SunPower sued for alleged inaccurate accounting

Facebook
Twitter
LinkedIn
Reddit
Email
SunPower revealed the internal control problem on 24 October. Image: SunPower.

Class action lawsuits have been filed against US domestic solar company SunPower, amidst allegations that company misled investors by failing to disclose that it had inaccurately reported the cost of revenue and inventory metrics.

The solar company revealed an internal control problem on 24 October, saying that “in connection with the preparation of the financial statements, the company preliminarily determined that the value of consignment inventory of microinverter components at certain third-party locations had been overstated in the range of approximately US$16-US$20 million”.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

SunPower admitted to a material weakness in the company’s internal control over financial reporting. The company is also negotiating the terms and conditions of a consent and waiver to address the effects of the upcoming restatement under the company’s credit agreement with Bank of America.

According to a statement published by law firm Bragar Eagel & Squire, SunPower would be restating certain previously issued financial statements for fiscal year 2022 and the first two quarters of 2023.

SunPower had a net loss of US$30 million and total losses before inflation, taxes, depreciation and amortisation of US$3 million in Q2 2023.

In its latest announcement of the Q3 preliminary financial results, SunPower’s net loss increased to US$32 million, and reduced its 2023 guidance for net loss to the range of US$165 million and US$175 million.

SunPower CEO Peter Faricy said the reduced guidance was due to lower-than-expected consumer demand as well as delayed revenue recognition from longer cycle times.

“While the industry-wide softness continued into the third quarter, we saw positive signs in September and early October, including our highest-ever month for storage sales, strong growth in SunPower Financial, and improvement in consumer demand,” he added.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

August 28, 2025
JinkoSolar has sold 41.8GW of PV modules in the first half of the year, despite growing financial losses for its manufacturing subsidiary.
Premium
August 27, 2025
American Clean Power Association’s MJ Shiao assesses the state of US PV manufacturing in the wake of recent policy developments.
August 26, 2025
Daqo New Energy has posted gross losses of US$81.4 million in Q2 2025, up from losses of US$81.5 million in Q1.
August 20, 2025
Solar manufacturer T1 Energy has signed a 437MW module supply agreement with an as-yet undisclosed US utility.
August 19, 2025
Scatec has reported stable financial results in the second quarter of 2025, with revenue holding steady at NOK2.3 billion (US$220 million).
August 18, 2025
Maxeon shipped just 153.2MW of modules in the first half of this year, just 15% of the capacity sold in the first half of 2024.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines