On a November 2 earnings call, ADT announced it is restructuring its solar business it acquired from Sunpro in 2021. ADT Solar will be “focusing on the top performing markets and rationalizing the overhead and infrastructure of the business accordingly.”
ADT said its total solar revenue for Q3 2023 was $58 million, down 68% compared to Q3 2022. The company said the drop was driven by lower installations and weaker sales performance.
The company identified that 16 out of 38 branches made up approximately 70% of its sales volume and plans to close the 22 that weren’t performing as expected. ADT says it still expects to be a Top 10 residential solar player by volume in 2024.
The 16 branches remaining open:
- Kansas City
- St. Louis
The 22 branches closing:
- Des Moines
- El Paso
- Las Vegas
- Little Rock/NW Arkansas
- Oklahoma City
- San Antonio
In a post on LinkedIn, ADT Solar president Jamie Haenggi addressed current customer concerns.
“As we refine our focus, we remain committed to our existing customers, ensuring their projects reach completion,” Haenggi said.