SunPower published a stronger than expected set of Q1 2018 results on Tuesday, driven by strength in its commercial and residential solar operations, although this was partially offset by some headwinds in the power plant space. Below, we provide some of the key takeaways from the company’s results and what lies ahead for SunPower.
Distributed Business Drives Results
SunPower continued to perform well in the distributed solar market. The company’s commercial business posted 50% year-over-year growth in megawatt terms, with its total commercial pipeline standing at $2.5 billion, with 100% of 2018 projections booked or awarded. SunPower has also been seeing strong interested for storage products in the commercial space, with its recently launched Helix storage product seeing ~30% attach rates.
The residential business also witnessed growth across markets, with the company posting a record Q1 performance in the U.S., where megawatt growth stood at 35% year-over-year. SunPower expects 20% annual growth in Megawatt deployments in the distributed space this year.