SunPower : Q223 Earnings Deck SPWR vFINAL

Aug 1, 2023

SunPower Confidential and Proprietary | © 2023 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) 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, 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; (g) the timing and execution of restructuring plans; and (h) 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, 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.

©2023 2

Today's Agenda

1. CEO Update

Peter Faricy, Chief Executive Officer

2. Financial Update

Beth Eby, Chief Financial Officer

3. Q&A

Business Highlights

Difficult market conditions in Q2, but with positive momentum in June/July.

20,400	20,000	$1,000
Customers added in Q2,	Backlog of retrofit home customers.	Adjusted EBITDA per Customer
3% YoY growth.	Another 39,000 in the New Homes	before Platform Investment.2
	channel backlog, including multifamily.1

11% 49%108%

Q2 YoY New Homes bookings growth. (July >100%)

Q2 SunVault® storage bookings attach rate in CA within SunPower Direct channel.

YoY Q2 growth for SunPower Financial™ lease volumes.

1.	Backlog calculated as of July 2023.	©2023	4
2.	Platform Investment = primarily Product, Digital, and Corporate. Corporate includes Legacy non-Residential results.

Topline Growth Slowed in Q2

More than 50% of FY 2023 guidance has been achieved in 1H.

New Customers1 2023 vs 2022

Revenue2 2023 vs 2022

SunPower continues to grow market share in 1H 2023, with a 31% increase in permitting vs industry permitting growth of 13%3

2023 Guidance

70-90K

	19,700	20,900	20,400	$350	$425	$443	$461
16,500

Q1 '22	Q2 '22	Q1 '23	Q2 '23	2023G	Q1 '22	Q2 '22	Q1 '23	Q2 '23
YoY %		27%	3%				27%	9%

1. Retrofit (existing homes) and New Homes new customers. Figures are rounded to nearest 100 for presentation.
2. Beginning in the second quarter of fiscal 2023, we are no longer excluding non-GAAP adjustments related to "Results of operations of businesses exited/to be exited" from our non-GAAP results, with the exception of certain charges related to our legacy power plant and development projects sold in fiscal 2018 and 2019. All comparative periods have been adjusted to reflect the current presentation. Totals may not foot due to rounding.
3. Ohm Analytics data, June 2023.

©2023 5