SunPower : Q221 Supplementary Earnings Presentation.pdf

August 3, 2021

Second Quarter 2021 Supplementary Slides

SunPower Confidential and Proprietary | © 2021 SunPower Corporation

Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding (a) our expectations for growth and TAM expansion; (b) our areas of focus and investment, both current and future, anticipated impacts on our business and financial results, and the sufficiency of our liquidity to allow for planned future investments; (c) our strategic plans and expectations for the results thereof, as well as our ability to meet our objectives; (d) our expectations regarding our industry and market factors, including market opportunity, and our positioning and ability to meet anticipated demand and deliver on our objectives; (e) our expectations regarding the policy environment and its impact on our industry, our business, and our financial results; (f) expectations regarding our future performance based on bookings, backlog, and pipelines in our sales channels and for our products; (g) our plans and expectations regarding strategic partnerships and initiatives, including our relationship with Wallbox, and the anticipated impacts thereof on our business and financial results, as well as timing of program rollout; (h) our expectations regarding achievement of our 2021 goals and projected growth in 2022 and beyond, and our positioning for future success; (i) our plans and expectations for our products and solutions, including ramps and timing, anticipated demand and growth, and impacts on our market position and our ability to meet our targets and goals; (j) our third quarter fiscal 2021 guidance, including GAAP revenue, net income, MW recognized, and Adjusted EBITDA, and related assumptions; and (k) our expectations for fiscal 2021, including revenue, MW recognized and residential MW recognized 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) potential disruptions to our operations and supply chain that may result from epidemics or natural disasters, including impacts of the Covid-19 pandemic, and other factors; (2) competition in the solar and general energy industry and downward pressure on selling prices and wholesale energy pricing; (3) regulatory changes and the availability of economic incentives promoting use of solar energy; (4) 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; (5) changes in public policy, including the imposition and applicability of tariffs; (6) our dependence on sole- or limited-source supply relationships, including our exclusive supply relationship with Maxeon Solar Technologies; (7) 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; (8) our liquidity, indebtedness, and ability to obtain additional financing for our projects and customers; (9) challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage acquired assets and supplier relationships . 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 report on Form 10-K, 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 presentation 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.​

©2021 SunPower Corporation

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Today's Agenda

1. CEO Update
2. CFO Update

Key Highlights

1. Solid Q2 execution, setting the stage for significant growth over the coming years
2. Strong balance sheet and best in SunPower history
3. Future focus primarily on residential market due to significant TAM expansion opportunity
4. Emphasizing 4 key areas to drive growth of new customers and lifetime value per customer
5. 1. World class customer experience
   2. Highest quality, best value products
   3. Best in class dealer network
   4. Innovation - digital and financial products

Solid Q2 Execution Drives Improving Confidence in 2021 Forecasts

Increasing investment to maximize growth opportunities - well positioned for 2022

67%	21%
YoY Residential	Gross Margin;
Bookings Growth	up 800 bps Y/Y
Robust demand / bookings growth	Strong margin execution
• 13,000 new customer adds	• 23% resi gross margin - strong
	execution and mix improvement

23%

SunVault attach rate in Direct sales channel

Installation lead times returned to normal in late Q2

• Expect growth to accelerate with expanded rollout to dealers in Q2

©2021 SunPower Corporation

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