SunPower Inc.

Listed Company

SPWRCIK 0001838987NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthConstruction - Special Trade ContractorsDelawareFY ends Dec 29

Period

FY 2025

Revenue

$300.00M

Net Income

$-45.35M

Total Assets

$241.19M

Equity

$-90.14M

Shares Out

126.65M

Op. Cash Flow

$-15.33M

Business

SunPower Inc. operates a residential and small-to-medium commercial solar systems sales and installation business through the Complete Solaria platform. It offers solar system sales and installations, high-performance modules, financing solutions, a proprietary order-and-ops software platform (Albatross), design and permitting services, and customer and sales support. Its operations are organized around third-party sales partners, builder and build partners, and in-house installation and service teams, and include the acquired SunPower businesses. It distributes systems nationally through a network of sales partners, builder partners and in-house teams across the U.S.

Summary from filing dated 2025-04-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	300	109	88	66	—
Cost of revenues	171	69	70	47	—
Gross profit	129	40	18	20	—
Sales commissions	37	25	31	21	—
Sales and marketing	29	7	7	—	—
General and administrative	90	77	32	14	—
Total operating expenses	156	108	70	41	—
Loss from continuing operations	−27	−69	−52	−21	−4
Interest expense	−25	−16	−14	—	—
Interest income	3,000	19,000	36,000	5,000	105,681
Other non-operating income , net	9	8	−30	−2	—
Gain on troubled debt restructuring	—	22	—	—	—
Total Other (expense) income, net	−16	14	−44	−7	9
Loss from continuing operations before income taxes	−43	−54	−96	−28	—
Income tax (provision)	−2	—	20,000	−27,000	—
Net loss from continuing operations	−44	−54	−96	−28	—
Net loss from discontinued operations, net of taxes	−1	−2	−173	−1	—
Net loss	−45	−56	−270	−29	5
Comprehensive loss (net of tax)	−45	−56	−269	−29	—
Net loss from continuing operations per share attributable to common stockholders, basic (in Dollars per share)	−0.51	−0.82	−3.89	−1.24	—
Net loss from discontinued operations per share attributable to common stockholders, basic (in Dollars per share)	−0.01	−0.03	−1.05	−0.07	—
Net loss per share attributable to common stockholders, basic (in Dollars per share)	−0.52	−0.85	−4.94	−1.31	—
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic (in Shares)	87	67	25	23	—
Net loss from continuing operations per share attributable to common stockholders, diluted (in Dollars per share)	−0.51	−1.19	−3.89	−1.24	—
Net loss per share attributable to common stockholders, diluted (in Dollars per share)	−0.52	−1.22	−4.94	−1.31	—
Weighted-average shares used to compute net loss per share attributable to common stockholders, diluted (in Shares)	87	76	25	23	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	13	3	4	277,583
Trade accounts receivable, net of allowance for credit losses of $5,206 and $1,701 as of December 28, 2025 and December 29, 2024, respectively	68	26	—	—	—
Inventories	4	22	3	13	—
Prepaid expenses and other current assets	17	8	6	10	—
Contract assets, current portion	14	26	—	—	—
Total current assets	113	96	38	55	1
Restricted cash	4	4	4	4	—
Property and equipment, net	5	5	4	3	—
Operating lease right-of-use assets	5	3	1	2	—
Other noncurrent assets	2	628,000	198,000	1	—
Goodwill	63	18	—	—	—
Intangible assets, net	51	17	—	—	—
Total assets	241	144	47	228	346
Accounts payable	26	8	13	14	—
Accrued expenses and other current liabilities	57	56	28	20	—
Short-term debt with related parties	22	2	33	—	—
Current portion of long-term notes payable	3	—	—	—	—
Deferred consideration, current with related party	17	—	—	—	—
Deferred consideration, current	5	—	—	—	—
Contract liabilities, current portion	20	10	2	—	—
SAFE Agreement with related party	535,000	384,000	—	—	—
Forward purchase agreement liabilities with related parties	—	1	3	—	—
Forward purchase agreement liabilities	4	2	599,000	—	—
Total current liabilities	155	79	109	60	3
Warranty provision, noncurrent	3	3	3	—	—
Warrant liability	4	2	10	—	—
Contract liabilities, noncurrent	794,000	918,000	1	—	—
Notes payable and derivative liabilities	120	93	—	—	—
Deferred income taxes	1	—	—	—	—
Deferred consideration, noncurrent with related party	5	—	—	—	—
Other long-term liabilities	6	11	—	3	—
Total liabilities	331	242	124	123	23
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, $0.0001 par value; Authorized 1,000,000,000 shares as of December 28, 2025 and December 29, 2024; issued and outstanding 111,334,959 and 73,784,645 shares as of December 28, 2025 and December 29, 2024, respectively	16,000	14,000	7,000	3,000	—
Additional paid-in capital	366	314	278	—	—
Accumulated other comprehensive loss	165,000	165,000	143,000	27,000	—
Accumulated deficit	−457	−411	−355	−85	−22
Total stockholders (deficit)	−90	−98	−77	105	−21
Total liabilities and stockholders (deficit)	241	144	47	228	346

