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SunPower Statement Regarding Ongoing Supply Agreement Negotiation

RICHMOND, Calif., Aug. 11, 2023 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading residential solar technology and energy services provider, released a statement regarding its supply agreement negotiations with Maxeon Solar Technologies, Ltd. (NASDAQ: MAXN). SunPower is currently in discussions with Maxeon regarding a dispute over alleged breaches of master supply agreements. During this process, SunPower intends to continue providing the best service, support and pricing to its dealers and customers and plans to work jointly with Maxeon to resolve these matters.

SunPower also reaffirmed its 2023 guidance issued on July 26, 2023.

About SunPower 

SunPower (NASDAQ:SPWR) is a leading residential solar technology and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that give customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, (a) statements regarding our strategic plans and expectations with respect to our supplier relationships, including our negotiations with Maxeon, and (b) our guidance for fiscal year 2023, including Net Loss, Adjusted EBITDA per customer, incremental customers, and Adjusted EBITDA, as well as platform investments and related assumptions. 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) our ability to successfully manage supplier relationships, including our negotiations with Maxeon; (2) regulatory changes and the availability of economic incentives promoting use of solar energy; (3) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, and other factors; (4) competition in the solar and general energy industry, supply chain constraints, interest rates, inflation, and pricing pressures; (5) changes in public policy, including the imposition and applicability of tariffs and duties; (6) our dependence on sole- or limited-source supply relationships, including for our solar panels and other components of our products; (7) 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; (8) 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; (9) our liquidity, indebtedness, and ability to obtain additional financing for our projects and customers; and (10) the timing and execution of restructuring plans. 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.

SOURCE SunPower Corp.

For further information: Investors, Mike Weinstein, 510-260-8585, Mike.Weinstein@sunpower.com; Media, Sarah Spitz, 832-444-7151, Sarah.Spitz@sunpower.com