SunPower’s Revenue by Segment (2019-2022)

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This statistic highlights SunPower Corporation’s Revenue by Segment from Q3 2019 onwards, split across Commercial and Industrial Solutions, Residential and Light Commercial segments.
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This statistic highlights SunPower Corporation’s Revenue by Segment from Q3 2019 onwards, split across Commercial and Industrial Solutions, Residential and Light Commercial segments.

SunPower reorganized its business by introducing new segments with a view to concentrate on the United States downstream DistributedGeneration market and a renewed business model that is propelled by solar energy storage, solutions, software services, and financial offerings.

SunPower’s Revenue by Segment

Revenue by Segment  Q3 2020          Q2 2021         Q3 2021 Revenue contribution in Q3 2021
Residential, Light Commercial (RLC) $197.71 $254.12 $281.64 87.02%
Commercial and Industrial Solutions (C&I Solutions) $74.33 $48.18 $40.32 12.46%
Others $10.06 $6.63 $1.68 0.52%
Total $282.1 $308.93 $323.64 100%

(All figures in millions, except percentages)

SunPower’s total revenue earned was highest in Q3 2021—at $323.64 million. There is a rise of 9.5% in the total revenue from Q3 2020 to Q2 2021. Total revenue grew by 14.73% on a YoY basis from Q3 2020 to Q3 2021, as compared to the QoQ growth from Q2 2021 to Q3 2021 which was 4.76%, with the former quarter grossing $308.93 million.

The sector-wise trends in revenue generation have been explained below:

Residential, Light Commercial (RLC): This crucial segment of SunPower pertains to the sale of wholly integrated, solar, home and storage energy solutions and their components. This is through their third-party installing and non-installing network of dealers along with resellers—who are a part of their own sales team, and direct long-term leases to their end customers.

RLC is the highest revenue contributing segment of SunPower. The revenue contribution from this segment has been in an upward trend, and so has the segment’s revenue mix. The highest amount stood at $281.64 million in Q3 2021, constituting a veritable 87.02% of the total. Q3 2020 grossed $197.71 million (approximately 70% of the quarterly total). The 42% YoY surge from Q3 2020 to Q3 2021 can largely be owed to the greater volume of loan channel and residential cash, as well as that of the residential new home lease channel.

Commercial and Industrial Solutions (C&I Solutions):  This segment pertains to the direct sales under Power Purchase Agreements (PPAs) of turn-key Engineering, Procurement, and Construction (EPC) services, as well as energy sales.

C&I Solutions forms the second-largest revenue grossing segment. As we can infer, the segment’s quarterly contribution to the total revenue is declining. The lowest, therefore being in Q3 2021 at $40.32 million—forming 12.46% of the quarterly revenue total. The segment contributed 26.35% to Q3 2020’s total with a figure of $74.33 million. The YoY revenue decrease from Q3 of 2020 to 2021 was approximately 46%- this can be mainly attributed to a lower amount of development projects, cash sales, along with lower EPC revenue. 

Others: This segment comprises legacy businesses including global power-plant project development and sales that they are winding down, along with United States manufacturing that are relatively insignificant to operations, and are not recognized as core or vital to their other businesses.

The segment with the slimmest contributions, Others’ low revenue contribution only dwindled through the passing quarters. In Q3 2020, the revenue grossed was $10.06 million. The revenue plummeted to $1.68 million in Q3 2021 contributing only 0.52% to the respective quarterly total. This decline of 83% from Q3 2020 to Q3 2021, and can be owed to the company discontinuing manufacturing operations in the facility at Hillsboro in Oregon during Q1 and Q2 2021, and a relatively low O&M revenue.

About SunPower Corporation:

Incorporated in 1985 in California and having been reincorporated in Delaware in 2004, SunPower Corporation, along with its subsidiaries, is one of the leading solar energy companies since thirty years. They deliver complete solar solutions to their set of customers—mainly in the United States and Canada through various software, hardware, financing options, and Smart Energy solutions. They also lead in the US downstream Distributed Generation market through their provision of affordable as well as sustainable electricity to home owners and to commercial customers.

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