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Table of Contents


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2021

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34166


https://cdn.kscope.io/10427da741ad2a552c6a2738fc535bd8-spwr-20211003_g1.gif
SunPower Corporation
(Exact Name of Registrant as Specified in Its Charter)

Delaware94-3008969
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
51 Rio RoblesSan JoseCalifornia95134
(Address of Principal Executive Offices)(Zip Code)

(408) 240-5500
(Registrant's Telephone Number, Including Area Code)

_________________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of exchange on which registered
Common Stock, $0.001 par value per shareSPWRThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Emerging growth company Non-accelerated filer
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐ No  x

The total number of outstanding shares of the registrant’s common stock as of October 29, 2021 was 172,988,218.

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SunPower Corporation
Form 10-Q for the quarterly period ended October 3, 2021

Table of Contents
Page


2

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


SunPower Corporation
Condensed Consolidated Balance Sheets
(In thousands, except share par values)
(unaudited)

 October 3, 2021January 3, 2021
Assets
Current assets:
Cash and cash equivalents$268,574 $232,765 
Restricted cash and cash equivalents, current portion2
7,438 5,518 
Short-term investments310,720  
Accounts receivable, net1
112,059 108,864 
Contract assets1
90,235 114,506 
Inventories241,425 210,582 
Advances to suppliers, current portion3,501 2,814 
Project assets - plants and land, current portion12,080 21,015 
Prepaid expenses and other current assets1
93,381 94,251 
Total current assets1,139,413 790,315 
Restricted cash and cash equivalents, net of current portion2
4,826 8,521 
Property, plant and equipment, net29,751 46,766 
Operating lease right-of-use assets57,978 54,070 
Solar power systems leased, net46,561 50,401 
Other long-term assets1
150,205 696,409 
Total assets$1,428,734 $1,646,482 
Liabilities and Equity  
Current liabilities:  
Accounts payable1
$157,742 $166,066 
Accrued liabilities1
87,298 121,915 
Operating lease liabilities, current portion12,609 9,736 
Contract liabilities, current portion1
70,515 72,424 
Short-term debt66,304 97,059 
Convertible debt, current portion1
 62,531 
Total current liabilities394,468 529,731 
Long-term debt42,082 56,447 
Convertible debt, net of current portion1
423,370 422,443 
Operating lease liabilities, net of current portion36,099 43,608 
Contract liabilities, net of current portion1
28,241 30,170 
Other long-term liabilities1
137,469 157,597 
Total liabilities1,061,729 1,239,996 
Commitments and contingencies (Note 8)
Equity:  
Preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of October 3, 2021 and January 3, 2021
  
Common stock, $0.001 par value, 367,500 shares authorized; 186,226 shares issued, and 172,915 shares outstanding as of October 3, 2021; 183,442 shares issued, and 170,428 shares outstanding as of January 3, 2021
172 170 
Additional paid-in capital2,711,769 2,685,920 
Accumulated deficit(2,142,408)(2,085,246)
Accumulated other comprehensive income9,375 8,799 
Treasury stock, at cost: 13,311 shares of common stock as of October 3, 2021; 13,014 shares of common stock as of January 3, 2021
(212,740)(205,476)
Total stockholders' equity366,168 404,167 
Noncontrolling interests in subsidiaries837 2,319 
Total equity367,005 406,486 
Total liabilities and equity$1,428,734 $1,646,482 

1 We have related-party balances for transactions made with TotalEnergies SE and its affiliates, Maxeon Solar Technologies, Ltd. ("Maxeon Solar"), and unconsolidated entities in which we have a direct equity investment. These related-party balances are recorded within the "accounts receivable, net," "contract assets," "prepaid expenses and other current assets," "other long-term assets," "accounts payable," "accrued liabilities," "contract liabilities, current portion," "convertible debt, net of current portion," "contract liabilities, net of current portion," and "other long-term liabilities" financial statement line items on our unaudited condensed consolidated balance sheets (see Note 2, Note 8, Note 9, Note 10, and Note 11).

2 Amounts included in the "Restricted cash and cash equivalents, current portion" and "Restricted cash and cash equivalents, net of current portion" financial statement line items on our unaudited condensed consolidated balance sheets include cash balances set aside for various financial obligations including loans, distributions, letter of credit facilities, and other projects' related cash transactions.


