SunPower Inc.
SunPower Inc. operates in the solar solutions sector, generating revenue from residential and small-to-medium business installations, though its classification as Application Software appears inconsistent with its disclosed operational risks regarding supply chains, tariffs, and solar demand.
Business. SunPower Inc. (SPWR) is a utilities company classified within the Water & Related Utilities industry. The firm operates on a subscription-based revenue model and is headquartered in the United States. SunPower is primarily listed on the Nasdaq stock exchange. Specific operating segments and geographic breakdowns are not disclosed in the available data.
Analyst recommendations
2 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Peers
- EarningsQ2 2026 earnings (expected)2026-08-28 · estimated · Salesforce (CRM)
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated · ServiceNow (NOW)
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
SunPower Inc. (SPWR) is a utilities company classified within the Water & Related Utilities industry. The firm operates on a subscription-based revenue model and is headquartered in the United States. SunPower is primarily listed on the Nasdaq stock exchange. Specific operating segments and geographic breakdowns are not disclosed in the available data.
SunPower Inc. exhibits a distressed capital structure characterized by negative total equity of $-61.5 million and a current ratio of 0.71, indicating that current liabilities exceed current assets. The company holds $9.5 million in cash and equivalents against $24.3 million in short-term debt, resulting in a negative net cash position. Operating cash flow for Q1 2026 was negative $25.7 million, exacerbating liquidity constraints. The valuation snapshot shows an EV/Revenue multiple of 0.38 and a negative EV/EBITDA of -4.78, reflecting the market's pricing of significant operational distress.
Profitability metrics present a mixed picture with a gross profit of $44.7 million on $72.8 million in revenue, yielding a gross margin of approximately 61%. However, operating income was negative $19.2 million, driven by high operating expenses relative to revenue. Net income was positive $5.3 million, likely due to non-operating items, resulting in a reported Return on Equity of 73.8% and Return on Assets of -17.3%. The negative equity base distorts these return metrics, making them less indicative of operational efficiency.
Revenue concentration is implied to be significant in residential and small-to-medium business solar solutions, as disclosed in filing observations regarding demand changes in these specific customer segments. The company faces intense competition and relies on maintaining relationships with key suppliers, installers, and build partners. Geographic exposure is not explicitly detailed in the provided segments, but risks related to tariffs, trade barriers, and export regulations suggest significant international supply chain dependencies.
Growth trajectory is obscured by material restatements of prior periods due to identified material weaknesses in internal controls over financial reporting. The company restated results for quarters ended in 2025, citing material errors in control activities, information, and communication. Recent revenue of $72.8 million in Q1 2026 represents a snapshot amidst these accounting corrections, making historical trend analysis unreliable without adjusted figures.
Risk factors are elevated, with high liquidity and dilution risks flagged. The diluted share count of 163.8 million is materially above the basic share count of 120.3 million, indicating significant potential dilution from options, warrants, or convertible instruments. The company references going-concern or substantial-doubt language in filings, and its inability to use Form S-3 shelf registration limits its ability to raise capital efficiently. Material weaknesses in internal controls further compound governance risks.
Recent events include the stock printing a new 52-week low of $0.5477 on elevated volume (2.0x average) as of July 23, 2026. Analyst estimates show a mean price target of $4.70, with a mean recommendation of 2.00 (Buy), suggesting a significant disconnect between current market pricing and analyst expectations. The company continues to face macroeconomic headwinds including interest rate volatility and changes in solar incentives.
- Negative equity of $-61.5 million and a current ratio of 0.71 signal severe liquidity stress and potential insolvency risk.
- Diluted share count exceeds basic shares by 36%, indicating high dilution pressure from outstanding options or convertibles.
- Material restatements of prior periods due to internal control weaknesses undermine confidence in historical financial trends.
- Operating cash flow of -$25.7 million in Q1 2026 highlights ongoing cash burn despite positive net income.
- Stock trading at a 52-week low of $0.55 contrasts sharply with analyst mean price target of $4.70, suggesting high speculative volatility.
Bull / Bear case
Generated · model-assistedAnalysts project 670.5% upside to a mean price target of $4.70, signaling strong potential for significant share price appreciation.
Revenue CAGR of 11.4% from FY2023 to FY2025 demonstrates consistent top-line growth trajectory despite recent volatility.
Debt-to-equity ratio of -0.4 is best-in-class compared to the cohort median of 0.44, suggesting a favorable leverage position.
Gross profit expanded to $129.2 million in FY2025, reflecting improved production efficiency or favorable product mix dynamics.
High liquidity and dilution risks are flagged, threatening capital structure stability and potentially eroding existing shareholder value significantly.
Net income deteriorated by 24.5% year-over-year to a loss of $45.4 million in FY2025, highlighting persistent profitability challenges.
Current ratio of 0.73 suggests insufficient short-term assets to cover liabilities, raising concerns about immediate solvency and liquidity.
Cash conversion of 0.34 ranks in the bottom quartile of the cohort, signaling poor ability to generate cash from operations.
In focus — financials by report
Revenue $72.8M; Operating income -$19.2M.
- ▍Revenue $72.8M
- ▍Operating income -$19.2M
- ▍Net margin 7.2%
Revenue $66.1M; Operating income -$5.1M.
- ▍Revenue $66.1M
- ▍Operating income -$5.1M
- ▍Net margin -47.2%
Revenue $300.0M; Operating income -$26.9M.
- ▍Revenue $300.0M
- ▍Operating income -$26.9M
- ▍Net margin -15.1%
Revenue $108.7M; Operating income -$68.5M.
- ▍Revenue $108.7M
- ▍Operating income -$68.5M
- ▍Net margin -51.9%
Revenue $108.7M; Operating income -$68.5M.
- ▍Revenue $108.7M
- ▍Operating income -$68.5M
- ