SunPower revenue jumps 53% to $1.7 bn

SunPower rebates

SunPower has reported revenue of $497 million (+43 percent) in Q4 and $1.7 billion (+53 percent) in 2022. SunPower has added 83,000 customers in 2022.

“We beat our topline guidance for customer growth, closing the year with SunPower on more than half a million roofs in the U.S. We enter 2023 with our lowest level of net debt since first issuing convertible debt after the IPO over 15 years ago, diverse new supply agreements, and a clear strategy to remain the industry leader in customer experience,” Peter Faricy, SunPower CEO, said in its earnings report.

SunPower achieved record customer growth for the third consecutive quarter. It added 23,700 customers in the final quarter of the year, a 39 percent increase.

SunPower has achieved record installations across the new homes business: California, national and multifamily and is preparing to operate successfully under tighter homebuilding market conditions in 2023 and possibly beyond.

SunPower enhanced its digital tools to create a better customer experience. mySunPower Installation Tracker offers customers transparent status tracking on each stage of their home solar installation, prompts users with reminders about upcoming milestones and enables them to upload required documentation.

Monthly active users of mySunPower Installation Tracker reached 87 percent, nearly doubling from 45 percent at the end of 2021.

SunPower’s lease business grew 55 percent in the fourth quarter, enabling the company to scale full-year 2022 lease and loan net bookings by 81 percent. SunPower plans to expand its lease offerings in 2023 following the passage of the Inflation Reduction Act and release of U.S. Department of Treasury guidance related to various federal bonus tax credits.

SunPower signed a new supply agreement with Maxeon securing significant additional quantities of Maxeon’s premium, high efficiency interdigitated back contact (IBC) solar panels through 2025.

SunPower also announced it is sourcing panels from Hanwha Qcells out of its Dalton, Georgia facility.