Shares of SunPower (SPWR 6.51%) jumped on Tuesday after the solar technology and energy services provider announced a surge in sales and profits. As of 3:15 p.m. ET, SunPower's stock price was up more than 9%.
SunPower added 23,000 customers in the third quarter. That brought its total residential customer count to over 486,000, representing growth of 25% compared to the year-ago period.
The solar energy leader's revenue, in turn, rose 14% to $475.7 million. That was well above Wall Street's estimates, which had called for sales of roughly $431 million.
"Our strategy is working," CEO Peter Faricy said in a press release. "With our focus on providing a world-class customer experience and industry-leading products, coupled with the right financing options, we are driving strong market share gains and a significant backlog that we believe will benefit us well into 2023."
Better still, SunPower's profitability strengthened as it scaled its operations. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 24% to $32.6 million.
SunPower expects to add between 73,000 and 80,000 customers in 2022. With an adjusted EBITDA forecast of $2,000 to $2,400 per customer, the company anticipates generating a total of $90 million to $110 million in adjusted EBITDA this year.
New partnerships should help fuel SunPower's growth. It's working with General Motors to develop a home energy system that will make it possible for the automaker's electric vehicles to provide backup power with bi-directional charging. SunPower will also serve as GM's exclusive solar provider.
Additionally, SunPower expanded its relationship with Dream Finders Homes, which named SunPower its exclusive solar and energy storage solutions provider.