SunPower (ticker: SPWR) has announced a revision to its fiscal 2023 outlook, resulting in a decline in its stock value. The solar power company now anticipates a net loss between $175 million and $165 million for fiscal 2023, compared to the previous projection of a loss ranging from $90 million to $70 million.
Additionally, SunPower expects negative earnings before interest, taxes, depreciation, and amortization (EBITDA) in the range of $35 million to $25 million. Conversely, the initial guidance had predicted adjusted EBITDA to be between $55 million and $75 million.
The downward revision in guidance was attributed to lower-than-expected consumer demand and delayed revenue recognition caused by extended cycle times. SunPower’s Chief Executive, Peter Faricy, expressed this in the earnings release.
In terms of financial results, SunPower reported a loss of 12 cents per share on revenue totaling $432 million. Analysts surveyed by FactSet had previously forecasted a loss of 1 cent per share on sales amounting to $453 million.
As a consequence of these developments, SunPower’s stock experienced a significant decline of 13% in premarket trading on Wednesday, reaching $3.72 per share. Throughout the year, the stock has plummeted by 76%.
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