Announcement • Oct 16
First Amended Reorganization Plan Filed by SunPower Corporation SunPower Corporation, along with its affiliates, filed first amended plan of reorganization in the US Bankruptcy Court on October 15, 2024. As per the plan filed, there are no changes in treatment of any claim class or sources of plan funding. Announcement • Aug 31
Bidding Procedure Approved for SunPower Corporation The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of SunPower Corporation on August 29, 2024. The Court approved the asset purchase agreement for going-concern assets to Complete Solaria, Inc., the stalking horse bidder, for a purchase price of $45 million in cash pursuant to the asset purchase agreement, dated August 5, 2024, and the remaining assets to the winning bidder at the auction and to designate a stalking horse bidder for the remaining assets. The debtor’s assets include debtors’ core businesses new homes, blue raven solar, and the dealer network, and other remaining assets which include accounts receivable, intellectual property patents and trademarks, PP&E, and an industrial research and development facility in Davis, California. To qualify as a qualified bidder, interested parties should submit their bids by September 10, 2024, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid for the going-concern assets should be at least $0.5 million more than the initial purchase price. The debtor has scheduled an auction on September 16, 2024. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder for the going-concern assets would be entitled to a break-up fee of 3% of the purchase price and expense reimbursement of $0.75 million in case of termination of the asset purchase agreement and the stalking bidder for the remaining assets would be entitled to a combined break-up fee and expense reimbursement of 3% in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 23, 2024. The buyer is represented by Richard A. Chesley and Jamila Justine Willis of DLA Piper LLP as its legal advisors. Announcement • Aug 16
SunPower Corporation(OTCPK:SPWR) dropped from NASDAQ Composite Index SunPower Corporation has been dropped from the SunPower Corporation Announcement • Aug 08
Motion for Joint Administration Approved for SunPower Corporation The US Bankruptcy Court granted an order for the joint administration of the Chapter 11 bankruptcy cases of SunPower Corporation and its affiliates on August 7, 2024. The affiliates include Blue Raven Solar, LLC, Blue Raven Solar Holdings, Llc, Falcon Acquisition HoldCo, Inc., SunPower Capital, LLC, SunPower Corporation, Systems, Sunpower Holdco, LLC, SunPower North America, Inc., BRS Field Ops, LLC and SunPower Capital Services, LLC. The cases would be jointly administered for administrative and procedural purposes. SunPower Corporation has been designated as the lead debtor. Announcement • May 25
SunPower Corporation Terminates Jennifer Johnston as Executive Vice President and Chief Operating Officer, Effective as of June 7, 2024 On May 21, 2024, the Board of Directors of SunPower Corporation (the “Company”) terminated the employment of Jennifer Johnston, the Executive Vice President and Chief Operating Officer of the Company, effective as of June 7, 2024. Announcement • May 21
SunPower Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q for the period ended March 31, 2024 SunPower received on May 17, 2024, a notice (the "Notice") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission (the "SEC"), as a result of not having timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 (the "Q1 2024 10-Q") with the SEC, as described more fully in the Company's Notification of Late Filing on Form 12b-25 filed with the SEC on May 13, 2024. The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq. The Notice indicated that the Company must submit a plan to regain compliance with the Listing Rule by May 20, 2024 and, following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the due date of the Annual Report on Form 10-K for the period ended December 31, 2023 (the "2023 Form 10-K"), or until September 11, 2024, for the Company to regain compliance. While the Company can provide no assurances as to timing, the Company is working diligently to finalize the 2023 Form 10-K and First Quarter 2024 10-Q and plans to file the 2023 Form 10K and First Quarter 2024 10-Q as soon as practicable to regain compliance with the Listing Rule. Announcement • May 15
SunPower Corporation announced delayed 10-Q filing On 05/13/2024, SunPower Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Mar 22
SunPower Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K SunPower Corporation received on March 20, 2024, a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), which requires timely filing of all required periodic financial reports with the SEC, as a result of not having timely filed the Form 10-K with the SEC, as described more fully in the Company’s Notification of Late Filing on Form 12b-25 filed with the SEC on February 29, 2024. The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq. The Notice indicated that the Company must submit a plan to regain compliance with the Listing Rule within 60 calendar days and, following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the Form 10-K due date, or until September 11, 2024, for the Company to regain compliance. While the Company can provide no assurances as to timing, the Company is working diligently to finalize the Form 10-K and plans to file the Form 10-K as soon as practicable to regain compliance with the Listing Rule. Announcement • Mar 14
