SAN JOSE, Calif., Sept. 10, 2020 /PRNewswire/ -- SunPower
(NASDAQ:SPWR) today announced financial guidance for the fourth
quarter 2020 and fiscal year 2020, reflecting the recently
completed spin-off of Maxeon Solar Technologies.
For the fourth quarter 2020, the company expects GAAP revenue of
$330 to $370
million, GAAP net income of $0
million to $10 million,
Adjusted EBITDA of $20 million to
$30 million and megawatts (MW)
recognized in the range of 150 MW to 170 MW.
For fiscal year 2020, the company expects GAAP revenue of
$1.06 billion to $1.10 billion, GAAP net income of $30 million to $40
million, Adjusted EBITDA of $20
million to $30
million and MW recognized in the range of 465 MW to 510 MW.
SunPower will discuss its fourth quarter and fiscal year 2020
outlook during its 2020 virtual Capital Markets event today,
Sept. 10, 2020, starting at
8:30 a.m. Eastern Time. Please
note that the entire event will be webcast and relevant materials
will be posted to the company's website before the event. To
listen to the webcast, investors are encouraged to visit the Events
and Presentations section of the SunPower Investor Relations
webpage.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North
America. SunPower offers the only solar + storage solution
designed by one company that gives customers complete control over
energy consumption, delivering grid independence, resiliency during
power outages and cost savings to homeowners, businesses,
governments, schools and utilities. For more information, visit
www.sunpower.com.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding our fourth quarter and fiscal year
2020 guidance, including GAAP revenue and net income, as well as
Adjusted EBITDA and MW deployed, and related assumptions. These
forward-looking statements are based on our current assumptions,
expectations and beliefs and involve substantial risks and
uncertainties that may cause results, performance or achievement to
materially differ from those expressed or implied by these
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to: (1)
competition in the solar and general energy industry and downward
pressure on selling prices and wholesale energy pricing; (2)
regulatory changes and the availability of economic incentives
promoting use of solar energy; (3) challenges managing our
acquisitions, joint ventures and partnerships, including our
ability to successfully manage acquired assets and supplier
relationships, including our supply and technology collaboration
relationship with Maxeon; (4) the success of our ongoing research
and development efforts and our ability to commercialize new
products and services, including products and services developed
through strategic partnerships; (5) potential disruptions to our
operations and supply chain that may result from epidemics or
natural disasters, including impacts of the Covid-19 pandemic; (6)
challenges in executing transactions key to our strategic plans,
including regulatory and other challenges that may arise; (7) our
liquidity, substantial indebtedness, and ability to obtain
additional financing for our projects and customers; and (8)
fluctuations in our operating results. A detailed discussion of
these factors and other risks that affect our business is included
in filings we make with the Securities and Exchange Commission
(SEC) from time to time, including our most recent report on Form
10-K, particularly under the heading "Risk Factors." Copies of
these filings are available online from the SEC or on the SEC
Filings section of our Investor Relations website at
investors.sunpower.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
© 2020 SunPower Corporation. All Rights Reserved. SUNPOWER and
the SUNPOWER logo are registered trademarks of SunPower Corporation
in the U.S.
Q4 2020 and FY 2020 GUIDANCE
(in thousands
except percentages)
|
Q4
2020
|
FY
2020
|
Revenue (GAAP and
non-GAAP)
|
$330,000-$370,000
|
$1,060,000-$1,100,000
|
Net income
(GAAP)
|
$0-$10,000
|
$30,000-$40,000
|
Adjusted
EBITDA1
|
$20,000-30,000
|
$20,000-30,000
|
1. Estimated Adjusted EBITDA amount above for Q4 2020
includes net adjustments that decrease net income by approximately
$5 million related to stock-based
compensation expense, $1 million in
business reorganization costs, $3
million related to depreciation expense, $10 million related to interest expense, and
$1 million related to income taxes.
Estimated Adjusted EBITDA amount above for fiscal 2020 includes net
adjustments decrease (increase) net income by approximately
$(120) million related to
mark-to-market gain on equity investments, $(8) million related to gain on business
divesture, $20 million related to
stock-based compensation expense, $30
million related to business reorganization costs,
$5 million related to construction
revenue on solar service contracts, $11
million related to depreciation expense, $36 million related to interest expense, and
$20 million related to income
taxes.
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SOURCE SunPower Corp.