Solar company Sunpower flags issues with financial reporting (updated)
23/04/2024 15:03
(Adds details from filing in paragraphs 2 and 3)
April 23 (Reuters) - SunPower SPWR.O has identified
misstatements in its results for fiscal year 2022, the U.S.
solar power storage and energy service provider said in a
regulatory filing on Tuesday.
It expects a $15 million to $25 million decrease in income
from continuing operations before income taxes and some other
adjustments for the year ended Jan. 1, 2023.
The misstatements relate to capitalization of certain
deferred costs and wrongly classified sales commissions as cost
of revenue, among other things.
The company had raised doubts over its ability to continue
as a going concern in December, saying a breach of a key credit
agreement could prompt lenders to recall certain loans.
The breach was due to a delay in filing quarterly results
stemming from inventory-related issues.
SunPower said on Tuesday it had not completed the review of
its fiscal 2022 results and could not assure that the evaluation
will not throw up more errors.
(Reporting by Sourasis Bose in Bengaluru; Editing by Krishna
CHandra Eluri and Shinjini Ganguli)
((Sourasis.Bose@thomsonreuters.com;))