Q1'26 Op Inc ($12.9) million loss due to revenue miss and staffing for Q3'26 growth
Convertible note offering reduced debt by $40 million
Bookings increased to a record 4,446 jobs, up from 1,197 in Q1'25 due to acquisitions
2025 10K statement filed on time; difficult 10K audit
We plan to file the Q1'25-Q3'25 10Q restatements on time
OREM, Utah, May 12, 2026 (GLOBE NEWSWIRE) -- SunPower Inc. (herein "SunPower," the "Company," or Nasdaq: "SPWR"), a solar technology, services, and installation company, will present its Q1'26 results via webcast today, Tuesday, May 12, at 1:00pm ET. Register for the webcast here or by visiting our Events page: https://investors.sunpower.com/news-events/events.
Fellow Shareholders:The preliminary, unaudited Q1'26 report is shown below, compared to the Q4'25 results from our recent 10K audit.
SunPower Q1'26 Revenue & Operating Income Statement1
GAAP2
NON-GAAP3
($1000s, except gross margin)
Q1 2026
Q4 20254
Q1 2026
Q4 20254
Revenue
72,793
90,985
72,793
90,985
Gross Profit
45,162
45,996
46,883
55,195
Gross Margin
62%
51%
64%
61%
Operating Expense (Opex)
64,357
58,684
59,748
52,011
Opex (less commission)
35,793
46,584
31,184
39,911
Stock Comp, Intangibles, M&A3
6,331
15,872
0
0
Operating Income (loss)
(19,196
)
(12,688
)
(12,865
)
3,184
Cash Balance5
9,488
9,617
9,488
9,617
SunPower CEO, T.J. Rodgers, said, "After four consecutive Preliminary Quarter Reports with positive operating income, we lost money in Q1'26 due to lower revenue combined with a ramp in spending for anticipated Q3'26 growth, which we still believe will happen."
___________________________________1 Non-GAAP Operating income is based on preliminary, unaudited non-GAAP results posted on the IR section of our website under "News" [us.sunpower.com].2 Our 2025 GAAP financial statements are found in the 10K filing posted on our website.3 Our non-GAAP financials are used to run the company. Our policy allows for only three GAAP/non-GAAP differences: a) no non-cash amortization of intangibles, b) no employee stock compensation charges and c) no one-time restructuring M&A gains or losses.4 Restated 10Q results consistent with adjustments in the 2025 10K report, and upcoming Q1'25-Q3'25 restatements5 Cash balances exclude restricted cash and include issued but uncashed checks.
10K Audit Analysis (by T.J. Rodgers)
Before analysing the results from Q1'26 and the forecast for Q2'26, I want to present the restated 2025 quarterly results for revenue and operating income both before and after the 10K adjustments as shown below. During our 2025 10K audit, I realized that our company's structure, a collection of six non-public companies with immature accounting, presented our finance group with a very tough job, to reconcile our first 10K audited annual results with the preliminary, unaudited "Prior Quarterly Reports" issued in Q1'25-Q4'25, before the 10K audit.
These Prior Quarterly Reports came from six different IT systems, two of them now obsolete, but our auditor, BDO, still had to run a full 10K audit process. The financial results for revenue and non-GAAP operating income for the yearly (10K) and quarterly (restated 10Q) are presented below compared to the Prior Quarterly Reports.
The standard auditing method is to sample line items from our books and ask us to retrieve and supply independent third-party documentation that proves the books are accurate.
Our Prior Quarter Reports showed well vs. the 10K results for ...