Sunpower Appoints Tony Garzolini, as Executive Vice President and Chief Revenue Officer SunPower Corporation announced the appointment of residential solar and home energy veteran, Tony Garzolini, as Executive Vice President and Chief Revenue Officer (CRO). In this role, Tony will oversee sales, including the Direct, Dealer and New Homes channels, along with pricing and demand generation. Garzolini brings more than 20 years of experience in home energy. Most recently, Garzolini served as Senior Vice President of Residential Product Sales for Generac Power Systems. Prior to that, he held various leadership positions at SunPower for more than 13 years, including Vice President of Residential Sales. During his time at the Company, Garzolini played a significant role in building SunPower's Dealer Network and launching SunPower's direct sales channel. He also directed the Company's sales strategy as it evolved from a module-maker to offering complete solar and storage systems and financial products. Announcement • Mar 01
SunPower Corporation announced delayed annual 10-K filing On 02/29/2024, SunPower Corporation announced that they will be unable to file their next 10-K by the deadline required by the SEC. Buy Or Sell Opportunity • Feb 16
Now 32% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to US$3.62. The fair value is estimated to be US$5.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 2.9% in 2 years. Earnings are forecast to grow by 81% in the next 2 years. Major Estimate Revision • Feb 16
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$1.60b to US$1.55b. Losses expected to increase from US$0.44 per share to US$0.54. Electrical industry in the US expected to see average net income growth of 15% next year. Consensus price target broadly unchanged at US$4.24. Share price rose 33% to US$4.28 over the past week. Board Change • Feb 13
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Chairman, President & CEO Peter Faricy is the most experienced director on the board, commencing their role in 2021. Independent Director Audrey Zibelman was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jan 23
SunPower Corporation to Report Q4, 2023 Results on Feb 15, 2024 SunPower Corporation announced that they will report Q4, 2023 results at 7:45 AM, US Eastern Standard Time on Feb 15, 2024 Announcement • Dec 09
SunPower Corporation Announces Resignation of Jason Macrae as Executive Vice President, Financial Products On December 4, 2023, SunPower Corporation announced that Jason MacRae would resign as the Executive Vice President, Financial Products of the Company, effective as of December 5, 2023. Announcement • Nov 29
SunPower Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q SunPower Corporation received on November 22, 2023, a notice (the ‘Notice’) from The Nasdaq Stock Market LLC (‘Nasdaq’) indicating that, as a result of not having timely filed the Form 10-Q with the SEC, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the ‘Listing Rule’), which requires timely filing of all required periodic financial reports with the SEC. The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq. The Notice indicated that the Company must submit a plan to regain compliance with the Listing Rule within 60 calendar days and, following receipt of such plan, Nasdaq may grant an extension of up to 180 calendar days from the Form 10-Q due date, or until May 20, 2024, for the Company to regain compliance. On November 13, 2023, the Company filed a Notification of Late Filing on Form 12b-25 indicating that it was unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the fiscal quarter ended October 1, 2023 (the ‘Form 10-Q’) by the prescribed due date as a result of the restatement of certain of the Company’s financial statements (the ‘Restatement’). The Restatement is more fully described in the Company’s Current Report on Form 8-K filed with the SEC on October 24, 2023. While the Company can provide no assurances as to timing, the Company is working diligently to complete the Restatement and plans to file the Form 10-Q as soon as practicable to regain compliance with the Listing Rule. The Company and Bank of America, N.A., the administrative agent and collateral agent for the lenders (the ‘Agent’) under the Credit Agreement dated as of September 12, 2022 (as amended by the First Amendment, dated as of January 26, 2023, the ‘Credit Agreement’), among the Company, the subsidiaries party thereto, the Agent and the lenders party thereto are currently negotiating the terms and conditions of a consent and waiver, which is intended to address, including without limitation, the effects of the Restatement and failure to timely deliver the Form 10-Q to the lenders under the Credit Agreement. Announcement • Nov 14
SunPower Corporation announced delayed 10-Q filing On 11/13/2023, SunPower Corporation announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Nov 03
