FMP

FMP

Enter

SunPower Corporation (NASDAQ:SPWR), a leading solar technology and energy services provider, is gearing up for its quarterly earnings release on Wednesday, May

SunPower Corporation Gears Up for Earnings Amid Compliance Challenges

-

twitterlinkedinfacebook
blog post cover photo

Image credit: Google Images

  • SunPower Corporation is set to release its quarterly earnings with an anticipated EPS of -$0.26 and expected revenue of $324.62 million.
  • The company faces compliance issues with Nasdaq's listing rules due to a delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2024.
  • Despite financial strains indicated by a net loss of $123.9 million and a high cost of revenue of $346.2 million, SunPower's stock trading on Nasdaq remains unaffected for now.

SunPower Corporation (NASDAQ:SPWR), a leading solar technology and energy services provider, is gearing up for its quarterly earnings release on Wednesday, May 22, 2024, before the market opens. Wall Street's anticipation revolves around an earnings per share (EPS) forecast of -$0.26, with expected revenue for the quarter to be around $324.62 million. This comes at a critical time for SunPower as the company navigates through compliance challenges with Nasdaq's listing rules.

Recently, SunPower received a notification from The Nasdaq Stock Market LLC for not complying with Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of all necessary periodic financial reports with the Securities and Exchange Commission (SEC). This notice was issued due to SunPower's delay in filing its Quarterly Report on Form 10-Q for the period ending March 31, 2024. The company had previously indicated this delay in a Notification of Late Filing on Form 12b-25 submitted to the SEC on May 13, 2024.

Despite the compliance hiccup, the trading of SunPower's common stock on the Nasdaq remains unaffected for now. The company has been given until May 20, 2024, to submit a plan to regain compliance with the listing rule. Nasdaq may grant SunPower an extension of up to 180 calendar days to meet the compliance requirements, showcasing the procedural flexibility in addressing such filing delays.

The financial performance of SunPower in the recent quarter paints a challenging picture, with the company reporting a revenue of approximately $356.9 million but facing a net loss of around $123.9 million. The gross profit was reported at about $10.7 million, with the operating income and EBITDA both in the negative, highlighting the financial strains the company is experiencing. The cost of revenue stood high at about $346.2 million, further pressuring the company's financial health.

As SunPower prepares to release its upcoming quarterly earnings, stakeholders are keenly watching how the company's financial performance will align with Wall Street's expectations, especially in light of the recent compliance issues and the broader financial challenges the company faces. The upcoming earnings report will be crucial for SunPower, not just for its financial insights but also for its potential impact on the company's efforts to regain compliance with Nasdaq's listing requirements.

Other Blogs

Nov 25, 2023 6:39 AM - Parth Sanghvi

DCF Valuation vs. Comparable Companies Analysis: Choosing the Right Valuation Method

Choosing the Right Valuation Method: DCF vs. Comparable Companies Analysis Introduction: Valuation methods play a pivotal role in determining the fair value of a company, aiding investors in making informed investment decisions. Two commonly used methods, DCF Valuation and Comparable Companies A...

blog post title

Dec 23, 2023 2:19 AM - Parth Sanghvi

Understanding the Limitations of DCF Analysis: A Guide to Overcoming Challenges

Introduction: Discounted Cash Flow (DCF) analysis stands as a cornerstone in valuing investments, yet its efficacy is contingent upon various assumptions and methodologies. While a powerful tool, DCF analysis comes with inherent limitations and challenges that investors must acknowledge to make i...

blog post title

Dec 25, 2023 2:28 AM - Parth Sanghvi

Integrating Sustainability into Valuations: Navigating ESG Factors within the Discounted Cash Flow (DCF) Model

Introduction: The investment landscape is undergoing a profound shift with a heightened emphasis on sustainability and responsible investing. In this blog post, we explore the intersection of Environmental, Social, and Governance (ESG) considerations within the Discounted Cash Flow (DCF) model, h...

blog post title
FMP

FMP

Financial Modeling Prep API provides real time stock price, company financial statements, major index prices, stock historical data, forex real time rate and cryptocurrencies. Financial Modeling Prep stock price API is in real time, the company reports can be found in quarter or annual format, and goes back 30 years in history.
twitterlinkedinfacebookinstagram
2017-2024 © Financial Modeling Prep