SunPower Corp. (NASDAQ: SPWR), a supplier of solar energy solutions, announced a good second-quarter report. SPWR’s shares increased 38.66 percent in a month to $21.7.
SunPower’s client base increased by 51% year on year in the last quarter, reaching a new high of 19.7 thousand. Revenue increased by 63% to $417.8 million. Earnings per share amounted to $0.03.
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Demand for solar panels and SunPower Corp. (SPWR) batteries is robust, allowing the business to build a portfolio of orders (backlog) for outfitting 53,000 customers’ houses and other buildings. The gross margin remains strong at 20%.
The strategic partnership with IKEA’s US business was a significant milestone for SunPower last quarter. SunPower Corp. (SPWR) will now be able to sell its services to an enormous audience of furniture manufacturers.
According to SPWR management, homeowner interest in solar energy is growing. This is notably visible in the increased installation of panels and batteries in new houses; SunPower has the greatest order backlog in this market.
SunPower Corp. (SPWR) anticipates that the favorable trend will continue in the second half of 2022. For the whole year, the business anticipates a 73-80 thousand rise in customer audience and an adjusted EBITDA of $90- $110 million.
SunPower’s earnings exceeded Wall Street’s projections. Simultaneously, the corporation can improve its performance in the face of favorable market conditions. During previous energy crises caused by growing energy prices, there were no options like solar energy.
Companies and consumers now have an option to minimize their reliance on fossil fuel pricing. Furthermore, the government in the United States aims to boost solar energy, particularly through subsidizing energy systems for families.
SPWR stock gained 36.65 percent in the last week and 38.66 percent in the previous month. During the previous quarter, this company’s stock climbed 28.40 percent. The stock has gained 29.32 percent in the previous six months, with a full-year loss of -10.26 percent. This stock’s year-to-date (YTD) price performance is presently positive at 3.98 percent at the time of writing.