SunPower Corporation Expects Approximately 83 Employees Representing Severance Costs of Approximately $2.6 Million to Exit the Company SunPower Corporation announced that on October 30, 2023, the company adopted a restructuring plan to align operating costs with current market conditions characterized by higher interest rates and slower consumer demand. The plan is intended to preserve near-term financial strength in order to remain competitive during current and future market conditions. As part of the restructuring plan, the Company expects approximately 83 employees representing severance costs of approximately $2.6 million to exit the Company. The Company also expects to impair approximately $4.3 million, primarily in capitalized internal-use software and equipment related to development of new products due to management’s determination to cancel these projects. The actual timing and costs of the plan may differ from the Company’s current plan. The plan is expected to be substantially complete by January 31, 2024. Price Target Changed • Nov 02
Price target decreased by 26% to US$5.61 Down from US$7.62, the current price target is an average from 23 analysts. New target price is 25% above last closing price of US$4.47. Stock is down 75% over the past year. The company is forecast to post a net loss per share of US$0.94 compared to earnings per share of US$0.59 last year. Announcement • Nov 02
Sunpower Corporation Updates Earnings Guidance for the 2023 SunPower Corporation updated earnings guidance for the 2023. For the period, the company reduced 2023 guidance for GAAP net loss to $175 million - $165 million. Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: US$0.17 loss per share (down from US$0.80 profit in 3Q 2022). Revenue: US$432.0m (down 9.2% from 3Q 2022). Net loss: US$30.0m (down 122% from profit in 3Q 2022). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electrical industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Announcement • Oct 28
Block & Leviton LLP Files a Class Action Lawsuit on Behalf of Shareholders Against SunPower Corp Block & Leviton LLP announced that it has filed a class action lawsuit on behalf of shareholders against SunPower Corp. and certain of its executives, for securities fraud. The complaint was brought in United States District Court for the Northern District of California and is captioned Craven v. SunPower Corp., et al., No. 23-cv-05544 (N.D. Cal.) and is brought on behalf of investors that incurred damages on their purchases in SunPower Corp. securities between March 9, 2023 and October 24, 2023, inclusive. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to US$4.06, the stock trades at a trailing P/E ratio of 9.7x. Average forward P/E is 19x in the Electrical industry in the US. Total loss to shareholders of 75% over the past three years. Price Target Changed • Oct 17
Price target decreased by 7.3% to US$8.94 Down from US$9.65, the current price target is an average from 22 analysts. New target price is 53% above last closing price of US$5.85. Stock is down 65% over the past year. The company is forecast to post a net loss per share of US$0.49 compared to earnings per share of US$0.59 last year. Price Target Changed • Oct 11
Price target decreased by 9.4% to US$9.38 Down from US$10.35, the current price target is an average from 22 analysts. New target price is 62% above last closing price of US$5.78. Stock is down 69% over the past year. The company is forecast to post a net loss per share of US$0.49 compared to earnings per share of US$0.59 last year. Announcement • Sep 22
SunPower Corporation to Report Q3, 2023 Results on Nov 01, 2023 SunPower Corporation announced that they will report Q3, 2023 results at 7:45 AM, US Eastern Standard Time on Nov 01, 2023 Announcement • Sep 14
SunPower Corporation Announces Executive Changes, Effective October 15, 2023 SunPower Corporation announced that Vichheka Heang notified of her intent to resign as the vice president, corporate controller, and principal accounting officer of the Company, effective October 15, 2023. Ms. Heang’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. In connection with Ms. Heang’s departure, Elizabeth Eby, the Company’s executive vice president and chief financial officer, also will perform the functions of the Company’s principal accounting officer, effective October 15, 2023. Ms. Eby will continue to serve as executive vice president and chief financial officer. Announcement • Sep 08
SunPower Enhances SunVault Battery Storage for Electricity Bill Savings SunPower announced the general availability of its most powerful SunVault energy storage solution along with new software updates to maximize savings with stored energy. Key features of the new SunVault battery storage firmware include: Greater electricity savings with smarter battery software: SunPower introduced an enhanced operating software that maximizes customer savings with solar and storage by creating a smarter integration with the homeowner's local utility. Now, with one click, homeowners can save more money on their electricity bills by setting their SunVault to use stored energy when utility "Time of Use" rates are higher. For some utilities, the price of electricity during peak hours can be more than