Business Bytes

SunPower faces class action lawsuits for allegedly misleading investors about misreported cost metrics. The company admitted to internal financial control issues and potential $16-20 million overstatement of consignment inventory, planning a restatement for fiscal 2022 and H1 2023. It is negotiating with Bank of America for upcoming financial restatements.

SunPower reports earnings loss this quarter SunPower’s Q3 2023 revenue is $432 million, which is down 9% year-over-year, and the gross margin has decreased from 22.4% to 15.5%. They gained 18,800 new customers in Q3 and are expecting a total of 18,400 retrofit and 38,000 New Homes customers in Q4. The company achieved an impressive…

CADE = Administrative Council for Economic Defense