SunPower Marks Q1 Loss Amid Restructuring to Focus on Distributed Solar and Storage

May 09 22:05 2019 Print This Article

Solar manufacturer and developer SunPower reported continued losses in the first quarter of 2019. The down quarter comes amid a restructuring effort that’s shifted SunPower's development efforts away from utility-scale solar and toward distributed residential and commercial solar opportunities, as well as energy storage. 

SunPower’s first-quarter results included:

Non-GAAP revenue of $411.6 million, compared to of $525.4 million in the fourth quarter and $399 million in the same quarter last year.

Non-GAAP net loss of $57.4 million, or 42 cents per diluted share, more than double the $28.2 million net loss from the same quarter last year.

Non-GAAP revenues of $241.7 million for SunPower Energy Services, its North American residential and commercial business, compared to $255 million in the same quarter last year.

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