MAXN - SunPower hit with Q4 loss but revenues reach quarterly record

SunPower (NASDAQ:SPWR) -1.3% post-market after reporting a surprise Q4 adjusted loss from continuing operations of $0.07/share, while revenues rose 12% Y/Y to a quarterly record $384M that also beat analyst estimates. Q4 non-GAAP gross margin fell to 13.9% from 18.9% in Q3 and 22.4% in the year-ago quarter; adjusted EBITDA fell to a $7.6M loss from $18.2M in Q3 and $37.5M in the prior-year period. Q4 financial highlights included accelerating growth with 17K customers added in the quarter, up 31% Y/Y, and a multiyear high in residential gross margin at 25.6%, up 100 bps from a year ago. For FY 2022, SunPower forecasts adjusted EBITDA of $90M-$110M, a $15M reduction at the midpoint of prior guidance due to the company's planned exit from the Light Commercial business and another $20M driven by an updated supply agreement with Maxeon Solar (NASDAQ:MAXN). Under the new supply deal, Maxeon will sell certain volumes

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SunPower hit with Q4 loss but revenues reach quarterly record