SunPower Corp. announced that revenue for the second quarter ended June 30, 2006 was $54.7 million, up 30% from the prior quarter’s revenue of $42.0 million and up 233% from the second quarter 2005 revenue of $16.4 million.
GAAP net income for the quarter was $5.4 million, or $0.08 diluted earnings per share, compared to last quarter’s net income of $0.3 million or $0.00 per share and the second quarter 2005 net loss of $6.3 million. On a non-GAAP basis, excluding amortization of intangible assets, stock-based compensation and the related tax effects, second quarter net income was $7.5 million or $0.11 diluted earnings per share, compared to the prior quarter’s net income of $2.8 million and the second quarter 2005 net loss of $5.0 million.
Tom Werner, SunPower’s CEO, said, “We had a strong quarter and our operating results were significantly ahead of our announced objectives. Thanks to our successful follow-on stock offering, we are well-positioned to accelerate our growth while extending our technological advantages.”
“SunPower’s manufacturing and R&D teams continue to execute, meeting or beating our goals on all fronts,” stated Werner. “The investment we made in the first quarter to move to thinner wafers, improving our silicon utilization, paid off in the second quarter. We are now producing cells at under eight grams of polysilicon per watt, which contributed to the sequential quarterly improvement in our non-GAAP gross margin from 17% in the first quarter of 2006 to 24% in the second quarter.”