SunPower : Q123 Earnings Deck SPWR vFINAL

May 3, 2023

SunPower Confidential and Proprietary | © 2023 SunPower Corporation

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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) expectations regarding demand and our future performance based on bookings, backlog, demand, installations, and pipelines in our sales channels and for our products, and our ability to meet consumer demand; (b) our plans and expectations with respect to our strategic partnerships and initiatives, including our relationship with OhmConnect, our dealer accelerator program, and agreements with suppliers, and the anticipated impacts on our business and financial results; (c) our strategic plans and areas of investment and focus, and expectations for the results thereof, including improved customer experience, development of new products and services, lease and loan funding capacity, and cost savings; (d) expectations for performance against our key strategic pillars, including anticipated impacts on our business and financial performance; (e) our expectations regarding projected demand and growth in 2023 and beyond, and our positioning for future success; (f) our expectations for industry trends and factors, and the impact thereof on our business and strategic plans; and (g) our fiscal 2023 guidance, including customer growth, Adjusted EBITDA per customer before platform investment, platform investment, Adjusted EBITDA, and assumptions related to each.

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) regulatory changes and the availability of economic incentives promoting use of solar energy; (2) 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; (3) competition in the solar and general energy industry, supply chain constraints, interest rates, inflation, and pricing pressures;

1. changes in public policy, including the imposition and applicability of tariffs and duties;
2. our dependence on sole- or limited-source supply relationships, including for our solar panels and other components of our products; (6) 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; (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; and (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 reports on Form 10-K and Form 10-Q, 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 press release 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.

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Today's Agenda

1. CEO Update

Peter Faricy, Chief Executive Officer

2. Financial Update

Guthrie Dundas, Interim Chief Financial Officer

3. Q&A

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Business Highlights

Strong customer growth and backlog keeps us on track toward FY 2023 guidance.

21,000	23,000
Customers added in Q1,	Backlog of retrofit home customers.
27% YoY growth. Includes impact of	Another 39,000 in the New Homes
CA weather.	channel backlog, including multifamily.1

$1,200

Adjusted EBITDA per Customer before Platform Investment.2 Expect improvement with lower CA sales expense and other cost savings.

97%

>20%

268%

YoY Q1 bookings growth within SunPower Direct channel.

SunVault® storage bookings attach rate for April in CA within SunPower Direct channel.

YoY Q1 growth for SunPower Financial™ lease volumes.

1.	Backlog calculated as of April 2023.	©2023	4
2.	Non-GAAP financials exclude Legacy segment. For 2022, they also exclude the Light Commercial segment. Refer to the company's press release dated May 3, 2023 for additional information on the

GAAP to non-GAAP reconciliation. Platform Investment = primarily Product, Digital, and Corporate Opex.

Kicking Off 2023 with Strong Topline Growth

Solid Q1 start toward FY customer growth guidance.

New Customers1 Q1, 2023 vs 2022
		2023 Guidance
		90-110K
16,500	21,000
Q1 '22	Q1 '23	2023G
	YoY 27%	YoY ~10%-30%

Revenue Q1, 2023 vs 2022

$336	$443
Q1 '22	Q1 '23

YoY 32%

1.

Retrofit (existing homes) and New Homes new customers. Figures are rounded to nearest 100 for presentation.

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