Revenue during the quarter grew 3.69 percent to $399.08 million from $384.88 million in the previous year period. Gross margin for the quarter stood at negative 7.75 percent as compared to a positive 13.39 percent for the previous year period. Operating margin for the quarter stood at negative 32.23 percent as compared to a negative 20.54 percent for the previous year period.

Operating loss for the quarter was $128.64 million, compared with an operating loss of $79.06 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $8.60 million compared with $19.02 million in the prior year period. At the same time, adjusted EBITDA margin contracted 279 basis points in the quarter to 2.16 percent from 4.94 percent in the last year period.

“We executed well despite a challenging industry environment and achieved our financial goals for the first quarter,” said Tom Werner, SunPower president and Chief executive officer. “Demand in our distributed generation business remains solid with continued traction for our Equinox™ and Helix™ complete system solutions and strong bookings in both our residential and commercial segments. Our key power plant projects remain on track for second half 2017 delivery although competitive conditions and pricing in this segment remain quite difficult. We are seeing significant momentum in our SunPower® Solutions business with bookings and awards of 400-megawatts (MW) so far this year. Operationally, we again met our manufacturing cost reduction targets for the quarter, including for our new P-Series product, with Fab 4 consistently producing X-Series cell efficiencies in excess of 25 percent.”

For the second-quarter 2017, Sunpower Corp expects revenue to be in the range of $275 million to $325 million and its adjusted revenue to be in the range of $275 million to $325 million and net loss to be in the range of $135 million to $110 million.

For fiscal year 2017, Sunpower Corp expects revenue to be in the range of $1,800 million to $2,300 million and its adjusted revenue to be in the range of $2,100 million to $2,600 million.

The company has spent $60.84 million cash to meet investing activities during the quarter as against cash outgo of $90 million in the last year period. It has incurred net capital expenditure of $14.26 million on net basis during the quarter, down 40.08 percent or $9.54 million from year ago period.

Cash flow from financing activities was $135.08 million for the quarter, up 119.33 percent or $73.49 million, when compared with the last year period.

Cash and cash equivalents stood at $387.38 million as on Apr. 02, 2017, down 37.84 percent or $235.84 million from $623.22 million on Apr. 03, 2016.

Working capital drops significantly
Sunpower Corp has witnessed a decline in the working capital over the last year. It stood at $834.42 million as at Apr. 02, 2017, down 36.76 percent or $484.93 million from $1,319.36 million on Apr. 03, 2016. Current ratio was at 2.02 as on Apr. 02, 2017, down from 2.25 on Apr. 03, 2016.

Cash conversion cycle (CCC) has increased to 41 days for the quarter from 6 days for the last year period. Days sales outstanding went up to 57 days for the quarter compared with 43 days for the same period last year.

Days inventory outstanding has decreased to 88 days for the quarter compared with 105 days for the previous year period. At the same time, days payable outstanding went down to 103 days for the quarter from 143 for the same period last year.