#Sunpower by venture solar full#

Figures such as these suggest there remains appetite for residential solar PV in the US, but that this demand is struggling to translate into new installations as economic and climatic conditions make new solar projects less viable.Ī report from the Solar Energy Industries Association (SEIA) and Wood Mackenzie, published in the first quarter of this year, saw new US solar installations decline 3% compared to the fourth quarter of 2022. However, not all of the company’s preliminary results have been negative, with SunPower reporting a total revenue of US$464 million in the second quarter of this year, a US$24 million increase on the first quarter of this year and an 11% improvement from the second quarter of 2022. SunPower also plans to reduce its investment in new platforms from between US$50-70 million The company has reduced its earnings before inflation, taxes, depreciation and amortisation for the remainder of the year to between US$1,450-1,650 per customer, down from the forecast of between US$2,450-2,900 per customer that was announced in May.

These changes will have to make a significant impact on SunPower’s performance, considering the company is dealing with the dual challenges of higher costs and lower investments than originally forecast. “We believe that these actions will position the company for success as market conditions improve,” added Faricy. “Although we’ve seen improvements in sales growth in June and July, we’ve made the decision to reduce our labour costs and are taking additional measures to improve operational efficiency across the board. “To quickly adapt to prevailing market conditions and help ensure SunPower maintains its competitive edge, we are reducing our cost structure,” said SunPower CEO Pater Faricy.

#Sunpower by venture solar full#

With SunPower expected to release its full second quarter results on the first of August next week, the worsening financial future of the group will be ominous news for the company’s stakeholders. This compares to the forecast of 90,000-110,000 new customers in 2023 made by SunPower in May this year. This continued decline has encouraged the company to revise down its forecast of new customers for the remainder of the year, now expecting to add between 70,000-90,000 customers by the end of this year. SunPower also added 20,400 new customers in the second quarter of this year, compared to the 21,000 new customers the company added in the first quarter of the year, and the 23,700 new customers added in the fourth quarter of 2022.