SunPower guides non-GAAP revenue of up to US$3.5 billion in 2016

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Major PV energy provider SunPower has provided updated guidance for 2016 ahead of its annual analyst day event.

SunPower guided non-GAAP revenue for 2016 of US$3.3 billion to US$3.5 billion, up from recently revised 2015 guidance of non-GAAP revenue of US$2.50 billion to US$2.55 billion

The company expects EBITDA of US$515 million to US$565 million in 2016, up from EBITDA of US$300 million to US$325 million guided for the full-year 2015.

However, gross margins are being guided significantly lower than market expectations. SunPower guided non-GAAP gross margin in 2016 of 13% to 15%, compared to 23% to 24% for the full-year 2015. 

SunPower noted that 2016 financial guidance reflected the impact of planned project sales to 8point3 Energy Partners. On a non-GAAP basis, the company expects gross margin from these project sales to be partially deferred beyond 2016.

On a GAAP basis, the company expects revenue and gross margin from the sale of these projects to be deferred beyond 2016.

SunPower set capital expenditures for 2016 were guided to in the range of US$210 million to US$240 million and deployed module production in the range of 1.7GW to 2.0GW.

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