SunPower Corporation (NASDAQ:SPWR), a provider of solar power storage and energy services in the United States, reported misstatements in its financial results for the fiscal year ended January 1, 2023. These misstatements, which are still under review by the company, are expected to result in a decrease in income from continuing operations before income taxes (and certain other adjustments) of $15 million to $25 million. The misstatements primarily relate to the capitalization of certain deferred costs and the incorrect classification of sales commissions as cost of revenue. SunPower previously disclosed substantial doubt about its ability to continue as a going concern in December 2022, noting that a breach of a key credit agreement could trigger a demand for repayment of certain loans. The potential breach was primarily caused by a delay in filing its quarterly report due to inventory related issues. SunPower has indicated that it has not yet completed its review of its fiscal 2022 results and could not provide any assurance that further errors will not be identified.
SunPower Announces Misstatements in 2022 Results
