SunPower has reported revenue of $440.9 million in the first quarter of 2023 against $350.3 million in Q1 2022 and $497.3 million in Q4 2022.
SunPower has added 21,000 new customers (+27 percent) as compared with 16,500 in Q1 2022. SunPower has 23,000 Backlog of retrofit home customers. SunPower has achieved 97 percent bookings growth within SunPower Direct channel.
SunPower has achieved 268 percent growth for SunPower Financial lease volumes.
“We exited the first quarter with high customer growth, significant new financing commitments, and unprecedented retrofit backlog driven by our efforts securing customers under NEM 2.0.,” said Peter Faricy, SunPower CEO, in its earnings report.
“This progress, despite challenging weather in California, validates the strength of the residential solar market and SunPower’s ability to capture growing demand.”
The company grew SunPower Direct bookings by 97 percent year-over-year and doubled channel revenue quarter-over-quarter.
In April, SunPower finalized an investment in Minnesota-based Wolf River Electric through its Dealer Accelerator Program. Wolf River, the company’s newest and now third-largest dealer, will sell SunPower panels, storage, EV charging equipment and financial products. SunPower is expected to significantly expand its geographic footprint across Minnesota, Wisconsin and Iowa.
SunPower grew its New Homes multifamily business, surpassing full year 2022 category bookings in the first quarter of 2023. SunPower’s growth in multifamily illustrates the company’s efforts to make it easy for developers to adopt solar while enabling them to pass along energy savings to their tenants.
SunPower piloted scheduling software in the first quarter which will enable more reliable appointment times and provide customers with real-time tracking of technicians who are traveling to their site. SunPower expects it will gain financial benefit from better algorithms to manage drive time, distance and utilization.
SunPower updated its tools for dealers with advancements designed to make managing inventory faster, easier and more accurate.
SunPower affirmed 2023 guidance of $2,450–$2,900 Adjusted EBITDA per customer before platform investment and 90,000–110,000 incremental customers, resulting in $125–$155 million Adjusted EBITDA for the year.