SunPower, a leading solar technology and energy services provider, reported revenue of $350.3 million in Q1 2022 vs $347.8 million in Q4 2021 vs $240.1 million in Q1 2021.
SunPower added 16,500 customers in the first quarter, up 40 percent from the previous year, with a record customer backlog of 13,800 bookings and a 70,000-customer new homes pipeline.
SunPower is in discussions with First Solar to co-develop the world’s most advanced residential solar panel, exclusively for SunPower.
SunPower launched its Dealer Accelerator Program for making investments in solar dealers to advance their growth and expand into new territory. SunPower has made investments in Freedom Solar, which serves Texas, the Front Range of Colorado and central Florida; and Sea Bright Solar, which serves New Jersey, New York and Southern California. SunPower also added 83 new dealers to its network in the last quarter.
SunPower holds a 41 percent market share among the top 60 builders in California and has five national agreements with the top 20 U.S. homebuilders.
SunPower Financial closed the Dorado 1 lease/PPA fund, adding approximately $350 million of capacity to support customer demand and growth, reducing the combined cost of capital for lease and loan to less than 5.25 percent.
Peter Faricy, SunPower CEO, said: “We are executing across our key growth pillars and making strategic investments to ensure SunPower can capture this demand. This includes securing nationwide coverage through our direct business and dealer network, creating a world-class customer experience, building out our installation capacity, and developing industry leading financial products, hardware and software solutions.”