SunPower has released its financial results for the first quarter of 2016. Although the company helped build historically high volume of PV projects, its non-GAAP revenue and net income both decreased from 4Q15.
The report shew that SunPower’s non-GAAP revenue was US$433.6 million, lower than US$1,363.0 million in 4Q15 and was only slightly higher than US$430.6 million in 1Q15. Gross margin of 13.6%, decreased from 28.8% in 4Q15 and 20.5% in 1Q15.
SunPower saw non-GAAP net income of US$19.7 million in 1Q15 and of US$270.4 million in 4Q15, yet it saw net loss of US$41.2 million in 1Q16.
SunPower launched the commercial- and residential-targeted solution, Helix™ and SunPower Equionx™ respectively, to the downstream solar market. The company also continued construction on a number of U.S. projects slated for completion during the second half of 2016, including the 100MW project for NV Energy, the 102MW Henrietta power plant and the 68MW project for Stanford University. SunPower also achieved commercial operation on the 50MW Hooper project for Xcel Energy, which is now owned by 8point3 Energy Partners. Furthermore, it was awarded around 500MW of PPA in Mexico’s first electricity auction.
“We also expect to begin construction of our second solar power plant project in Chile later this year with a capacity of approximately 100-MW,” said Tom Werner, SunPower president and CEO. “With a pipeline of more than 2.5GW in Latin America and more than 14GW globally, we see significant long term opportunity in the power plant segment.”
For the second quarter of 2016, SunPower expects non-GAAP revenue of US$310~360 million, gross margin of 12~14%, EBITDA of US$0~25 million, megawatts of deployed of 360~385MW.
For fiscal year of 2016, the non-GAAP guidance is as follows: revenue of US$3.2~3.4 billion, gross margin of 14~16%, EBITDA of US$450~500 million , capital expenditures of US$210~260 million, and gigawatts of deployed of 1.6~1.9GW.