PRISM Emerging New Energy Spotlight: SunPower Take a Hit as Company Slashes 2023 Forecast Amidst Weak Demand
SunPower’s (SPWR) stock price took a dive in premarket trading as the company significantly downgraded its fiscal 2023 projections. The solar energy firm now anticipates a net loss ranging from $175 million to $165 million, a stark drop from the previously estimated loss of $90 million to $70 million. Adjusted EBITDA expectations have also shifted into negative territory, with projections falling to a loss of $35 million to $25 million, contrasting sharply with the formerly anticipated positive EBITDA of $55 million to $75 million.
The downward revision comes in the wake of subdued consumer interest and extended project timelines, as stated by CEO Peter Faricy. The company’s financials showed a quarterly loss of $0.12 per share against revenues of $432 million, failing to meet analyst predictions of a $0.01 loss per share on revenues of $453 million. SunPower’s share value reflected the troubling news, dropping by 13% to $3.72, adding to a significant year-to-date decline.
SunPower (NASDAQ:SPWR) is a leading residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com.