SunPower, a leading solar energy company, has reported robust financial results for the second quarter of 2023, showcasing significant growth in revenue and customer acquisition.
During the second quarter of 2023, SunPower recorded a total revenue of $463.9 million, a notable increase from $417.8 million in the same quarter of the previous year. This impressive growth can be attributed to the company’s commitment to customer experience and the continued expansion of its customer base.
The number of Residential customers reached an all-time high of 551,700 during the second quarter of 2023, showing remarkable growth compared to 463,600 customers in the same period of 2022. SunPower’s dedication to delivering quality service and customer satisfaction has enabled the company to outperform its competitors in both customer experience and acquisition.
SunPower CEO, Peter Faricy, expressed confidence in the future growth of solar energy, stating, “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.”
In a preliminary earnings announcement on July 26, 2023, SunPower updated its FY 2023 guidance, projecting an adjusted EBITDA per customer of $1,450 to $1,650 before platform investment, along with an additional 70,000 to 90,000 incremental customers. This is expected to result in an estimated $55 to $75 million in adjusted EBITDA for the year.
SunPower’s SunVault energy storage attach rate also witnessed significant growth, increasing by 55 percent year-over-year in the retrofit category during the second quarter. Notably, the company more than doubled its SunVault attach rate in California, driven by the implementation of NEM 3.0, which maximizes savings with solar-powered batteries. In July, SunVault attach rates in California consistently remained above 60 percent in the SunPower Direct channel.
The New Homes business segment of SunPower achieved remarkable success, securing a record $108 million in bookings during the second quarter, representing an 11 percent growth year-over-year. This achievement was fueled by the expansion of solar standard communities outside California and an improved market for builders. Additionally, SunPower reached a milestone by completing its 100,000th New Homes solar installation, solidifying its position as the leading solar company in the industry.
With its continuous growth, strong financial performance, and commitment to innovation and customer satisfaction, SunPower is well-positioned to lead the way in the solar energy market and contribute to a more sustainable and greener future.