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	10	3	3	433,000	—
Non-cash lease expense	1	816,000	947,000	468,000	—
Depreciation and amortization	9	3	930,000	648,000	—
Amortization of debt issuance costs	15	6	—	—	—
Deferred income tax provision	1	—	—	—	—
Provision for credit losses	4	9	4	2	—
Change in fair value of SAFE Agreements with related party	151,000	−616,000	—	—	—
Loss on conversion of SAFE Agreements to shares of common stock with related party	—	1	—	—	—
Change in fair value of deferred consideration	−560,000	—	—	—	—
Loss on issuance of derivative liability	—	25	—	—	—
Change in fair value of derivative liabilities	−11	−34	—	—	—
Change in fair value of warrant liabilities	3	−3	−29	5	—
Change in fair value of forward purchase agreement liabilities	471,000	−337,000	4	—	—
Non-cash expense in connection with warrants issued for vendor services	—	9	—	—	—
Loss on impairments and disposals	113,000	4	—	—	—
Non-cash income	−628,000	—	—	—	—
Non-cash interest expense	—	2	5	5	—
Gain on troubled debt restructuring	—	−22	10	−3	—
Accretion of debt in CS Solis	—	4	—	—	—
Other financing costs	—	450,000	—	—	—
Accounts receivable	−39	3	−12	−10	—
Contract assets, current portion	8	−21	−2	—	—
Inventories	38	9	2	−5	—
Prepaid expenses and other current assets	−5	−170,000	−4	2	—
Other noncurrent assets	−664,000	111,000	1	−1	—
Accounts payable	15	−10	2	3	3
Accrued expenses and other current liabilities	−16	14	−3	−1	—
Operating lease liabilities	−2	−849,000	−598,000	−617,000	—
Warranty provision, noncurrent	−378,000	21,000	255,000	157,000	—
Contract liabilities	−3	82,000	−2	1	—
Net cash used in operating activities from continuing operations	−15	−55	−59	−32	−2
Capitalization of internal-use-software costs	—	−1	—	—	—
Cash paid for acquisitions; net of cash acquired	−19	−54	—	5	—
Net cash used in investing activities from continuing operations	−19	−55	6	3	−345
Proceeds from issuance of convertible notes, net of issuance cost	20	82	—	—	—
Proceeds from issuance of convertible notes to related parties	7	26	—	—	—
Payment of debt issuance costs	−200,000	—	—	—	—
Proceeds from issuance of SAFE agreements with related party	—	6	—	—	—
Proceeds from issuance of common stock	7	7	5	—	—
Proceeds from exercise of common stock options	480,000	532,000	5	128,000	—
Proceeds from exercise of warrant for common stock	60,000	—	—	—	—
Investor financing deposit related party	2	—	—	—	—
Taxes paid related to net share settlement of equity awards	−727,000	—	—	—	—
Principal repayment of notes payable	−2	−300,000	−10	−10	—
Financing lease payments	−2	−551,000	—	—	—
Net cash provided by financing activities from continuing operations	31	120	50	31	347
Effect of exchange rate changes on cash	—	22,000	—	—	—
Net increase (decrease) in cash, cash equivalents and restricted cash	−4	11	−2	3	—
Cash paid during the year for interest	8	77,000	2	162,000	—
Cash paid during the year for income taxes	—	10,000	—	6,000	—
Issuance of Seller Note as partial purchase consideration for acquisition of Sunder(8)	20	—	—	—	—
Issuance of common stock as partial consideration for acquisition of Sunder	6	—	—	—	—
Deferred consideration recognized for acquisition of Sunder	11	—	—	—	—
Issuance of common stock as partial purchase consideration for acquisition of Ambia	16	—	—	—	—
Deferred consideration recognized for acquisition of Ambia	17	—	—	—	—
September 2024 Notes and related derivative liability, net of unamortized debt discount	14	—	—	—	—
Accrued interest	213,000	—	—	—	—
Common stock	1,000	—	—	—	—
Debt issuance costs incurred in connection with the issuance of September 2025 Notes	1	—	—	—	—
Taxes accrued but unpaid related to net share settlement of equity awards	1	—	—	—	—
Cancellation of existing indebtedness in Exchange Agreement	—	66	—	—	—
Issuance of convertible notes in Exchange Agreement	—	43	—	—	—
Issuance of common stock in Exchange Agreement	—	2	—	—	—
Conversion of SAFE Agreements to shares of common stock related party	—	5	—	—	—
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	—	116,000	—	245,000	—
Offering costs	—	1	—	—	—
Warrants issued in debt issuance	—	860,000	—	—	—
Carlyle Warrant modification related party	—	7	11	—	—

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