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3

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SunPower Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)

 Three Months EndedNine Months Ended
 October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Revenues:
Solar power systems, components, and other1
$318,607 $267,619 $923,252 $765,316 
Residential leasing1,291 1,284 3,765 3,937 
Solar services3,738 5,903 11,944 13,766 
Total revenues323,636 274,806 938,961 783,019 
Cost of revenues:
Solar power systems, components, and other1
260,251 233,144 760,408 681,649 
Residential leasing935 1,209 2,214 3,722 
Solar services2,800 3,313 5,784 5,672 
Total cost of revenues263,986 237,666 768,406 691,043 
Gross profit59,650 37,140 170,555 91,976 
Operating expenses:
Research and development1
2,979 5,344 12,705 19,106 
Sales, general, and administrative51,169 35,462 155,643 112,193 
Restructuring (credits) charges(230)(97)4,344 2,738 
(Gain) loss on sale and impairment of residential lease assets 386 (294)253 
(Gain) loss on business divestitures, net  (224)(10,458)
Income from transition services agreement, net1
(468)(1,889)(5,211)(1,889)
 Total operating expenses53,450 39,206 166,963 121,943 
Operating income (loss)6,200 (2,066)3,592 (29,967)
Other income (expense), net:
Interest income83 104 249 682 
Interest expense1
(6,710)(7,090)(22,396)(24,731)
Other, net(86,074)155,457 (45,474)277,100 
Other income (expense), net(92,701)148,471 (67,621)253,051 
(Loss) income from continuing operations before income taxes and equity in earnings of unconsolidated investees(86,501)146,405 (64,029)223,084 
Benefits from (provision for) income taxes2,194 (36,725)4,993 (38,716)
Net (loss) income from continuing operations(84,307)109,680 (59,036)184,368 
(Loss) income from discontinued operations before income taxes and equity in losses of unconsolidated investees (70,761) (125,599)
Benefits from (provision for) income taxes from discontinued operations 6,137  3,191 
Equity in earnings (losses) of unconsolidated investees 58  (586)
Net (loss) income from discontinued operations, net of taxes (64,566) (122,994)
Net (loss) income(84,307)45,114 (59,036)61,374 
Net (income) loss from continuing operations attributable to noncontrolling interests(69)(230)1,482 2,512 
Net (income) loss from discontinued operations attributable to noncontrolling interests (258) (1,313)
Net (income) loss attributable to noncontrolling interests(69)(488)1,482 1,199 
Net (loss) income from continuing operations attributable to stockholders(84,376)109,450 (57,554)186,880 
Net (loss) income from discontinued operations attributable to stockholders (64,824) (124,307)
Net (loss) income attributable to stockholders$(84,376)$44,626 $(57,554)$62,573 
Net (loss) income per share attributable to stockholders - basic:
Continuing operations$(0.49)$0.64 $(0.33)$1.10 
Discontinued operations$ $(0.38)$ $(0.73)
Net (loss) income per share – basic
$(0.49)$0.26 $(0.33)$0.37 
Net (loss) income per share attributable to stockholders - diluted:
Continuing operations$(0.49)$0.57 $(0.33)$0.99 
Discontinued operations$ $(0.33)$ $(0.62)
Net (loss) income per share – diluted
$(0.49)$0.24 $(0.33)$0.37 
Weighted-average shares:
Basic172,885 170,113 172,242 169,646 
Diluted172,885 198,526 172,242 200,124 

1 We have related-party transactions with TotalEnergies SE and its affiliates, Maxeon Solar, and unconsolidated entities in which we have a direct equity investment. These related-party transactions are recorded within the "revenues: solar power systems, components, and other," "cost of revenues: solar power systems, components, and other," "operating expenses: research and development," "operating expenses: sales, general, and administrative," "operating expenses: income from transition services agreement, net," and "other income (expense), net: interest expense," financial statement line items in our unaudited condensed consolidated statements of operations (see Note 2, Note 9, and Note 11).


