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SunPower raises guidance after solid Q3 driven by energy storage

From pv magazine USA

Over the course of this strange year, U.S. residential solar companies such as SunPower, Sunrun, Enphase and Tesla have claimed that they could weather the Covid-19 storm with remote selling and new online strategies. And it turns out they were right.

SunPower just topped analyst estimates for third-quarter revenue and upped its guidance for 2020. Enphase and Tesla also reported strong signs of recovery in solar and storage. The combination of online sales strategies and a new set of homebound, energy-curious customers has enabled the market to grow in a cataclysmic year.

SunPower exceeded its revenue and EBITDA guidance and completed the spinoff of Maxeon. Its revenue numbers were above industry analyst estimates with GAAP revenue at $274.8 in the quarter. SunPower CEO Tom Werner has claimed that the transition to virtual and online selling has “materially lowered our overall customer acquisition cost.”

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The company has raised its fourth-quarter and fiscal 2020 EBITDA guidance. Werner said that the company expects $100 million in revenue from its SunVault storage product in 2021.

SunPower’s residential business in megawatts recognized was up 33% sequentially. It benefited from “significant demand” for loans from its $1 billion partnership with Silicon Valley credit union Tech CU for potential U.S. residential solar and energy storage customers. SunPower continues to dominate in new homes with a backlog of more than 50,000 homes and expectations of 30% to 50% revenue growth in both its residential and new homes businesses for fiscal year 2021.”

BloombergNEF is forecasting that Americans will install a record 3 GW of solar on the roofs of their homes in 2020, with another 3.6 GW to be installed in 2021.

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Source: pv magazine