Here is why SunPower Corporation (SPWR) stock soared on Thursday?

SunPower Corporation (SPWR) shares soared 10.05% in after-hours on Thursday, September 30, 2021, and closed the daily trading at $24.96. Even in the regular trading session of Thursday, SPWR’s stock gained 2.35%. SPWR shares have risen 81.29% over the last 12 months, and they have moved up 0.67% in the past week. Over the past three months, the stock has lost 21.52%, while over the past six months, it has declined 31.77%.

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SPWI new initiative for marginalized communities

On September 30, 2021, SunPower Corp. (SPWR) launched SunPower 25X25, its new justice, diversity, equity, and inclusion (JDE&I) commitments designed to ensure the resiliency and economic benefits for marginalized communities.

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The company committed to expanding access for customers because 25% of its U.S. residential customers are made up of people who live in historically marginalized communities. The company is focusing strongly on industry equity and ensured that 25% of the dealers and subcontractors it works with will be owned by women and people of colour.

SPWR on MidCap 400

SunPower Corp. (SPWR) will replace Cimarex Energy Co. (XEC) in the S&P MidCap 400 effective before the opening of trading on Tuesday, October 5, 2021.

SPWR recent financial results announcement

On August 3, 2021, SunPower Corp. (SPWR), announced financial results for its second quarter ended July 4, 2021.

Q2 2021 financial highlights

  • SPWR reported revenue of $308.9 million in Q2 2021 compared to $217.7 million in Q2 2020.
  • The total cost of revenue was $247.9 million in Q2 2021 compared to $192 million in Q2 2020.
  • Gross profit was $61.03 million compared to $25.65 million in Q2 2020.
  • Total operating expenses were $60.3 million in Q2 2021 compared to $32.95 million in Q2 2020.
  • It suffered a net loss of $74.77 million or a net loss per basic share of $0.44 in Q2 2021 compared to a net loss of $49.5 million or a net loss of $0.33 per basic share in Q2 2020.
  • Adjusted EBITDA was $22.2 million compared to $4.3 million in Q2 2020.
  • As of July 4, 2021, the company had cash and cash equivalents of $140.5 million compared with $232.8 million as of Jan 3, 2021.

Q3 2021 financial outlook

Conclusion

The recent new initiatives could be the reason behind its top-notch performance on Thursday. we can see SPWR continue to perform well on Friday as well.

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