5,582



    4,764

    Transaction-related costs



    122



    259



    766



    1,223

    Business reorganization costs



    —



    4,521



    —



    4,521

    Restructuring charges (credits)



    —



    (639)



    —



    (453)

    Acquisition-related costs



    (200)



    2,310



    (197)



    8,118

    Equity (income) loss from unconsolidated investees



    (311)



    —



    (558)



    —

    Mark-to-market (gain) loss on interest rate swaps



    (3,628)



    —



    (294)



    —

    Cash interest expense, net of interest income



    6,581



    5,835



    10,518



    10,716

    Provision for (benefit from) income taxes



    227



    3,226



    1,455



    (8,450)

    Depreciation



    13,913



    3,571



    22,590



    6,444

    Adjusted EBITDA2



    $           (2,793)



    $           11,809



    $           (7,803)



    $           18,569



    1 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation. 

    2 Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Transition Costs" from our non-GAAP results, and have adjusted all comparative periods to reflect the current presentation.

     

    FY 2023 GUIDANCE





    FY 2023

    Net Loss (GAAP)

    ($90) million - ($70) million

    Residential Customers

    70,000 - 90,000

    Residential Adjusted EBITDA/Customer1

    $1,450 - $1,650

    Adjusted EBITDA2

    $55 million - $75 million



    1 Excluding Platform Investment, which is primarily Product, Digital, and Corporate Operating Expense.

    2 Adjusted EBITDA guidance for FY 2023 includes net adjustments that decrease GAAP net loss by approximately $145 million primarily relating to the following adjustments: stock-based compensation expense of $34 million, restructuring charges of $5 million, mark-to-market (gain) loss on equity investments, net of $11 million, amortization of intangible assets and software of $11 million, interest expense of $25 million, depreciation of $49 million, income taxes of $3 million, and other non-recurring adjustments of $7 million.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/sunpower-reports-second-quarter-2023-results-301890111.html

    SOURCE SunPower Corp.

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      OREM, Utah, May 02, 2025 (GLOBE NEWSWIRE) -- SunPower (aka Complete Solaria, Inc.) ("SunPower" or the "Company") (NASDAQ:SPWR), today announced that it received an expected deficiency notification letter from the Listing Qualifications staff of The Nasdaq Stock Market LLC ("Nasdaq") on April 28, 2025 (the "Notice"). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") because it did not timely file its Annual Report on Form 10-K for the annual period ended December 29, 2024 (the "2024 Form 10-K"). The Listing Rules require Nasdaq-listed companies to timely file all required periodic reports with the SEC. In accordance with Nas

      5/2/25 7:30:00 AM ET
      $CSLR
      $SPWR
      Semiconductors
      Technology
    • ADT and Yale Introduce First-Ever Z-Wave User Credential Command Class Lock, Expanding Smart Home Security with Fingerprint Control

      BOCA RATON, Fla., April 30, 2025 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE:ADT), the leader in smart home security solutions, in collaboration with Yale and the Z-Wave Alliance, today announced the launch of the ​Yale Assure Lock 2 Touch with Z-Wave ​​​​for ADT+​. The Z-Wave 800 Series smart lock is the only one on the market with fingerprint control​ ​and ​the first smart lock to leverage the newly introduced Z-Wave User Credential Command Class. This industry-first innovation allows users to unlock and disarm their ADT+ security system using just their fingerprint. In addition to this revolutionary hardware, ADT is rolling out a major update to the ADT+ app, introducing Home | Away functionali

      4/30/25 7:15:00 AM ET
      $ADT
      Diversified Commercial Services
      Consumer Discretionary
    • SunPower Reports Q1'25: $80.2M Revenue, $1.3M Profit¹

      OREM, Utah, April 30, 2025 (GLOBE NEWSWIRE) -- SunPower, formerly d/b/a Complete Solaria, Inc. ("SunPower" or the "Company") (NASDAQ:SPWR), a solar technology, services, and installation company, will present its 2024 and Q1'25 results via webcast at 1:00pm ET on Wednesday, April 30. Interested parties may access the webcast by registering here or by visiting the Events page within the IR section of the company website: https://investors.sunpower.com/news-events/events. Please see our SunPower rebranding announcement on the back page of the April 29 print version of the Wall Street Journal or on the mobile app for the WSJ print version, where it will reside for the next week. SunPower ch

      4/30/25 7:00:00 AM ET
      $CSLR
      $SPWR
      Semiconductors
      Technology

    $ADT
    $SPWR
    Leadership Updates

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    • ADT Strengthens Executive Leadership Team with Appointments of Fawad Ahmad as Chief Operating and Customer Officer and Omar Khan as Chief Business Officer

      BOCA RATON, Fla., March 25, 2025 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE:ADT) today announced two strategic additions to its executive leadership team. Fawad Ahmad has been named Executive Vice President and Chief Operating and Customer Officer, and Omar Khan has been appointed Executive Vice President and Chief Business Officer. Ahmad will oversee ADT's operations, customer experience, and digital transformation initiatives, while Khan will lead ADT's product, innovation, business development and engineering teams. "Omar and Fawad are both accomplished leaders who bring deep expertise in product development, technology, and operational excellence," said Jim DeVries, ADT Chairman, President a

      3/25/25 4:00:00 PM ET
      $ADT
      Diversified Commercial Services
      Consumer Discretionary
    • ADT Appoints Thomas Gartland to the Company's Board of Directors

      BOCA RATON, Fla., Jan. 22, 2025 (GLOBE NEWSWIRE) -- ADT Inc. (NYSE:ADT), the most trusted brand in smart home and small business security, today announced the appointment of Thomas Gartland to the Company's Board of Directors as an additional independent director. In conjunction with his appointment, Gartland will join the Board's Audit Committee. "We are pleased to welcome Tom to our board of directors," said ADT Chairman, President and CEO, Jim DeVries. "Tom's proven track record of driving operational excellence and his strategic mindset make him an outstanding addition as we accelerate our growth trajectory and capitalize on the significant opportunities ahead." Gartland is chairman

      1/22/25 7:00:00 AM ET
      $ADT
      Diversified Commercial Services
      Consumer Discretionary
    • SolarEdge Appoints New Directors to its Board of Directors

      SolarEdge Technologies, Inc. (NASDAQ:SEDG), a global leader in smart energy technology, today announced the appointment of Yoram Tietz and Gilad Almogy to its Board of Directors, effective January 6, 2025. Mr. Tietz has been appointed as chair the Board's Audit Committee, while Mr. Almogy joined the Board's Technology Committee. Yoram Tietz is a Senior Advisor to General Atlantic, a leading global growth equity investment fund where he provides strategic support and counsel for General Atlantic's investing platform in Israel. Prior to joining General Atlantic, Mr. Tietz spent 27 years at Ernst & Young (EY), including more than 15 years as Managing Partner of EY Israel. Prior to his role a

      1/8/25 9:43:00 AM ET
      $AMAT
      $SEDG
      $SPWR
      Semiconductors
      Technology