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- SunPower Corp SPWR reported non-GAAP second-quarter FY22 revenue growth of 63% year-on-year to $414.1 million, beating the consensus of $362.2 million.
- SPWR added a record 19,700 customers, up 51% Y/Y.
- Non-GAAP gross margin contracted 120 basis points to 21.3%.
- Adjusted EPS of $0.03 missed the consensus of $0.04.
- Adjusted EBITDA was $15.2 million against $22.4 million a year ago.
- SunPower held $501 million in cash and equivalents and used $55.8 million in operating cash flow.
- CEO Peter Faricy, SunPower, said, "With our strategic growth plan, investment in world-class customer experience, and robust pipeline, SunPower is well positioned to capture the strong resulting demand for solar and storage. This quarter we added a record number of customers, including an all-time high for new homes installs, and accumulated a backlog that we expect to set us up for high growth in the second half of the year."
- SPWR collaborated with IKEA U.S. to reach new customers and simplify the solar buying experience.
- Outlook: SunPower affirmed prior 2022 guidance of $90 million - $110 million Adjusted EBITDA.
- Price action: SPWR shares traded higher by 13% at $22.40 on the last check Tuesday.
- Photo via Wikimedia Commons
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