SUNation Energy, Inc.

Listed Company

SUNECIK 0000022701NasdaqNon-AcceleratedSmaller ReportingConstruction - Special Trade ContractorsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$71.91M

Net Income

$-10.89M

Total Assets

$48.24M

Equity

$24.35M

Shares Out

3.41M

Op. Cash Flow

$955.0K

Business

SUNation Energy, Inc. is a solar, storage, and energy services company that acquires and grows local and regional residential and commercial solar businesses. It offers end-to-end photovoltaic solar systems, battery storage, energy management devices, installation, maintenance and related services, along with roofing integration and grid services. Its operations include distinct regional brands and divisions—SUNation, Hawaii Energy Connection, E-Gear—and a commercial project development and service/repair segment. The company serves residential, commercial and municipal customers across New York, Florida, and Hawaii through direct installation, service contracts and partner financing channels.

Summary from filing dated 2025-04-15

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
Sales	72	57	80	28	38,162
Cost of sales	44	36	52	20	5
Gross profit	28	20	28	7	38,162
Selling, general and administrative expenses	27	27	29	12	1
Amortization expense	2	3	5	3	1
Fair value remeasurement of SUNation NY earnout consideration	—	−1	1	5	—
Goodwill impairment loss	—	3	—	—	—
Intangible asset impairment loss	0	750,000	—	—	—
Total operating expenses	29	33	35	18	5
Operating loss from continuing operations	−2	−12	−7	−10	−5
Investment and other income	106,625	144,529	191,584	119,634	18,712
Loss on sale of assets	—	−822	437,116	1	—
Fair value remeasurement of warrant liability	−8	−974,823	—	—	—
Fair value remeasurement of embedded derivative liability	—	−65,617	—	—	—
Fair value remeasurement of contingent forward contract	899,080	—	—	—	—
Fair value remeasurement of contingent value rights	36,079	522,257	3	2	—
Financing fees	−1	—	—	—	—
Interest expense	−1	−3	−3	—	—
Loss on debt extinguishment	−343,471	−35,657	—	—	—
Other expense, net	−9	−3	646,149	7	−1
Net loss before income taxes	−11	−16	−7	−3	−6
Income tax expense	51,140	34,819	119,176	12,237	25,000
Net loss	−11	−16	−8	−10	−6
Less: Deemed dividend on extinguishment of Convertible Preferred Stock	—	−4	−13	−13	—
Less: Deemed dividend on modification of PIPE Warrants	—	−11	−4	−4	—
Less: Deemed contribution on exchange of equity instruments	—	4	—	—	—
Net loss attributable to common shareholders	−11	−27	−8	−27	−6
Basic net loss per share	−4.38	−10,111	−611.55	−4.04	−2.03
Diluted net loss per share	−4.38	−10,111	−611.55	−4.04	−2.03
Weighted Average Basic Shares Outstanding	2	2,714	13,298	7	3
Weighted Average Dilutive Shares Outstanding	2	2,714	13,298	7	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	7	—	839,268	4	2
Restricted cash and cash equivalents	—	—	312,080	2	3
Trade accounts receivable, less allowance for credit losses of $308,629 and $240,817, respectively	4	—	5	5	6
Inventories	3	—	3	4	6
Prepaid income taxes	9,336	—	—	—	—
Related party receivables	21,412	—	23,471	46,448	116,710
Prepaid expenses	1	—	2	1	2
Costs and estimated earnings in excess of billings	658,177	—	560,648	57,241	777,485
Other current assets	554,481	—	198,717	376,048	634,362
TOTAL CURRENT ASSETS	16	—	11	16	26
PROPERTY, PLANT AND EQUIPMENT, net	1	—	1	2	1
Goodwill	17	—	17	21	21
Right of use assets	3	—	4	5	4
Intangible assets, net	10	—	12	16	21
Other assets	12,000	—	12,000	12,000	12,000
TOTAL OTHER ASSETS	31	—	33	41	48
TOTAL ASSETS	48	—	46	58	75
Accounts payable	7	—	8	8	8
Accrued compensation and benefits	2	—	796,815	1	859,774
Operating lease liabilities	292,240	—	321,860	394,042	220,763
Accrued warranty	225,318	—	350,013	268,004	276,791
Other current liabilities	973,302	—	1	867,727	2
Accrued loss contingencies	—	—	1	867,727	961,986
Income taxes payable	—	—	5,071	5,373	1,650
Refundable customer deposits	1	—	2	2	4
Billings in excess of costs and estimated earnings	2	—	444,310	440,089	3
Contingent value rights	—	—	312,080	2	—
Earnout consideration	—	—	3	3	—
Contingent forward contract	—	4	—	—	—
Current portion of loans payable	366,824	—	3	2	346,290
Current portion of loans payable - related party	2	—	7	3	5
Embedded derivative liability	—	—	82,281	—	—
TOTAL CURRENT LIABILITIES	15	—	27	22	26
Loans payable and related interest	1	—	7	8	3
Loans payable and related interest - related party	3	—	—	2	5
Operating lease liabilities	3	—	3	4	4
Accrued compensation and benefits	863,693	—	—	—	—
TOTAL LONG-TERM LIABILITIES	8	—	10	15	22
COMMITMENTS AND CONTINGENCIES (Note 8)	—	—	—	—	—
Common stock, par value $0.05 per share; 1,000,000,000 shares authorized; 3,406,614 and 9,343 shares issued and outstanding, respectively	170,331	—	467	683	495,779
Additional paid-in capital	78	—	51	47	46
Accumulated deficit	−54	—	−43	−27	−19
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	24	—	9	20	27
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	48	—	46	58	75

