SunPower posts 67% increase in residential bookings in Q2

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The company added 13,000 new customers in the second quarter. Image: SunPower.

SunPower was boosted by rising homeowner demand for its PV and storage solutions during Q2 as the US solar installer added 13,000 new customers, bringing its total residential install base to more than 376,000.

These additions represent a 67% increase year-on-year, with the company increasing its overall gross margin to 20.6%, up on the 12.6% figure from the same quarter last year.

The company posted total second quarter revenues of US$308.9 million, a 42% jump on Q2 2020 and a slight rise on the US$306.4 million recorded in Q1 2021. Adjusted EBITDA stood at US$22.2 million in Q2 2021, compared to a loss of US$4.3 million in the same quarter last year.

Within the residential and light commercial business unit, SunPower grew its single and multi-family new homes backlog by 10% sequentially to more than 220MW, while demand for the SunVault residential storage solution remained high.

Peter Faricy, who became SunPower CEO in April, told investors during a conference call that the company is bullish about the future of the SunVault solution as it has reduced lead times in recent months. Consequently, SunVault growth is expected to accelerate during the second half of the year.

In the firm’s commercial and industrial solutions (CIS) unit, installs were up around 30% year-on-year and the firm’s backlog has now reached 260MW, which includes a new contract with California Resources Corporation to develop up to 45MW of behind-the-meter solar projects.

SunPower said its CIS business is well positioned to capitalise on the increased demand for its commercial storage and services offerings as customers continue to look for solutions to address their resiliency and cost savings needs.

Last week SunPower revealed a collaboration with EV charging provider Wallbox to add EV chargers to its portfolio. “This partnership will enable us to offer a seamless and simple charging and solar solution for SunPower solar customers, giving those customers the convenience with adding EV charging while we’re already on site,” Faricy said.

For the third quarter, SunPower expects sequential volume and margin improvements in its residential business, with volume forecasted to grow more than 40% year-on-year. Q3 revenues are expected to be within the region of US$325 million to $375 million, representing a notable jump on the US$274.8 million figure from Q3 2020.

Faricy said both the firm’s business units are positioned for significant growth: “Solar prices are declining, policy incentives are likely to be increasing. And frankly, there’s more demand from both consumers and commercial businesses to change the way they power things. So, we really see both businesses having great demand.”

Conference call transcript from Seeking Alpha.

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