SunPower to cut 1,000 jobs, restructure for low-cost model amid financial misstatements and $28 million charges.

SunPower is set to cut 1,000 jobs and incur restructuring charges totalling about US$28 million, including severance benefits and early contract termination and write-offs. The company is moving towards a low fixed-cost model, which will allow the company to better flex when the market is up or down. The restructuring is expected to be completed by the end of the second quarter of 2024. SunPower also revealed that it had identified misstatements in financial results for 2022, primarily due to capitalisation of certain deferred costs that did not qualify for capitalisation, classification of certain sales commissions as cost of revenue rather than sales, general and administrative expenses, and other immaterial adjustments. The solar company expects a US$15 million-US$25 million decrease in income from continuing operations before income taxes and other adjustments for fiscal year 2022.