SunPower Q1 2012 Earnings

SunPower (Nasdaq:SPWR) reported its Q1 2012 results after the closing bell yesterday. Greentech Media spoke with SunPower CEO Tom Werner soon after the earnings call.

The firm posted Q1 revenue of $494 million and gross margins of 12.7 percent. The firm, like every other solar module firm in Q1, lost money. In SunPower’s case, Q1 saw a loss of $74.5 million.

But SunPower’s fundamental strategy is not changing. It remains, as per its presentation:

  • A differentiated go-to-market strategy depending on region
  • Expanding its efficiency position in solar cells and systems
  • Accelerating its cost-reduction roadmap
  • “Prudently” managing its balance sheet and liquidity

SunPower maintains its global leadership in energy efficiency, is touting the potential of its C7 low-concentration tracker product, and still has the massive liquidity of Total behind it. The firm would not disclose its shipment record on the C7 tracker product (see video below).

As we reported last month, SunPower announced, as part of a cost reduction initiative, that it will “re-purpose” its Fab 1 operations in the Philippines and look for tenants for that site. Manufacturing will be consolidated in Fabs 2 and 3 with the intent of of incorporating a new process that reduces the number of manufacturing steps.

As we also reported, SunPower “expects to achieve its cost goal of approximately $0.86 per watt, on an efficiency-adjusted basis, exiting 2012.”

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