SUNPOWER CORP: restructuring charge — SunPower reports Q2 net loss $30M, lowers FY 2023 guidance, announces restructuring

SUNPOWER CORP

2023-Q2 EPS reported -$0.48 revenue$904,729,000

Preliminary Q2 GAAP net loss $30M; Adjusted EBITDA approx. -$3M; Revenue $464M (+11% YoY).
Added 20,400 new residential customers; FY 2023 customer guidance cut to 70k-90k from prior.
CEO cites demand weakness in Southeast/Southwest due to higher interest rates slowing leads.
Restructuring to cut ~140 employees (5% labor costs) with ~$4.3M severance charges in Q3.
FY 2023 Adjusted EBITDA guidance reduced to $55M-$75M; Net loss guidance ($90M)-($70M).

item 2.02 item 9.01 item 2.05 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SUNPOWER CORP reported second quarter ended July 2, 2023 results: revenue $464 million, net income ($30) million. Guidance lowered.

Period: second quarter ended July 2, 2023
Revenue: $464 million
Net income: ($30) million
Guidance: lowered
Result: preliminary results

Exact text from the filing

SunPower Reports Preliminary Second Quarter 2023 Results and Provides Updated Guidance • Preliminary second quarter GAAP Net Loss of ($30) million, Adjusted EBITDA of approximately ($3) million • Preliminary second quarter customer growth of 20,400 new customers • Preliminary second quarter Revenue of $464 million, 11% higher year-over-year

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SUNPOWER CORP announced a restructuring with charges of approximately $4.3 million (approximately 140 employees).

Type: restructuring
Charge: approximately $4.3 million
Headcount: approximately 140 employees

Exact text from the filing

representing approximately 5% of its labor costs, to exit the Company in the third quarter of 2023. The Company expects to incur restructuring charges totaling approximately $4.3 million, consisting primarily of severance benefits. A substantial portion of such charges are expected to be incurred in the third quarter of fiscal 2023. The actual timing and costs of

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Source: SEC EDGAR

accession 0000867773-23-000070

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