Revenue during the quarter surged 173.77 percent to $1,024.89 million from $374.36 million in the previous year period. Gross margin for the quarter stood at negative 3.13 percent as compared to a positive 5.42 percent for the previous year period. Operating margin for the quarter stood at negative 29.10 percent as compared to a negative 31.53 percent for the previous year period.

Operating loss for the quarter was $298.22 million, compared with an operating loss of $118.04 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $20.83 million compared with $379.91 million in the prior year period.

“SunPower’s diversified business model enabled us to meet our revenue plan and exceed our operating cash flow target in the fourth quarter,” said Tom Werner, SunPower president and Chief executive officer. “While overall industry conditions remain challenging, we are encouraged to see continued solid demand for our complete solutions offerings in all three end segments. In our upstream solar cell and panel manufacturing operations, we met our yield and cost reduction targets for the quarter, continued the ramp of our P-Series product and completed our capacity reduction with the shutdown of Fab 2. Financially, we significantly improved our cash flow as we executed on major project milestones, and we are on track with respect to our 2017 restructuring initiatives. We remain highly focused on maximizing near-term cash flow.”

For the first-quarter, Sunpower Corp forecasts revenue to be in the range of $315 million to $365 million. Sunpower Corp forecasts revenue to be in the range of $1,800 million to $2,300 million for fiscal year 2017. For the first-quarter, Sunpower Corp forecasts adjusted revenue to be in the range of $370 million to $420 million. Sunpower Corp forecasts adjusted revenue to be in the range of $2,100 million to $2,600 million for fiscal year 2017. Sunpower Corp projects net loss to be in the range of $175 million to $150 million for the first-quarter.

The company has spent $377.45 million cash to meet investing activities during the year as against cash inflow of $109.40 million in the last year. It has incurred net capital expenditure of $142.07 million on net basis during the year, down 12.09 percent or $19.55 million from year ago.

Cash flow from financing activities was $159.78 million for the year, down 74.23 percent or $460.19 million, when compared with the last year.

Cash and cash equivalents stood at $425.31 million as on Jan. 01, 2017, down 55.44 percent or $529.22 million from $954.53 million on Jan. 03, 2016.

Working capital drops significantlySunpower Corp has witnessed a decline in the working capital over the last year. It stood at $824.52 million as at Jan. 01, 2017, down 45.61 percent or $691.39 million from $1,515.92 million on Jan. 03, 2016. Current ratio was at 1.76 as on Jan. 01, 2017, down from 2.52 on Jan. 03, 2016.

Cash conversion cycle (CCC) has decreased to 9 days for the quarter from 18 days for the last year period. Days sales outstanding went down to 15 days for the quarter compared with 36 days for the same period last year.

Days inventory outstanding has decreased to 17 days for the quarter compared with 53 days for the previous year period. At the same time, days payable outstanding went down to 23 days for the quarter from 71 for the same period last year.