Sunpower reported increasing revenue in Q2 2021

US solar technology and energy services provider Sunpower Corp. announced financial results for its second quarter ended July 4, 2021. The company achieved revenue of $308 million, a significant increase compared to $217 million in Q2 2020. Net income was $72 million, compared to $55 million in the second quarter 2020. For the prior quarter, Sunpower announced loss of $48 million. Installed capacity increased from 91 MW in Q2 2020 to 125 MW in the reporting period.
In the first half of 2021 the company achieved revenues of $615 million (H1 2020: $508 million). Income was $25 million compared to $74 million in the first half of 2020.
Regarding the Residential and Light Commercial (RLC) business, Sunpower added 13,000 new customers during the quarter, bringing its total residential install base to more than 376,000. Additionally, it grew its single and multi-family new homes backlog by 10 percent sequentially to more than 220 MW.
The company's Commercial and Industrial Solutions (CIS) business rose approximately 30 percent yoy bringing its total installed base to 1 gigawatt. The backlog increased by 20 percent yoy and finalized an agreement with California Resources Corporation to develop up to 45 MW of solar projects.
For the third quarter, the company expects sequential volume and margin improvements in its residential business with volume expected to grow more than 40 percent versus the prior year. the Board of Directors expects revenue of $325 to $375 million, net loss of $10 to $0 million and MW recognized of 125 MW to 150 MW.
For fiscal year 2021, the company expects revenue of $1.41 to $1.49 billion, net income of $40 to $60 million and MW recognized of 540 MW to 610 MW. Residential MW recognized are expected to be in the range of 340 MW to 380 MW.

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