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SunPower Corporation - SPWR STOCK NEWS

Welcome to our dedicated page for SunPower Corporation news (Ticker: SPWR), a resource for investors and traders seeking the latest updates and insights on SunPower Corporation stock.

SunPower Corporation (NASDAQ: SPWR) is a leading provider of solar technology and energy services, primarily focusing on the residential market in North America. SunPower offers a comprehensive suite of solar, storage, and home energy solutions that enable customers to generate, store, and manage renewable energy. The company's offerings include high-efficiency solar panels, energy storage systems, and integrated energy management software.

Recently, SunPower announced a significant milestone by securing over $300 million in project financing commitments from notable investors such as Apollo Funds, ATLAS SP Partners, and Hannon Armstrong. This financing will support SunPower’s residential solar and storage lease programs, enabling the company to offer flexible and attractive financing options to a broader customer base.

SunPower has also recently expanded its product portfolio by including the Tesla Powerwall 3, highlighting the company's commitment to providing top-tier energy solutions. This addition allows SunPower to offer comprehensive energy solutions, combining high-quality solar panels with reliable energy storage, ensuring homeowners have a resilient and efficient energy system.

Despite facing some challenges, including delays in financial filings and executive changes, SunPower remains committed to its mission of expanding access to clean energy. The company is actively working to regain compliance with Nasdaq listing standards and continue its growth trajectory.

Founded in 1985, SunPower has established itself as a trusted brand in the solar industry, known for its high-quality products and customer-centric approach. The company continues to innovate and expand its offerings to meet the evolving needs of homeowners, all while striving to achieve positive free cash flow and operational resilience.

News

SunPower Announces Delay in Filing Form 10-K

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SunPower Corp. (SPWR) announces a delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, due to restatements of prior period financial statements, providing an automatic extension of fifteen days to file the Form 10-K.
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SunPower Announces CEO Transition

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SunPower Corp. announces the departure of CEO Peter Faricy and the establishment of the Office of the Chairman to lead business operations. The Board is conducting a CEO search while Tom Werner takes on the role of Executive Chairman and Principal Executive Officer.
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SunPower Secures More Than $300M in Project Financing Commitments for Industry-Leading Residential Solar and Storage Lease Programs

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SunPower Corp secures over $300 million in project financing commitments to expand residential solar and storage lease programs. The company aims to offer diverse financing options to customers, enhancing access to clean energy solutions.
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Tom Werner Joins SunPower's Board of Directors as Executive Chairman

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SunPower Corp. appoints Tom Werner as Executive Chairman of the Board, leveraging his extensive experience in the solar industry. Werner's return aims to drive growth and strengthen the company's core business.
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SunPower Reports Fourth Quarter and Full Year 2023 Results

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SunPower Corp. (SPWR) reported adding 16,000 customers in Q4 and 75,900 new customers in FY 2023. They announced Q4 revenue of $357 million and FY 2023 revenue of $1.7 billion. The company reported Q4 GAAP Net Loss of ($124) million and Adjusted EBITDA of ($68) million, with FY 2023 GAAP Net Loss of ($247) million and Adjusted EBITDA of ($84) million. SunPower also secured $175 million of additional capital and $25 million of revolving debt capacity.
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SunPower Secures Additional Capital to Drive Ongoing Transformation

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SunPower Corp. secures $175 million in capital financing through a second lien term loan, with additional revolving debt capacity and long-term waivers. The Company also obtains up to $155 million of additional liquidity, reinforcing its foundation for a sustainable and agile business.
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SunPower Provides Update on Discussions with Key Financial Partners

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SunPower Corp. (SPWR) has received waiver extensions from Atlas Securitized Products Holdings, L.P., and Bank of America until February 16, 2024. The company also secured $20 million in financing from its majority shareholders TotalEnergies and Global Infrastructure Partners. SunPower will utilize the funds to explore long-term financial solutions and engage in discussions with key financial partners.
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SunPower to Announce Full Year and Fourth Quarter 2023 Results on February 15, 2024

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SunPower Corp. (SPWR) will discuss its full year and fourth quarter 2023 financial results on Feb. 15, 2024, at 8:00 a.m. ET. The results are scheduled to be released at 7:45 a.m. ET. Analysts intending to participate in the Q&A session must register for a personal link and dial-in. The event will be webcast online, and supplemental financial information will be available on SunPower's investor website.
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SunPower Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

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SunPower (SPWR) received a notice from Nasdaq for not timely filing the Form 10-Q with the SEC, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1). The company must submit a plan to regain compliance within 60 days, with a possible extension of up to 180 days. SunPower is working diligently to complete the Restatement and file the Form 10-Q to regain compliance with the Listing Rule.
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Maxeon Solar Technologies and SunPower Corporation Announce Supply Agreement Amendment and Resolution of Disputes

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Maxeon Solar Technologies, Ltd. (MAXN) and SunPower Corporation (SPWR) announced an amendment of their supply agreement and resolution of disputes. Maxeon will supply modules to SunPower through February 2024, and SunPower will maintain its exclusive right to distribute M-Series products in the U.S. until March 31, 2024. Maxeon will be released from non-circumvention obligations with respect to SunPower dealers and will receive warrants to purchase SunPower common stock in a private placement. Additionally, all outstanding disputes regarding the Master Supply Agreements between the two companies have been resolved.
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FAQ

What is the current stock price of SunPower Corporation (SPWR)?

The current stock price of SunPower Corporation (SPWR) is $0.7158 as of August 16, 2024.

What is the market cap of SunPower Corporation (SPWR)?

The market cap of SunPower Corporation (SPWR) is approximately 21.5M.

What services does SunPower Corporation offer?

SunPower offers integrated solar, storage, and home energy solutions to residential customers in North America.

How much project financing did SunPower secure recently?

SunPower secured over $300 million in project financing commitments for its residential solar and storage lease programs.

What new product has SunPower introduced?

SunPower has introduced the Tesla Powerwall 3 to its product portfolio, offering enhanced energy storage solutions.

Who are some of SunPower’s key investors?

Key investors include Apollo Funds, ATLAS SP Partners, and Hannon Armstrong Sustainable Infrastructure Capital, Inc.

What challenges is SunPower currently facing?

SunPower is addressing delays in financial filings and executive changes while working to regain compliance with Nasdaq listing standards.

What is SunPower’s market focus?

SunPower primarily focuses on the residential solar market in the United States and Canada.

What unique financing options does SunPower offer?

SunPower provides flexible financing options, including loans and leases, to make solar and storage solutions accessible to homeowners.

What is the main benefit of SunPower’s solar + storage solutions?

SunPower’s solutions allow homeowners to control electricity consumption, enhance resiliency during outages, and save on energy costs.

How long has SunPower been in the solar industry?

SunPower was founded in 1985 and has since become a trusted brand in the solar technology and energy services industry.

Where can I get more information about SunPower?

For more information, visit SunPower's official website at www.sunpower.com.

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SunPower Corporation

Nasdaq:SPWR

SPWR Rankings

#5256 Ranked by Market Cap
N/A Ranked by Dividends

SPWR Stock Data

21.55M
217.23M
0.71%
139%
16.39%
Solar
Semiconductors & Related Devices
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United States of America
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