SunPower (NASDAQ:SPWRA) (NASDAQ:SPWRB) reported their second-quarter results today. Here's a quick rundown for the high-efficiency solar panel manufacturer and solar power provider.
SunPower's Q2 revenues were $384.2 million, up from last quarter's $347.3 million and significantly more than the the $299.3 million in Q2 2009. Gross margin has also improved over last quarter and last year to 22.9 percent (all figures GAAP unless otherwise noted). Net loss for the quarter was $6.2 million.
Second quarter highlights included the announcement of a world record 24.2 percent efficiency solar cell and a joint venture with AUO to operate the 1.4-gigawatt Fab 3 facility in Malaysia, which will begin solar cell production in the fourth quarter of this year.
SunPower quotes its recent and projected cost per watt:
- Q4 2009 $1.91
- Q4 2010 $1.71
- Q4 2011 $1.48
Those numbers are significantly higher than industry averages and the industry-leading $0.76 quoted by First Solar (NASDQ:FSLR) in their most recent quarter.
But SunPower also quotes an efficiency-adjusted cost per watt versus thin-film 11 percent efficient panels on fixed tilt. That would be with First Solar in mind, obviously. Here are the adjusted cost-per-watt numbers:
- Q4 2009 $1.01
- Q4 2010 $0.92
- Q4 2011 $0.71
According to SunPower, efficiency adjustments consider the BoS and tracking benefits of high-efficiency panels. When viewed through that lens, things look a lot better for SunPower. SunPower's vertical integration and ownership of the customer does allow them the luxury of higher costs per watt and ASPs.
SunPower's 2010 guidance looks for a strong Q3 of $825 million to $1.025 billion and a 2010 total of $2 billion to $2.25 billion at a gross margin of 18 percent to 20 percent.