SunPower reports Q4 non-GAAP EPS (51c), consensus (24c)

Reports Q4 revenue $357M, consensus $362.85M. “With the recent infusion of capital, SunPower is focused on driving positive free cash flow and profitability,” said Peter Faricy, CEO. “This is a new opportunity for SunPower to reinforce our strong foundation as we continue to navigate an uncertain market in early 2024. With this funding and industry tailwinds of extended tax credits and lower equipment costs, we believe SunPower is positioned to execute on maximizing the value proposition of solar and storage for our customers.” “$48M of the Adjusted EBITDA delta between guidance and our final reporting can be attributed to restatement impacts and items we believe are one-time charges or not expected to recur,” saidBeth Eby, CFO. “For 2024, we are focused on profitability and free cash flow, and we expect to be cash flow positive in the second half of 2024 and beyond. We will provide additional guidance later in the year, after we assess the implications of the recapitalization and restructuring.”