Highlights
- Residential demand drives Q4 growth, C&I installs up 65% sequentially
- Exceeded GAAP Net Income and Adjusted EBITDA guidance; positive operating cash generation
- Strong momentum entering 2021 with advancements in storage and software
SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today (Feb 17) announced financial results for its fourth quarter and fiscal year ended January 3, 2021.
"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. Entering 2021, we are continuing to focus our efforts and investment on those markets that offer us strong growth potential storage and energy services," said Tom Werner, SunPower CEO and chairman of the board. "We also finished the year with strong execution as we exceeded our GAAP net income and Adjusted EBITDA guidance, expanded our margins, strengthened our balance sheet and generated positive cash flow. Looking forward, with favorable industry tailwinds, increasing demand for our 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."
Fourth Quarter Company Highlights
- Strong sequential revenue / margin growth - met or exceeded guidance, $412 million net income, $39 million Adjusted EBITDA
- Further delevered balance sheet - successful convert tender, achieved net debt target ahead of plan
Residential and Light Commercial (RLC)
- Residential strength - 24% gross margin, $36 million Adjusted EBITDA
- Added 13,000 customers, achieved record new homes backlog, rapidly ramping SunVault storage deployments
- Expanded sales channels to increase market access and profitability - continued investment in software and energy services platform, digital and direct sales channel
Commercial and Industrial Solutions (C&I Solutions)
- Strong execution - MW recognized up >65% sequentially, 18% gross margin, $8 million Adjusted EBITDA
- Helix storage - >30% sales attach rate in 2020, backlog of >50MWh, pipeline >750MWh
- Community Solar platform pipeline >90MW
