SunPower guided non-GAAP revenue for 2016 of US$3.3 billion to US$3.5 billion, up from recently revised 2015 guidance of non-GAAP revenue of US$2.50 billion to US$2.55 billion
The company expects EBITDA of US$515 million to US$565 million in 2016, up from EBITDA of US$300 million to US$325 million guided for the full-year 2015.
However, gross margins are being guided significantly lower than market expectations. SunPower guided non-GAAP gross margin in 2016 of 13% to 15%, compared to 23% to 24% for the full-year 2015.
SunPower noted that 2016 financial guidance reflected the impact of planned project sales to 8point3 Energy Partners. On a non-GAAP basis, the company expects gross margin from these project sales to be partially deferred beyond 2016.
On a GAAP basis, the company expects revenue and gross margin from the sale of these projects to be deferred beyond 2016.
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