twice as expensive as in typical hours. Using real-time analytics, the Cost-Savings mode automatically charges and discharges the battery based on cost-effectiveness. This reduces a home's reliance on grid energy when rates are high and exports energy back to the grid when the best rates are offered - especially valuable in September for California homeowners when credits are worth much more under the state's new net energy metering policy, NEM 3.0. A SunPower solar-only system can reduce a customer's electricity bill by 55-70% in California; with SunVault, the bill can be reduced up to 95%. Enhanced energy capacity to provide more power in less space: The latest SunVault battery configuration offers increased energy density, enabling it to store more energy in a single box. Now, SunVault includes 19.5 kWh of energy storage and can be configured up to 39 kWh, a nearly 50% increase in energy capacity from previous generations. For homeowners, this means they can purchase a larger battery solution that can provide even more savings and backup power. This fall, SunPower will release a new feature that can accurately forecast a home's energy needs to optimize savings and energy security. The new enhanced version of SunVault can analyze utility rates, a home's energy usage trends, historical weather patterns and real time equipment performance to estimate whether to store or discharge energy for optimal system performance. This enables the battery to avoid potential energy loss or oversight while maximizing savings for homeowners under California NEM 3.0 which made billing rates more complicated. Homeowners can manage their SunVault energy storage through the mySunPower®? app, including the enhanced Cost-Savings mode and monitoring energy reserves during peak demand. Further, all SunVault energy storage systems are backed by a 10-year warranty regardless of how much the battery is charged and drained over time. The latest version of SunVault is now available. Announcement • Jul 27
SunPower Corporation Provides Earnings Guidance for the Fiscal Year 2023 SunPower Corporation provided earnings guidance for the fiscal year 2023. For the period, the company expects Net Loss (GAAP) to be in the range of ($90) million - ($70) million. Announcement • Jun 28
SunPower Corporation to Report Q2, 2023 Results on Aug 01, 2023 SunPower Corporation announced that they will report Q2, 2023 results at 7:45 AM, US Eastern Standard Time on Aug 01, 2023 Announcement • Jun 20
SunPower Corporation(NasdaqGS:SPWR) dropped from S&P 400 Industrials (Sector) SunPower Corporation(NasdaqGS:SPWR) dropped from S&P 400 Industrials (Sector) Announcement • May 20
SunPower Corporation Appoints Audrey Zibelman as Director SunPower Corp. has named Audrey Zibelman as its new director. Presently, Zibelman serves as an advisor and non-executive director to various companies and organizations leading on climate change, including President Biden's National Infrastructure Advisory Council. She has held the position of vice president of X, Alphabet's moonshot factory, managing director and CEO of the Australian Energy Market Operator. She has also served as the chair of the New York Public Service Commission and chief operating officer of PJM. Announcement • May 19
Sunpower Corporation Announces Executive Changes On May 17, 2023, the Board of Directors of SunPower Corporation appointed Audrey Zibelman as an independent member of the Board. Ms. Zibelman fills the vacancy on the Board due to the previously disclosed retirement of Thomas McDaniel, which became effective May 17, 2023. Ms. Zibelman serves as a Class III director, with a term expiring at the Company’s annual meeting of stockholders to be held in 2026. Ms. Zibelman has been appointed as chair of the Nominating and Corporate Governance Committee and as a member of the Audit Committee of the Board, effective immediately. Ms. Zibelman currently serves as an advisor and non-executive director to multiple companies and organizations leading on climate change, including RMI, Span IO, and Squadron Energy, and is also a member of President Biden’s National Infrastructure Advisory Council. Ms. Zibelman served as Vice President of X, Alphabet’s moonshot factory, from 2021 to 2022, where she led a team focused on building accurate digital tools necessary for a decarbonized power system, and continues to serve as an advisor to X on climate technology. From 2017 to 2021, Ms. Zibelman served as Managing Director and CEO of the Australian Energy Market Operator, Australia’s national electricity and gas system planner and operator. From 2013 to 2017, Ms. Zibelman chaired the New York Public Service Commission, where she was a member of the Governor’s cabinet. She has also previously served as Chief Operating Officer of PJM, the world’s wholesale energy market, and Xcel Energy, a multi-state integrated gas and electric utility. Ms. Zibelman has a Bachelor of Arts from Penn State University and a Juris Doctor from Mitchell Hamline School of Law. On May 16, 2023, June Sauvaget informed the Company that she was voluntarily resigning from her position as the Executive Vice President and Chief Marketing Officer of the Company. Ms. Sauvaget’s last day with the Company is expected to be June 2, 2023.