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SPWR

SunPower Inc.

SPWR

SunPower Inc. • NASDAQ
$1.73 ▲ 2.98% (+0.05)
Market Cap $137.41 M
52w High $2.50
52w Low $1.19
Dividend Yield 0%
P/E -1.84
Volume 903.75K
Outstanding Shares 79.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $70.005M ▲ $34.384M ▲ $-2.235M ▲ -3.193% ▲ $0 ▲ $-942K ▲
Q2-2025 $67.524M ▼ $31.479M ▼ $-22.422M ▼ -33.206% ▼ $-0.28 ▼ $-13.343M ▼
Q1-2025 $82.74M ▼ $39.099M ▼ $8.127M ▼ 9.822% ▼ $0.1 ▼ $17.204M ▼
Q4-2024 $88.674M ▲ $62.769M ▲ $46.989M ▲ 52.991% ▲ $0.62 ▲ $56.716M ▲
Q3-2024 $5.536M $26.813M $-77.958M -1.408K% $-1.03 $-75.315M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $11.125M ▲ $163.14M ▲ $270.324M ▲ $-107.184M ▼
Q1-2025 $10.553M ▼ $147.811M ▲ $236.792M ▼ $-88.981M ▲
Q4-2024 $13.378M ▼ $144.466M ▲ $242.005M ▼ $-97.539M ▲
Q3-2024 $79.502M ▲ $107.936M ▲ $250.64M ▲ $-142.704M ▼
Q2-2024 $1.839M $33.392M $125.365M $-91.973M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-22.422M ▼ $-4.423M ▼ $0 $4.995M ▲ $572K ▲ $-4.423M ▼
Q1-2025 $8.127M ▼ $-2.627M ▲ $0 ▲ $-198K ▼ $-2.825M ▲ $-2.627M ▲
Q4-2024 $46.989M ▲ $-25.551M ▼ $-53.613M ▼ $13.04M ▼ $-66.124M ▼ $-25.664M ▼
Q3-2024 $-77.958M ▼ $-21.474M ▼ $-161K ▲ $99.3M ▲ $77.666M ▲ $-21.635M ▼
Q2-2024 $-13.887M $-2.691M $-347K $3.034M $62K $-3.038M

Revenue by Products

Product Q3-2022Q1-2023Q2-2023Q3-2023
Component Sales
Component Sales
 $110.00M ▲$90.00M ▼$90.00M ▲$70.00M ▼
Light Commercial Sales
Light Commercial Sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Solar Power Systems Sales
Solar Power Systems Sales
 $360.00M ▲$350.00M ▼$370.00M ▲$350.00M ▼

Five-Year Company Overview

Income Statement

Income Statement SunPower’s income statement shows a business that has gone through a major reset and is still working back toward stability. Revenue was much larger a few years ago, then dropped sharply more recently, likely reflecting divestitures, restructuring, and a narrower focus on core activities. Gross profit has stayed positive, which suggests the underlying products can still be sold at a markup over direct costs. However, operating income and net income have been negative in most recent years, with particularly heavy losses recently. Earlier one‑time gains made results look strong in the past, but those have not been repeated. Overall, the income statement points to a company with promising unit economics at the product level, but not yet enough scale or cost control to consistently cover overhead and restructuring burdens. Profitability remains an aspiration rather than a current reality, with high execution risk during this turnaround phase.

Balance Sheet

Balance Sheet The balance sheet looks strained and is a key area of concern. Total assets have shrunk substantially compared with a few years ago, reflecting asset sales, write‑downs, or a much smaller operating footprint. At the same time, reported equity has turned negative in the most recent years, which means accumulated losses and adjustments have more than wiped out the original capital base. Debt remains meaningful, and cash is relatively limited versus both past levels and the current obligations. This combination of negative equity, modest liquidity, and ongoing losses points to a fragile financial position. It makes SunPower more dependent on supportive lenders, new capital, or successful restructuring to sustain operations and fund growth initiatives. In simple terms, the balance sheet underscores that SunPower is in a capital‑tight, highly leveraged phase of its life cycle, with little cushion if the turnaround takes longer than planned.

