SunPower increases revenue 2.9% in transformational year

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


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.

7 September 2022
The demand for rooftop solar PV is soaring, driven by falling costs of the technology against energy crises that are gripping countries globally. But while an increasing number of households turn to solar to generate their own electricity, there is now a need for more specialist equipment, technologies and services to ensure the solar transition can reach as many customers as possible. Delivering these is now a major challenge for rooftop solar installers. This webinar will analyse the characteristics of the rooftop solar market, discussing how the products, logistics, installation and servicing of solar systems has evolved in line with consumer demands.
14 September 2022
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!

Read Next

August 11, 2022
Finlay Colville, Solar Media's head of market research, lays out the UK's path to achieving 40GW+ of solar PV by 2030 after rebounding from recent headwinds in its solar sector
August 9, 2022
Solar tracker maker FTC Solar and energy contractor AUI Partners have teamed up to provide solar tracking solutions for distributed generation (DG) projects under 20MW within an eight week time frame.
August 8, 2022
A introduction to Yingli Solar’s new YLM 3.0 Pro 415W module for both residential installations and commercial projects
August 4, 2022
Following strong demand in the US market for residential solar, US solar installer Sunrun increased its customer additions by more than in Q1 and posted better-than-expected financial results, while still making a loss.
August 3, 2022
A continued demand from Americans for rooftop solar has led SunPower to add a record all time high of 19,700 customers in Q2 2022.
July 29, 2022
Residential installer Sunnova continues to reduce its net loss while recording its best quarter in terms of sales during the second quarter.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event