SunPower guided for third-quarter revenue of $75 million or more and a non-GAAP operating loss of less than $1 million, following what management called a disaster revenue quarter. Second-quarter non-GAAP revenue fell to $56 million from $73 million a year earlier, while gross profit dropped to $27.6 million from $46.9 million. Operating expenses declined by about $19.7 million, including $7.1 million in fixed overhead cuts expected to carry forward. CEO Thurman Rodgers cited structural cost reductions and acknowledged back-to-back bad quarters that have weighed on the share price, while board member John McCranie pointed to nine straight months of strong bookings as a near-term offset. The company ended the quarter with $4 million in cash and is looking to raise about $5 million as a buffer.
SunPower Inc.SunPower guided for Q3 revenue of $75M+ and non-GAAP operating loss below $1M, but Q2 revenue fell to $56M from $73M, gross profit dropped, and cash is only $4M, requiring a $5M raise.