SunPower Announces Misstatements in 2022 Results

SunPower, a solar energy provider, disclosed misstatements in its 2022 financial results. These errors led to an anticipated $15 million to $25 million reduction in pre-tax income. The misstatements involve improper capitalization of deferred expenses and incorrect classification of sales commissions. SunPower previously raised concerns about its ability to operate as a going concern, citing a potential credit agreement breach due to delayed financial reporting caused by inventory issues. The company’s ongoing financial review raises the possibility of further errors.

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