Why Is SunPower Stock Shooting Upwards Thursday?
Portfolio Pulse from Anusuya Lahiri
SunPower Corp (NASDAQ:SPWR) reported a Q4 FY23 revenue decline of 28.3% YoY to $356.91 million, missing consensus estimates. The adjusted EPS loss widened to 51 cents, also missing expectations. Despite these results, SPWR's stock price increased after announcing a funding update, including $175 million in new capital financing from TotalEnergies and Global Infrastructure Partners. The company added 16,000 customers but saw declines in adjusted gross margin and EBITDA. SunPower expects a net loss for FY24 but aims to be free cash flow positive in the second half of 2024.
February 15, 2024 | 6:01 pm
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SunPower Corp reported a significant Q4 FY23 revenue decline and missed EPS estimates, but announced $175 million in new financing, aiming for positive cash flow in H2 2024.
Despite the negative earnings report, the announcement of significant new financing and a positive outlook for the second half of 2024 likely contributed to the stock's price increase. The funding from TotalEnergies and Global Infrastructure Partners, along with the CEO's optimistic statement about the company's positioning, may reassure investors about SunPower's future prospects.
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IMPORTANCE 90
RELEVANCE 100