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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SunPower Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)

 Three Months EndedNine Months Ended
October 3, 2021September 27, 2020October 3, 2021September 27, 2020
Net (loss) income$(84,307)$45,114 $(59,036)$61,374 
Components of other comprehensive (loss) income:
Translation adjustment(14)2,619 (10)2,753 
Net change in derivatives (1,602)570 (2,540)
Net gain (loss) on long-term pension liability obligation 16  (33)
(Provision for) benefits from income taxes (5)16 (5)
Total other comprehensive (loss) income(14)1,028 576 175 
Total comprehensive (loss) income(84,321)46,142 (58,460)61,549 
Comprehensive (loss) income attributable to noncontrolling interests(69)(488)1,482 1,199 
Comprehensive (loss) income attributable to stockholders$(84,390)$45,654 $(56,978)$62,748 


The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents


SunPower Corporation
Condensed Consolidated Statements of Equity
(In thousands)
(unaudited)


 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Income (Loss)
Accumulated DeficitTotal
Stockholders’
Equity
Noncontrolling Interests in SubsidiariesTotal Equity
Balances at January 3, 2021170,428 $170 $2,685,920 $(205,476)$8,799 $(2,085,246)$404,167 $2,319 $406,486 
Net income (loss)— — — — — (48,385)(48,385)(1,113)(49,498)
Other comprehensive income— — — — 98 — 98 — 98 
Issuance of restricted stock to employees, net of cancellations1,908 2 — — — — 2 — 2 
Stock-based compensation expense1
— — 5,437 — — — 5,437 — 5,437 
Bond/debentures conversion4 — 155 — — — 155 — 155 
Purchases of treasury stock(76)— — (2,120)— — (2,120)— (2,120)
Other adjustments— — (89)— — 392 303 — 303 
Balances at April 4, 2021172,264 172 2,691,423 (207,596)8,897 (2,133,239)359,657 1,206 360,863 
Net income (loss)— — — — — 75,207 75,207 (438)74,769 
Other comprehensive income— — — — 492 — 492 — 492 
Issuance of restricted stock to employees, net of cancellations664 — — — — — — — — 
Issuance of common stock to executive2
101 — 2,999 — — — 2,999 — 2,999 
Stock-based compensation expense1
— — 9,225 — — — 9,225 — 9,225 
Purchases of treasury stock(187)— — (4,310)— — (4,310)— (4,310)
Other adjustments— — — (25)— — (25)— (25)
Balances at July 4, 2021172,842 172 2,703,647 (211,931)9,389 (2,058,032)443,245 768 444,013 
Net income (loss)— — — — — (84,376)(84,376)69 (84,307)
Other comprehensive loss— — — — (14)— (14)— (14)
Issuance of restricted stock to employees, net of cancellations107 — — — — — — —  
Stock-based compensation expense1
— — 4,725 — — — 4,725 — 4,725 
Purchases of treasury stock(34)— — (809)— — (809)— (809)
Income taxes3
— — 3,397    3,397  3,397 
Balances at October 3, 2021172,915 $172 $2,711,769 $(212,740)$9,375 $(2,142,408)$366,168 $837 $367,005 


6

Table of Contents


SunPower Corporation
Condensed Consolidated Statements of Equity
(In thousands)
(unaudited)


 Common Stock     
 SharesValueAdditional
Paid-in
Capital
Treasury
Stock
Accumulated Other
Comprehensive Income (Loss)
Accumulated DeficitTotal
Stockholders’
Equity (Deficit)
Noncontrolling Interests in SubsidiariesTotal Equity (Deficit)
Balances at December 29, 2019168,121 $168 $2,661,819 $(192,633)$(9,512)$(2,449,679)$10,163 $11,336 $21,499 
Net income (loss)— — — — — (1,431)(1,431)(707)(2,138)
Other comprehensive income— — — — 723 — 723 — 723 
Issuance of restricted stock to employees, net of cancellations2,452 3 — — — — 3 — 3 
Stock-based compensation expense— — 6,885 — — — 6,885 — 6,885 
Purchases of treasury stock(818)(1)— (6,910)— — (6,911)— (6,911)
Balances at March 29, 2020169,755 170 2,668,704 (199,543)(8,789)(2,451,110)9,432 10,629 20,061 
Net income (loss)— — — — — 19,378 19,378 (980)18,398 
Other comprehensive loss— — — — (1,576)— (1,576)— (1,576)
Issuance of restricted stock to employees, net of cancellations533 — — — — — — — — 
Stock-based compensation expense— — 5,675 — — — 5,675 — 5,675 
Purchases of treasury stock(229)— — (1,253)— — (1,253)— (1,253)
Balances at June 28, 2020170,059