SunPower sees Q2 revenue $464M, consensus $483.76M

Sees Q2 GAAP net loss $30M; Adjusted EBITDA ($3M); Q2 customer growth of 20,400 new customers. Reduced FY23 adjusted EBITDA view to $55M-$75M. Adjusted EBITDA guidance for FY 2023 includes net adjustments that increase GAAP net loss guidance by approximately $145M primarily relating to the following adjustments: stock-based compensation expense, restructuring charges, mark-to-market loss on equity investments, net, amortization of intangible assets and software, interest expense, depreciation, income taxes, and other non-recurring adjustments. “Demand in the Q2 has weakened more than expected in the Southeast and Southwest where macroeconomic uncertainty and higher interest rates have slowed our top-of-funnel lead generation and sales bookings,” said Peter Faricy, SunPower CEO. “To quickly adapt to prevailing market conditions and help ensure SunPower maintains its competitive edge, we are reducing our cost structure. Although we’ve seen improvements in sales growth in June and July, we’ve made the decision to reduce our labor costs and are taking additional measures to improve operational efficiency across the board. We believe that these actions will position the company for success as market conditions improve.”