SunPower principal govt officer Tom Werner at the moment launched a letter to workers that says layoffs and division closures.
To attain monetary viability, SunPower will transfer to a low fixed-cost mannequin that ought to higher react to market fluctuations. The corporate will wind down its SunPower Residential Set up (SPRI) areas and shut SunPower Direct gross sales. SunPower will scale back its workforce by roughly 1,000 individuals within the subsequent few weeks — probably near 20-25% of SunPower’s employees. The corporate reported having 4,710 full-time workers as of Jan. 1, 2023, whereas Reuters is reporting the corporate had 3,800 workers just lately. These impacted by the job eliminations ought to have been contacted at the moment.
“After a brief transition interval, all pipeline operations from pre-installation by way of system activation will probably be dealt with by Blue Raven Photo voltaic, full-service set up companions and our trusted community of SunPower-certified sellers — all who meet our requirements of integrity, design, high quality and customer support,” Werner said. “As we make this transition over the subsequent month, we’re devoted to dealing with our buyer expertise with the very best ranges of care and with minimal influence on timelines.”
SunPower will focus its efforts now on its Vendor Community and set up companions. The corporate can be planning to proceed its work with new home-build development.
SunPower has been on a bumpy highway since diversifying its enterprise firstly of this decade. The corporate offered its large-scale O&M portfolio to NovaSource in Could 2020, spun off its photo voltaic panel manufacturing arm to Maxeon in August 2020, acquired Blue Raven Photo voltaic in October 2021 to refocus its residential efforts, offered its industrial set up division to TotalEnergies in February 2022 and simply misplaced its unique photo voltaic panel provide settlement with Maxeon final month.
The corporate revealed this week that it had recognized misstatements in its outcomes for fiscal 12 months 2022 and expects a $15 million to $25 million lower in earnings from persevering with operations earlier than earnings taxes and different changes for the 12 months that ended Jan. 1, 2023. Among the many purpose for the misstatements embody wrongly labeled gross sales commissions as value of income.
