SunPower survived shutdowns to post strong Q2

Supply chain and manufacturing disruptions will lead to shipping decreases in the third quarter, but SunPower’s pre-pandemic measures ensured strong performance, solid demand, and higher installations.

From pv magazine USA

It’s earnings season, but one of the biggest players in the PV industry, SunPower, was able to weather the shutdowns and stay-at-home orders to deliver a strong quarter.

The company took steps to prepare for disruptions at the onset of the pandemic, including cuts to executive pay, a shorter work week for some employees, and production shutdowns. As a result, it was actually able to post a year-on-year jump in revenue in the first half.

Highlights, guidance

• A 180 MW new homes backlog, which works out to 45,000 homes
• Maxeon Solar Technologies successfully provided $325 million in financing
• An expected share distribution date of Aug. 26 for Maxeon Solar
• Net income of $19.4 million
• Rising demand and higher installations of both solar and storage products
• Three new products: fifth-generation bi-facial P Series module, SunVault storage solution, and the OneRoof solar system

The last two products were highlights of the early portion of the results call, and were described as two of the company’s “most important products ever.” The report also notes that SunPower’s Helix storage solution is approaching an attachment rate of 50% and a total pipeline of more than 625 MWh.

The company did note that shipments are expected to fall in the third quarter, reflecting the production disruptions brought on by the pandemic. But a return to form is expected for the fourth quarter, said CEO Tom Warner.

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