SunPower revenue dips in fourth quarter

SunPower-Headquarters

SunPower announced financial results for its fourth quarter and fiscal year ended January 3, 2021.

SunPower reported revenue of $341.8 million in Q4 2020 and $1,124.8 million in 2020. SunPower had posted revenue of $401.6 million in Q4 2019 and $1,092.2 million in 2019.

SunPower said it is expecting first quarter revenue of $270 to $330 million, net loss of $20 million to $10 million, MW recognized of 115 MW to 145 MW and Adjusted EBITDA in the range of $10 to $20 million.

“2020 was a transformational year for SunPower: we successfully completed the spin-off of Maxeon, significantly improved our financial performance and rapidly shifted our sales strategy to meet increasing U.S. demand as consumers and businesses look to generate and store their own energy,” said Tom Werner, SunPower CEO and chairman of the board.

“Looking forward, with favorable industry tailwinds, increasing demand for innovative solar solutions and further investment to significantly expand our solar and storage addressable market, we believe we are positioned to accelerate our growth through 2022 and beyond,” Tom Werner said.