SunPower Clocks 63% Revenue Growth In Q2; Adds Record Customers

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.
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