SunPower sold out in Q1 2013

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

PV energy provider (PVEP) SunPower has revealed that demand exceeded its ability to supply product and services in the first quarter of this year.

The PVEP reported that it had exceeded revenue, gross margin and earnings forecast for the first quarter of 2013, while generating significant free cash flow of US$216 million, including lease financing, which was sold out in the quarter.

SunPower noted that due to several massive PV power plant projects in full swing in the US, strong demand for lease financing rooftop business in the US and ongoing PV module partnership success in Japan that was set to continue throughout the year, it was sold out for the year.

Management noted that its project development business was on course to provide US$3.5 billion in revenue and approximately US$1 billion in gross margin from 2013 through 2016.

Financial results

SunPower reported first quarter 2013 GAAP revenue of US$635.4 million, compared to US$678.5 million in the preceding quarter but significantly higher (US494.1 million) in the first quarter of 2012.

GAAP net loss of US$61.9 million, down from US$74.5 million in the same period a year ago. Operating loss for the quarter was US$23.6 million, down significantly from US$50.7 million in the same period of 2011. GAAP gross margin was 9.3%, up from 6.9% in the fourth quarter of 2012 and up slightly from 9.2% in the first quarter of 2012.

On a non GAAP regional sales basis, America’s generated 74% of revenue in the first quarter of 2013 (80% in Q412) and accounted for 72MW of module sales. APAC continues (mainly Japan) to grow, accounting for 14% of revenue and 58MW of module sales. APAC accounted for 9% of revenue in the prior quarter.

Europe (EMEA) had been the weakest link for over a year, yet management said that business was stabilising in the region and sales would focus on France, Germany and Italy in 2013.

Importantly, SunPower said that during the first quarter, the company was awarded 65MW of rooftop projects in France during a recent tender process, which had been supported by majority company owner, Total.

With demand increasing, SunPower said that it increased cell production in the quarter to 208MW, up 36% from the previous quarter. SunPower recognised 172MW of sales, while it shipped 186MW. Total module production capacity remained at 1.2GW. Full capacity was expected to be reached in the second half of the year.

26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.
23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.

Read Next

January 19, 2022
Chinese inverter manufacturer Sungrow has launched its new "1+X" central modular inverter with an output of 1.1MW at the World Future Energy Summit in Abu Dhabi.
January 19, 2022
Innovative Solar Systems (ISS), a utility-scale solar developer with a 12GW pipeline, has put itself up for sale, as it seeks partners to support the company in its development of ever larger PV projects across the US.
PV Tech Premium
January 19, 2022
Latin America is fast becoming a lucrative solar market as countries ramp up deployment efforts. In this context, Colombia and Panama stand out as key markets to look out for, MPC Energy Solutions' CEO tells PV Tech Premium
January 19, 2022
US solar developer 8minute Solar Energy has closed US$400 million in financing from institutional investor EIG to bolster its US solar PV and energy storage pipeline.
January 19, 2022
Renewables developer R.Power has signed a power purchase agreement (PPA) with energy trader Axpo for nearly 300MWp of solar in Poland.
January 19, 2022
Energy major Shell has acquired 100% of PV project developer Solar-Konzept Italia (SKI), taking its solar development pipeline in Italy to around 2GW in the process.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal