SunPower increases revenue 2.9% in transformational year

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
unPower reported total annual revenue of US$1,124 million in 2020, up 2.9% from revenue of US$1,092 million in 2019.

US solar installer SunPower reported a 2.9% increase in annual revenue in 2020 despite total installations falling 5% in what the company has described as a transformational year.

In a year which saw it complete the spin off of its manufacturing division, now dubbed Maxeon Technologies, SunPower reported total annual revenue of US$1,124 million in 2020, up 2.9% from revenue of US$1,092 million in 2019.

Annual revenue from its key market segment of Residential & Light Commercial and Industrial stood at US$824 million, compared to US$853 million in 2019, down 3.5%, year-on-year.

The year started strong, Residential & Light C&I revenue in the first quarter of 2020 reached US$227 million, typically a seasonally weak quarter for residential installs.

However, the impact of COVID-19 in the second quarter meant segment revenue slumped to US$154 million and only started to recover in the third quarter when SunPower reported segment revenue of US$190 million.

The strongest revenue quarter was the fourth quarter, posting segment revenue of US$253 million. But that figure could not completely offset the impact of COVID-19 in full year financial figures.

Residential & Light C&I deployments in 2020 reached 391MW.

Residential & Light C&I deployments in 2020 reached 391MW, down from 407MW in 2019. In tandem with segment revenue, fourth quarter deployments were the highpoint, reaching 119MW.

SunPower’s C&I segment followed a similar revenue and deployment scenario in 2020, although historically the fourth quarter results are the highest segment quarterly figures in a given year.

Total 2020 C&I segment revenue was US$242 million, up from US$211 million in 2019. The revenue increase was primarily due to over a 30% sales attach rate for energy storage in 2020, according to the company. Energy storage deployments only started in the later part of the year. SunPower said it had over a 50MWh backlog and a pipeline of over 750MWh in the C&I segment.

Total C&I deployments in 2020 were 91MW

Guidance

SunPower guided total GAAP revenue in the first quarter of 2021 to be in the range of $270 to $330 million with a GAAP net loss in the range of US$20 million to US$10 million.

Total solar deployments were covered in a wide range between 115MW to 145MW.

SunPower had noted in its fourth quarter earnings call that it expected new residential homes solar deployments to exceed 40% growth rates over the next few years. SunPower said it had a backlog of more than 180MW. New home deployments in 2020 was 45MW.

In the C&I segment, SunPower expects to deliver 20% revenue growth in 2020.

Read Next

June 11, 2021
South Africa’s solar sector has welcomed a new reform that will increase the country’s licensing exemption threshold for embedded generation projects from 1MW to 100MW.
June 10, 2021
A round-up of the latest news from the US solar market, including developments from Hecate Energy, BayWa r.e. and Orbital Solar Services.
May 21, 2021
The South Carolina Public Service Commission has finalised the US state’s net metering rules, which will see some current solar customers stay on the same regime until 2029.
May 21, 2021
Distributed solar specialist DSD has raised US$85 million in tax equity financing to fund the development of its commercial and industrial (C&I) project pipeline.
May 20, 2021
Leading US residential solar and storage provider Sunrun has partnered with automaker Ford as the installer of home charging systems for its F-150 Lightning truck.
May 17, 2021
New Spanish government grants to support the deployment of self-consumption solar projects could result in 3.5GW of additional capacity, trade association UNEF has suggested.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021