Summary by Futu AI
On February 15, 2024, SunPower Corporation, a solar technology and energy services provider, reported its financial results for the fourth quarter and full year ending December 31, 2023. The company announced a GAAP net loss of $124 million for Q4 and $247 million for the full year. Despite the losses, SunPower secured $175 million in new capital financing and an additional $25 million in revolving debt capacity. The funding was sourced from TotalEnergies and Global Infrastructure Partners, which includes a mix of prior bridge financing, new investment, and conditional borrowing. SunPower's CEO, Peter Faricy, expressed optimism about the company's focus on driving positive free cash flow and profitability, especially in the second half of 2024. The company added 16,000 customers in Q4, reaching a total of 75,900 new customers for the year, and reported Q4 revenue of $357 million and FY 2023 revenue of $1.7 billion. The financial report also provided guidance for 2024, projecting a GAAP net loss between $160 million and $80 million, a gross margin of 17% to 19%, and positive free cash flow in the second half of the year.
