Sunpower 8K SPWRA - Q3 2011 SunPower Corp Earnings Conference Call | SPWRQ 7 Nov 11

Exhibit 99.2

Third Quarter 2011 Earnings Supplementary Slides
November 3, 2011

Safe Harbor Statement

Agenda

§ Q311 Performance and 2011 Overview

§ Panel Cost Roadmap

§ Q311 Financial Review

§ 2011 Outlook

Q3 and 2011 Overview

§ Q3: Achieved financial plan during rapid market price
reductions

– Revenue, non-GAAP EPS met or exceeded outlook

– Single RLC price reduction in Q3

– Manufacturing lines full utilization, record cell production

– Inventory stable Q on Q

– Ending cash up >25% sequentially with $475 million in new facilities

– Continued strong support from Total

§ 2011: Share gain, cost reduction, balance sheet strength

– Q4 RLC ASP set to gain share

– Q4 OpEx reduction and restructuring plan to align with 2012 plan

– Q4 output reduced by ~50 MW to align with

– First step-reduced cell production line operating - 15% lower $/W YOY

– Finish year with strong balance sheet and ample liquidity

Q3 UPP Execution

§Exceeded revenue/margin forecast - North American market strength

§Shipped 120 MW - up 80% vs Q310

§Completed Pofi / Galatina Italian power plants

§Sold CVSR to NRG, completed DOE LG, started construction

§First power plant orders from India 15 MW

§Growth in Japanese shipments through Toshiba

§Strong investor demand: 25 MW Modesto Irrigation District power plant

§US pipeline maturing with permit and transmission progress

§Global pipeline expanding: working with Total on new opportunities

§C7 concentrator tracking system launched at SPI

Q3 R&C Expanding Rapidly

§Q3 Residential demand improved less than anticipated

§Record shipments into Germany in Q3

§Extended #1 market share in US RLC

§Demand strong for new leasing product - 8 states in Q3, more in 2012

§Increasing dealer share of account in EU / US

§Leadership position in US public sector business - strong backlog

– >90 California schools under construction 2011-12 school year

§Alliance programs launched: Ford, OSH, more to come

Q3 Technology Advances

§First Gen 3 cells through fabs: 24%+ efficiency

§Launched AC solar panels with 25 yr warranty for residential markets

§Oasis rollout for ground mount power plants successful

– 20 MW Copper Crossing power plant for Iberdrola

– 9 MW project for Campbell’s Soup

§Launched C7 concentrating tracker system for UPP markets

Cost Reduction Roadmap

Step reduction;

Vertical integration

Thinner wafers;

Continuous Improvement
Projects

$1.00

$1.08

Efficiency adjusted cost per watt

* Q411 cost per watt excludes up to $0.04/w due to lower utilization costs

~$0.86

Financial Results

($ Millions except per share data)	Quarter Ending 10/2/11	Quarter Ending 10/3/10	Quarter Ending 7/3/11
Revenues (Non-GAAP)	$705.4	$553.8	$592.3
UPP	$324.5	$261.0	$302.4
R&C	$380.9	$292.8	$289.8
Gross Margin % (Non-GAAP)	11.4%	22.3%	12.5%
UPP	12.6%	20.0%	8.5%
R&C	10.3%	24.3%	16.7%
Tax Rate (non-GAAP)	25.6%	15.4%	20.6%**
Net Income (Loss) (GAAP)	($370.8)**	$20.1	($147.9)
Net Income (Loss) (Non-GAAP)	$15.4	$26.3	($18.4)
Diluted Wtg. Avg. Shares Out. (GAAP) Diluted Wtg. Avg. Shares Out. (Non-GAAP)	98.3* 99.6*	105.6* 105.6*	97.7* 97.7*
EPS (GAAP)	($3.77)	$0.21	($1.51)
EPS (Non-GAAP)	$0.16	$0.26	($0.19)

Note: Non-GAAP figures are reconciled to comparable GAAP figures in appendix on company website

