$SPWR

SunPower Inc.

CIK:0001838987|SEC Filings

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 28, 2026

Jun. 29, 2025

Jun. 28, 2026

Jun. 29, 2025

Income Statement [Abstract]

Revenues

$ 54,858

$ 66,115

$ 127,651

$ 144,528

Cost of revenues

^[1]

29,898

42,331

58,003

93,368

Gross profit

24,960

23,784

69,648

51,160

Operating expenses:

Sales commissions

14,721

9,055

43,285

16,739

Sales and marketing

3,403

7,164

8,396

15,686

General and administrative

30,292

16,486

60,618

31,382

Total operating expenses

48,416

32,705

112,299

63,807

Loss from operations

(23,456)

(8,921)

(42,651)

(12,647)

Interest expense

^[2]

(8,470)

(6,372)

(15,394)

(12,413)

Interest income

Other non-operating income (expense), net

^[3]

38,820

(12,044)

69,581

2,532

Total other income (expense), net

30,350

(18,416)

54,187

(9,878)

Income (loss) before income taxes

6,894

(27,337)

11,536

(22,525)

Income tax (provision)

608

Net income (loss)

6,894

(27,337)

12,144

(22,525)

Other comprehensive income

Comprehensive income (loss), net of tax

$ 6,894

$ (27,337)

$ 12,144

$ (22,525)

Net income per share attributable to common stockholders

Basic (in Dollars per share)

$ 0.05

$ (0.34)

$ 0.09

$ (0.28)

Diluted (in Dollars per share)

$ 0

$ (0.34)

$ 0

$ (0.28)

Weighted-average shares used to compute net income per share attributable to common stockholders

Basic (in Shares)

149,417,506

81,176,254

136,849,897

80,695,825

Diluted (in Shares)

185,216,106

81,176,254

173,747,528

80,695,825

[1]	Cost of revenue with SameDay Solar, a related party, was $0.4 million and $0.1 million in the thirteen weeks ended June 28, 2026 and June 29, 2025, respectively. Cost of revenue with SameDay Solar, a related party, was $0.9 million and $0.3 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025. Refer to Note 17 – Related Party Transactions for details.
[2]	Includes related party interest expense and amortization of debt issuance costs of $2.3 million and $1.4 million in the thirteen weeks ended June 28, 2026 and June 29, 2025, respectively. In the twenty-six week periods ended June 28, 2026 and June 29, 2025, includes related party interest and amortization of debt issuance costs of $4.6 million and $2.8 million, respectively.
[3]	Includes the following related party transactions (in millions): Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 Gain on remeasurement of derivative liabilities (Note 9 – Borrowings and Derivative Liabilities) $ 12.5 $ (1.6 ) $ 20.0 $ 2.1 Other income — — — 0.1

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

6 Months Ended

Jun. 28, 2026

Jun. 29, 2025

Cash flows from operating activities

Net income (loss)

$ 12,144

$ (22,525)

Adjustments to reconcile net income from operations to net cash used in operating activities:

Stock-based compensation expense

2,870

5,753

Non-cash lease expense

1,085

605

Deferred income tax benefit

(608)

Depreciation and amortization

6,767

3,002

Provision for credit losses

5,608

1,217

Change in fair value of SAFE Agreement – related party

(555)

Change in fair value of forward purchase agreement liabilities

^[1]

5,309

(1,612)

Change in fair value of derivative liabilities

^[2]

(64,389)

(3,675)

Change in fair value of warrant liabilities

(2,176)

3,043

Change in fair value of deferred consideration

(8,789)

Change in fair value of deferred consideration with related party

(2,306)

Change in fair value of debt obligations

652

Amortization of debt issuance costs

^[3]

7,648

7,645

Non-cash expense (income)

^[4]

648

(314)

Loss on extinguishment of debt

794

Loss on impairments and disposals

113

Changes in operating assets and liabilities, net of business acquisitions:

Accounts receivable

11,055

(2,780)

Inventories

2,854

18,289

Contract assets

(25,713)

Prepaid expenses and other current assets

(20,360)

(911)

Other noncurrent assets

(140)

(262)

Accounts payable

(1,782)

9,330

Accrued expenses and other liabilities

10,006

(2,579)

Contract liabilities

(16,975)

4,995

Purchase of property and equipment

(1,538)

(705)

Net cash used in operating activities

(52,179)

(7,050)

Cash flows from investing activities

Cash paid for acquisition, net of cash acquired

553

Net cash provided by investing activities

553

Cash flows from financing activities

Proceeds from issuance of convertible notes

40,710

200

Proceeds from issuance of convertible notes due to related parties

1,300

Finance lease payments

(1,365)

