- SunPower (NASDAQ:SPWR -3.7%) is off another 1.3% in choppy after-hours trade following a Q1 report where its net loss widened substantially and the company guided well below analysts' Q2 targets.
- Net loss on a GAAP basis widened to $85.4M from the prior year's loss of $9.6M. Non-GAAP net loss was $41.2M, compared to a profit of $19.7M a year ago.
- Non-GAAP revenue inched up for the quarter to $433.6M; on a GAAP basis, revenue fell 12.7%. Revenue breakout (GAAP basis): Residential, $151.8M (down 2.3%); Commercial, $52.2M (up 6.5%); Power Plant, $180.8M (down 23.5%).
- The company's guiding to Q2 revenue of $310M-$360M (well below consensus for $688.5M) and EBITDA of break-even to $25M (vs. expected $85.7M). It expects to deploy 360-385 MW.
- For the full year, guidance is unchanged at revenues of $3.2B-$3.4B (vs. $3.27B) and EBITDA of $450M-$500M (vs. consensus for $472.3M).
- Press Release