Cash Flow

Cash Flow Cash flow has been consistently negative from core operations over the entire period shown. The business is consuming cash rather than generating it, even in years when accounting profits were briefly positive. Free cash flow has also been negative each year, indicating that after basic investment needs, the company has not been self‑funding. Capital spending itself is not especially large, so the main issue is not heavy investment but a business model that has not yet produced steady cash inflows. This means SunPower has had to rely on external financing, asset sales, or balance‑sheet maneuvers to keep going. From a risk standpoint, persistent negative operating and free cash flow raise questions about how quickly the new, leaner strategy can turn this around and whether the company can improve cash generation before financing options become more limited or more expensive.

Competitive Edge

Competitive Edge SunPower’s competitive position is built around high‑efficiency solar technology, a strong brand in residential solar, and a tightly integrated product ecosystem. Its Maxeon‑based panel designs historically rank among the most efficient and durable options for homeowners, which matters when roof space is limited and long‑term reliability is important. The company’s Equinox system and SunVault storage offering provide a “whole‑home energy” package: panels, inverters, racking, monitoring, and batteries that are engineered to work together. This integrated approach simplifies buying, installation, and support, which can be a real advantage versus piecemeal solutions. At the same time, competition remains intense. Large players like Sunrun and Tesla, as well as many regional installers and low‑cost panel manufacturers, are all fighting for share in a price‑sensitive market. SunPower’s financial weakness and smaller scale versus some rivals reduce its flexibility on pricing and marketing. The acquisitions that have pushed it into a top‑tier position in U.S. residential solar by volume could help, but integration and execution will be critical to defend and grow its share.

Innovation and R&D

Innovation and R&D Innovation is the core of SunPower’s story. Its long‑standing Maxeon cell architecture—with back‑contact design and a robust copper base—has delivered high efficiency, better performance in heat and low light, and strong durability. These engineering strengths translate into more energy from a limited roof area and potentially fewer failures over time, which is a clear selling point. Beyond panels, SunPower has invested in a full residential energy ecosystem: integrated hardware, smart monitoring, and home storage (SunVault). The company is also partnering with leading component suppliers (such as inverters and batteries) rather than trying to build everything alone, which can speed time to market and reduce capital intensity. Looking ahead, the pipeline includes next‑generation panels, improved storage systems, and enhanced software for energy management. The main question is not whether the company can innovate—it has a long record of doing so—but whether it can fund and commercialize that innovation fast enough given its tight balance sheet and ongoing cash burn.

Summary

SunPower today is a classic turnaround case in a structurally attractive but highly competitive industry. On the positive side, it has strong technology, a respected brand, an integrated home solar‑plus‑storage platform, and new leadership focused on a leaner, more profit‑oriented model. Recent acquisitions and a sharper focus on residential customers could help rebuild scale and reinforce its competitive position. On the risk side, the financial profile is weak. Revenue has dropped sharply from earlier levels, losses have been significant, equity has gone negative, and cash flow remains meaningfully negative. The company has limited balance‑sheet cushion and depends on successful execution of its new strategy, supportive capital providers, and a healthier residential solar market. In essence, SunPower offers an intriguing mix of genuine technological and brand strengths paired with considerable financial and execution risk. Future outcomes will likely hinge on how quickly management can translate its innovation and ecosystem advantages into stable revenue growth, improved margins, and sustainable cash generation.

NEWS

November 24, 2025 · 4:45 PM UTC

SunPower Receives Notice of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q Filed on November 24, 2025

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November 24, 2025 · 8:01 AM UTC

SunPower Reports Inducement Grants in Connection with Ambia Acquisition

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November 24, 2025 · 8:00 AM UTC

SunPower Closes $37.5M Ambia Solar Acquisition

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November 11, 2025 · 8:00 AM UTC

SunPower Signs LOI to Acquire Ambia Solar

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October 30, 2025 · 8:00 AM UTC

SunPower Executes Major Sales Force Expansion Following Sunder Merger

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