Q2 Preliminary Results: The company expects Q2 revenues of $464 million, up 11% Y/Y, vs consensus of $483.76 million.
SPWR expects a GAAP net loss of $(30) million and an adjusted EBITDA of approximately $(3) million in the quarter.
The company projects Q2 2023 customer growth of 20,400.
Also, the company cut guidance of residential customers to 70,000 - 90,000 (from 90,000 - 110,000), reflecting expected current and near-future customer demand and cost-saving initiatives.
Moreover, SPWR lowered the outlook for residential adjusted EBITDA/customer to $1,450 - $1,650 (from $2,450 - $2,900).
SunPower will report Q2 2023 results on August 1, 2023.
Price Action: SPWR shares are down 14.88% at $9.55 on the last check Wednesday.
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