SunPower : Q422 Earnings Deck SPWR

February 15, 2023

SunPower Confidential and Proprietary | © 2023 SunPower Corporation

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Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: (a) expectations regarding demand and our future performance based on bookings, backlog, demand, installations, and pipelines in our sales channels and for our products, and our ability to meet consumer demand; (b) our plans and expectations with respect to our strategic partnerships and initiatives, including our relationship with General Motors and IKEA, our agreement with KB Home, our dealer accelerator program, and agreements with Maxeon and other module suppliers, and the anticipated impacts on our business and financial results; (c) our strategic plans and areas of investment and focus, and expectations for the results thereof, including improved customer experience, development of new products and services, and cost savings; (d) expectations for performance against our key strategic pillars, including anticipated impacts on our business and financial performance; (e) our expectations regarding projected demand and growth in 2023 and beyond, and our positioning for future success; (f) our expectations for industry trends and factors, and the impact thereof on our business and strategic plans; and (g) our fiscal 2023 guidance, including customer growth, adjusted EBITDA per customer before platform investment, platform investment, Adjusted EBITDA, and assumptions related to each.

These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: (1) regulatory changes and the availability of economic incentives promoting use of solar energy; (2) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including impacts of the COVID-19 pandemic, and other factors; (3) competition in the solar and general energy industry, supply chain constraints, interest rates, inflation, and pricing pressures;

1. changes in public policy, including the imposition and applicability of tariffs and duties;
2. our dependence on sole- or limited-source supply relationships, including for our solar panels and other components of our products; (6) risks related to the introduction of new or enhanced products, including potential technical challenges, lead times, and our ability to match supply with demand while maintaining quality, sales, and support standards; (7) the success of our ongoing research and development efforts and our ability to commercialize new products and services, including products and services developed through strategic partnerships; (8) our liquidity, indebtedness, and ability to obtain additional financing for our projects and customers; and (9) challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage acquired assets and supplier relationships. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpower.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

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Today's Agenda

1. CEO Update

Peter Faricy, CEO

2. Financial Update

Guthrie Dundas, Interim Chief Financial Officer

3. Q&A

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Q4 2022 Business Highlights

Strong finish for 2022 and on track toward our 2025 target model

23,700

Customers added in Q4, 39% YoY growth.1

109%

YoY Q4 customer growth within SunPower Direct channel.

19,000

Backlog of Retrofit Home customers. Another 34,000 New Homes in backlog, including multifamily.2

17%

SunVault® Storage Q4 bookings attach rate within SunPower Direct channel.

$2,300

Adjusted EBITDA per Customer before Platform Investment. FY 2022 overall $2,100.3

55%

YoY Q4 growth for SunPower Financial™ lease volumes.

1. Record all-time quarterly high.
2. Backlog calculated as of Dec 31, 2022.
3. Non-GAAPfinancials exclude Legacy segment. For 2022, they also exclude the Light Commercial segment. Refer to the company's press release dated Feb 15, 2023 for additional information on the GAAP to non-GAAP reconciliation. Platform Investment = primarily Product, Digital, and Corporate Opex.

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Fourth Straight Quarter of Exceptional Topline Progress

Customer growth finishing well above 2022 guidance

New Customers1 Q1-Q4, 2022 vs 2021

Revenue Q1-Q4, 2022 vs 2021

2021 2022

Guidance 73K-80K

83,100

2021 2022

$1,712

16,500 19,700

56,100

23,100 23,700

$336

$1,121

$414 $470 $492

	Q1	Q2	Q3	Q4	FY		Q1	Q2	Q3	Q4	FY
YoY%	40%	51%	63%	39%	48%	YoY%	41%	63%	67%	42%	53%

1.

Figures are rounded to nearest 100 for presentation.

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