SunPower reports significant net loss and decreased customer growth, despite increased home installations and raised debt funding.

SunPower, the solar and storage company, has reported a decrease in quarterly customer growth and a significant net loss for FY2023. The company’s backlog reached 52,100 homes in Q4, with new homes installations increasing by 19%. The company also reported a net loss of US$247 million, down from US$43 million in FY2022. The adjusted EBITDA for FY 2023 was also down from $70 million to -US84 million. Looking ahead, SunPower has also raised US$175 million of second-lien debt from Sol Holding, the JV between TotalEnergies and GIP, and plans to spend between 17% and 19%, up from 14.6% in 2023.