(1,022)

Principal repayment of notes payable

(11,318)

Proceeds from issuance of common stock

9,050

Proceeds from exercise of common stock options

559

Issuance of safe agreement

5,000

Proceeds from exercise of warrant for common stock

Investor financing deposit-related party

5,000

Net cash provided by financing activities

43,377

4,797

Net decrease in cash, cash equivalents and restricted cash

(8,249)

(2,253)

Cash, cash equivalents, and restricted cash at beginning of period

13,458

17,219

Cash, cash equivalents, and restricted cash at end of period

5,209

14,966

Supplemental disclosures of cash flow information:

Cash paid during the period for interest

5,719

1,445

Cash paid for income taxes

Supplemental disclosure of noncash financing and investing activities:

Issuance of convertible note in exchange for investor deposit

2,000

Conversion of 7% unsecured notes for shares of common stock

22,026

Conversion offer no longer meets bifurcation criteria

3,996

Conversion of related party SAFE to 10% notes

4,980

Issuance of debt related to CPP

824

Settlement of March 2026 Bridge Note through the issuance of common stock

1,587

Issuance of common stock as partial consideration for acquisition

3,333

Deferred consideration recognized for acquisition of Cobalt

6,331

Tax effect of Cobalt acquisition accounted for as Goodwill

1,001

Deferred consideration reclassified to Additional paid-in capital

8,533

Measurement period adjustment to increase goodwill due to a decrease in acquired fair value of inventory in SunPower Acquisition

$ 841

[1]	Includes related party expense of $0.9 and $1.0 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[2]	Includes related party gain on remeasurement of $20.0 million and $2.1 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[3]	Includes related party amortization expense of $2.4 million and $1.3 million in the twenty-six weeks ended June 28, 2026 and June 29, 2025, respectively.
[4]	Includes related party non-cash income of $0.1 million in the twenty-six weeks ended June 29, 2025.

Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 28, 2026

Dec. 28, 2025

Current assets:

Cash and cash equivalents

$ 4,075

$ 9,617

Trade accounts receivable, net of allowance for credit losses of $10,814 and $5,206 as of June 28, 2026 and December 28, 2025, respectively

68,925

81,946

Inventories

3,260

4,375

Prepaid expenses and other current assets

37,573

16,913

Total current assets

113,833

112,851

Restricted cash

1,134

3,841

Property and equipment, net

3,671

4,890

Operating lease right-of-use assets

4,744

4,552

Intangible assets, net

49,471

50,814

Goodwill

75,607

62,630

Other noncurrent assets

1,749

1,609

Total assets

250,209

241,187

Current liabilities:

Accounts payable

28,322

26,240

Accrued expenses and other current liabilities

^[1]

64,288

56,977

Current portion of long-term notes payable

2,786

Deferred consideration, current

8,005

16,879

Deferred consideration, current with related party

3,250

5,420

Contract liabilities

8,599

20,336

Forward purchase agreement liabilities

9,274

3,965

Total current liabilities

139,192

154,638

Warranty provision, noncurrent

3,059

Warrant liability

2,185

4,361

Contract liabilities, noncurrent

794

Notes payable and derivative liabilities, net of current

85,293

120,159

Deferred income taxes

1,694

1,300

Deferred consideration, noncurrent

Other long-term liabilities

5,665

6,470

Total liabilities

276,480

331,331

Commitments and contingencies (Note 11)

Stockholders’ (deficit):

Common stock, $0.0001 par value; Authorized 1,000,000,000 shares as of June 28, 2026, and December 28, 2025; issued and outstanding 151,509,461 and 111,334,959 shares as of June 28, 2026, and December 28, 2025, respectively

Additional paid-in capital

418,134

366,408

Accumulated other comprehensive income

165

Accumulated deficit

(444,589)

(456,733)

Total stockholders’ (deficit)

(26,271)

(90,144)

Total liabilities and stockholders’ (deficit)

250,209

241,187

Related Party

Current liabilities:

Short-term debt with related parties

8,500

21,500

SAFE Agreement with related party

535

Notes payable and derivative liabilities with related parties, net of current

35,433

35,130

Deferred consideration, noncurrent with related party

3,165

5,420

Third parties

Current liabilities:

Short-term debt with third parties

$ 6,168

[1]	Includes accrued interest due to related parties of $2.9 million and $2.6 million as of June 28, 2026, and December 28, 2025, respectively.Includes investor financing deposit with related party of $2.0 million as of December 28, 2025.