SunPower (NASDAQ: SPWR) reported Q1 EPS of ($0.36), $0.15 better than the analyst estimate of ($0.51). Revenue for the quarter came in at $429.5 million versus the consensus estimate of $366.44 million. GAAP revenue was $399.1.

Financial Outlook

The company is reiterating the following key financial metrics for 2017.

Revenue of $1.8 billion to $2.3 billion on a GAAP basis and $2.1 billion to $2.6 billion on a non-GAAP basis, non-GAAP operational expenses of less than $350 million, capital expenditures of approximately $120 million, and gigawatts (GW) deployed in the range of 1.3 GW to 1.6 GW. Also, the company expects to record GAAP restructuring charges totaling $50 million to $100 million in fiscal year 2017.

The company expects to generate positive operating cash flow through the end of fiscal year 2017 and exit the year with approximately $300 million in cash. The company is also forecasting positive Adjusted EBITDA for the full year 2017, weighted toward the second half of the year. Additionally, the company's 2017 non-GAAP guidance excludes approximately $100 million in above market polysilicon costs. The company continues to believe that cash flow and liquidity are the key evaluation metrics for investors in the near term.

The company's second quarter fiscal 2017 GAAP guidance is as follows: revenue of $275 million to $325 million, gross margin of negative 3 percent to negative 1 percent and net loss of $135 million to $110 million. Second quarter 2017 GAAP guidance includes the impact of the company's HoldCo asset strategy and revenue and timing deferrals due to real estate accounting as well as the impact of charges related to the company's restructuring initiatives. On a non-GAAP basis, the company expects revenue of $275 million to $325 million, gross margin of 2 percent to 4 percent, Adjusted EBITDA of negative $25 million to breakeven and megawatts deployed in the range of 330 MW to 360 MW. The company's second quarter non-GAAP guidance excludes approximately $13 million in above market polysilicon costs.

For earnings history and earnings-related data on SunPower (SPWR) click here.