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
Depreciation and amortization	3	3	5	3	1
Share based compensation	85,226	29,002	1	309,205	100,000
Deferred taxes	—	−41,579	41,579	—	0
Credit loss provision	67,812	146,732	—	—	—
Provision to write down inventories to net realizable value	135,838	99,449	—	—	—
Amortization of right of use asset	333,792	413,681	—	—	—
Fair value remeasurement of earnout consideration	—	−1	1	−5	—
Loss on lease termination	11,313	215,415	—	—	—
Interest and accretion expense	242,432	3	3	976,606	1
Trade and related party accounts receivables	575,858	5,969	623,975	−899,804	3
Inventories, net	36,821	754,069	2	392,658	−58,241
Prepaid income taxes	−14,407	−302	3,723	5,024	32,575
Other assets	−146,115	−635,892	3	−61,973	−330,557
Accounts payable	499,079	355,508	83,081	−706,350	2
Accrued compensation and benefits	2	−563,333	500,373	−637,894	307,828
Customer deposits	−796,889	−242,190	−2	2	—
Other accrued liabilities	289,264	1	−4	−245,065	−22,200
Accrued interest	−635,556	−2	−1	−1	—
Net cash provided by (used in) operating activities	954,978	−6	−667,177	−8	−811,017
Capital expenditures	−48,594	−32,785	−655,691	−116,909	−34,842
Proceeds from the sale of fixed assets	—	6,118	450	6	479,983
Net cash used in investing activities	−48,594	−26,667	4	−3	479,983
Proceeds from loans payable	64,744	2	8	—	—
Payments against loans payable	−9	−2	−7	−5	—
Payments against related party loans payable	−1	—	—	—	—
Payments related to debt issuance costs	−38,613	−24,150	−348,065	—	—
Payments related to equity issuance costs	−2	−501,414	—	−3	—
Proceeds from the issuance of common stock and pre-funded warrants under registered direct offering	10	1	—	—	—
Proceeds from the issuance of common stock on the exercise of pre-funded warrants	11,078	—	—	—	—
Proceeds from the issuance of Series A and Series B warrants	10	—	—	—	—
Proceeds from the issuance of common stock under at-the-market offering	351,372	2	—	—	—
Proceeds from the issuance of Series B preferred stock	—	15	—	32	—
Payments for the termination of Series A warrants	−267,391	—	—	—	—
Payments for contingent value rights distributions	−276,000	−856,736	−3	−9	—
Proceeds from issuance of common stock, net of shares withheld	—	9,775	125,398	—	4
Cash in lieu payment on fractional shares under reverse stock split	—	−3,022	—	—	—
Payment of contingent consideration related to acquisition	−3	—	—	—	—
Purchase of common stock	—	−6,098	−38,403	—	−5
Net cash provided by financing activities	5	2	−3	16	350,000
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6	−4	139,865	5	18,966
Income taxes paid	65,547	76,700	58,858	11,297	−7,514
Interest paid	1	2	1	1	8,222
Loss on extinguishment of debt	—	35,657	—	—	—
Issuance of common stock for the settlement of loss contingencies	880,756	—	—	—	—
Deemed dividend on Convertible Preferred Stock and PIPE Warrants	—	12	—	17	—

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