SunPower : SPWR Q1'26 Earnings Preso website

Published: 2026-05-12 13:06:10 ET SPWR

Published on 05/12/2026 at 01:06 pm EDT

First Quarter Report

T.J. Rodgers, CEO, May 12, 2026

Q1'26 Revenue $72.8 million

Q1'26 OpInc ($12.9M) 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

SunPower Q1'26 Revenue & Operating Income Statement1

(Millions)

$12 Q1'25 Q2'25 Q3'25 Q4'25 2025

$10.90

$10

OpInc

Prior Quarterly Reports

$8 Pre-10K Audit

$2.94 $2.42 $2.02

$3.56

$0 $82.7 $67.5 $70.0 $88.5 $308 Revenue

Post-10K Audit

$0.97

$(1.68)

$3.18

$7.33

$6 The New Source Of Truth

OpInc

After Adjustments

$4.85

$0 ($2)

$78.4

$66.1 $64.5 $91.0 $300 Revenue

The standard auditing method is to sample line items from our books and ask us to retrieve and supply

independent third-party documentation that validates the books are accurate: contracts, work orders, signed drawings, invoices for panels, work logs, customer invoices, proof of payment, proof of activation, etc.

There are nine steps in our solar installation process that document our reported installation revenue. Our auditors required proof with hard third-party evidence on each of the nine steps of each of our 11,500 jobs in 2025. The sampling process led to 390 formal requests for information from our auditors during the 10K audit, a fact, not an excuse.

Our Prior Quarter Reports showed well vs. the 10K results for full-year revenue (10K: $300 million vs. Prior: $308 million).

The extra $8 million in revenue in the Prior Quarterly Reports came from a double booking at legacy company Blue Raven in their now-defunct Albatross accounting system at acquisition.

Our 2025 10K non-GAAP operating income (10K: $7.3 million vs. Prior: $10.9 million) showed a difference due primarily to pre-acquisition balance sheet assets we wrote off and using actual collected-cash gross margin. Profit errors triggered the requirement to restate Q1'25 through Q3'25.

What SunPower has changed:

We have received and accepted the resignation of the CFO.

I have been appointed by the board of directors as SunPower's Principal Financial Officer for approximately

one month, until we hire our current CFO candidate.

The board has appointed Bernard Gutmann (eight years as the CFO of the $42 billion chip company ON

Semiconductor) to the board and to serve on our audit committee.

The SunPower team responsible for implementing Sarbanes-Oxley (SOX) accounting procedures (the standard solution to problems like ours) now reports through our Quality VP, Surinder Bedi, directly to the Chairman of our Audit Committee, Ron Pasek (the board's other former CFO).

All SunPower responses to audit questions are now formal documents pre-reviewed by our Quality

Department and typically delivered to our auditors in less than two hours after their request.

During our first 10K audit and going forward, we will bolster the finance team with people from both

Operations and Quality to help respond to complex audit questions more quickly and accurately.

Our Q1'26 revenue was $72.8 million, down 9% from our Q4'25 $80 million guidance, primarily due to our Q1'26 revenue slowdown, which was actually mild compared to the market. This alone would have led to only a $1.8 million operating income fall through loss, but

Our non-GAAP operating income was driven to $(12.9) million by another $9.9 million of added

spending in anticipation of what we still expect to be a big Q3'26.

Our ending cash balance was $9.5 million vs. $9.6 million last quarter

SunPower has cut costs $9.9 million/qtr:

RIFed 115 employees.

Installed an across-the-board four-day workweek through September.

Cut the inside sales group from 90 to 15 people, because paradoxically call center sales have lower profit and a worse cashflow profile than our conventional 1552-member salesforce (90% of revenue).

Reduced finance admin costs, which had ballooned during the 10K audit.

4000

3500

SunPower Headcount History

The "Ark"

SPWR + CSLR DAY 1

34GG

3000

2500

2000

1500

TARGET HC: 1225

G1G

POST-MERGER, DAY 1

1280 1140

TARGET HC: 980

ONE QTR POST-MERGER

TWO QTRS

TARGET HC: 820

THREE QTRS

TARGET HC: 700

NOW

1000

88G 833 G46 832

710

500

Q3'24 Q4'24 Q4'24 Q1'25 Q2'25 Q3'24 Q4'25 Q1'26 Q2'26

CBA: 5/C/2O2C

The cuts reduced ongoing operating expense by approximately $9.9 million per quarter.

The cuts were too late to help Q1'26, but 60% of them will help Q2'26.

Our current Q2'26 revenue estimate of $75 million will incur an operating loss of only about $3.0 million.

Finally, we forecast our Q3'26 revenue will climb to $96 million - profitable & cashflow positive.

300

Planned Revenue Growth

$1B Revenue

Ambia

Sunder Batteries Cobalt EPC New Homes

$22.9M

$7.3M

$3.8M

$3.0M

$663M

$424M

+41%

$96M BE Cashflow

$300M

$76M BE OpInc

250

200

Revenue Plan

G2v13S10

Actuals/Guidance Model (Not Guidance)

$954M

150

100

Q4 Q1 Q2 Q3 Q4

24 25

Q1 Q2 Q3 Q4

Total Bookings Record

Booked Jobs = Signed Contract + Design Complete + Funding Approved

Record

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

1,197

4,446

Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26

Justin Cooper: 3-21-2026

Questions

Disclaimer

Sunpower Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 17:05 UTC.