Where Will SunPower Be in 10 Years?
SunPower (NASDAQ: SPWR) has been through a series of major changes over the last 10 years, but it's likely the next ten will be a little quieter. In 2013, the company was still expanding its high-efficiency manufacturing technology and was a major player in utility-scale solar power plant development. Now, those businesses have been sold off and this is a focused residential solar company.
Over the next 10 years, I expect SunPower to continue scaling its current residential solar offerings both across the country and into newer offerings like energy storage and smart-home solutions.
Let's start with what the company's operations look like today. In the recently reported fourth-quarter 2022 results, SunPower said it added nearly 24,000 customers, achieving record customer growth for the third consecutive quarter, and drove 43% revenue growth to $497 million. For the full year, SunPower added 83,000 customers and grew revenue 53% to $1.7 billion. After years of losses, SunPower did report net income based on generally accepted accounting principles (GAAP) of $8 million and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $36 million for the fourth quarter, and GAAP net income of $56 million and adjusted EBITDA of $95 million for the full year 2022.
Source Fool.com