*not converted method

** Q311 GAAP results reflect $349.8 million charge for goodwill and intangible asset impairment

Balance Sheet / Liquidity

§ Finished Q311 with over $610 million in cash & investments

§ Working capital - leveraging Total

– Closed new $275 million revolving credit / $200 million LOC facilities

– Increased inventory turns to 5.9 times

– Inventory stable, sequential improvement in DSO

§ Capex spend of $17 million

Q4 2011 Non-GAAP Guidance*

	Q4 2011 Outlook	2011 Outlook
Revenue	$675-$725M(a)	$2.40-$2.45B(b)
UPP % **	35%-40%	45%-50%
R&C % **	60%-65%	50%-55%
Gross Margin	10%-12%(c)	12%-14%(d)
EPS	($0.15)-$0.10(e)	($0.05)-$0.20(f)
WASO	99-100M(g)	99-100M(g)
CapEx	$40-$50M	$125-$135M
MW Recognized	250 - 275MW	800 - 825MW

*) Non-GAAP to GAAP reconciliation footnotes are available in the appendix section of this presentation

**) As a % of revenue

Appendix

2011 Outlook: MW Recognized

	Q4 2011 Outlook	2011 Outlook
Total Recognized MW	250 - 275MW	800 - 825MW
Segmentation %
UPP	35%-40%	45%-50%
R&C	60%-65%	50%-55%
Geography
US	115 - 125MW	390 - 400MW
Europe	110 - 120MW	360 - 370MW
ROW	25 - 30MW	50 - 55MW

Q4 2011 GAAP Guidance

	Q4 2011 Outlook	2011 Outlook
Revenue	$575-$625M	$2.30-$2.35B
UPP %	25%-30%	40%-45%
R&C %	70%-75%	55%-60%
Gross Margin	7%-9%	9%-11%
EPS	($0.60)-($0.35)	($5.90)-($5.65)
WASO	99-100M	99-100M
CapEx	$40-$50M	$125-$135M
MW Recognized	240 - 265	790 - 815

Note: Non-GAAP figures are reconciled to comparable GAAP figures in 8/9/11 earnings press release

2011 Non-GAAP Guidance Footnotes

(a) Estimated non-GAAP amounts above for Q4 2011 include the estimated revenue for a UPP project and R&C leases of approximately $98.0
million.

(b) Estimated non-GAAP amounts above for FY 2011 include the estimated revenue for a UPP project and R&C leases of approximately $98.0
million.

(c) Estimated non-GAAP amounts above for Q4 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $3.6 million and estimated non-cash interest expense of approximately $0.4 million.

(d) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude amortization of
intangible assets of approximately $0.4 million, estimated stock-based compensation expense of approximately $14.5 million, estimated non-
cash interest expense of approximately $2.6 million and loss on change in European government incentives of approximately $48.5 million.

(e) Estimated non-GAAP amounts above for Q4 2011 reflect adjustments that include the gross margin of approximately $21.0 million related
to the non-GAAP revenue adjustments that are discussed above. In addition, the estimated non-GAAP amounts exclude estimated stock-
based compensation expense of approximately $12.3 million, estimated non-cash interest expense of approximately $6.8 million, estimated
Total investment-related costs of approximately $1.1 million, amortization of intangible assets of approximately $1.0 million and the related tax
effects of these non-GAAP adjustments.

(f) Estimated non-GAAP amounts above for FY 2011 reflect adjustments that include the gross margin of approximately $21.0 million related to
the non-GAAP revenue adjustments that are discussed above and a net gain related to sale of stock and change in equity interest in
unconsolidated investee of approximately $4.0 million. In addition, the estimated non-GAAP amounts exclude goodwill and other intangible
asset impairment of approximately $349.8 million, amortization of intangible assets of approximately $21.6 million, estimated stock-based
compensation expense of approximately $50.1 million, estimated non-cash interest expense of approximately $27.9 million, estimated Total
investment-related costs of approximately $14.7 million, amortization of promissory notes of approximately $3.5 million, loss on change in
European government incentives of approximately $65.7 million, net gain on mark-to-market derivatives of approximately $0.3 million and the
related tax effects of these non-GAAP adjustments.

(g) Weighted average shares used in the calculation of diluted earnings per share is based on the not converted method.

GAAP to Non-GAAP Reconciliation

Third Quarter 2011 Earnings Supplementary Slides
November 3, 2011

Sunpower (SPWRQ) 8-KSPWRA - Q3 2011 SunPower Corp Earnings Conference Call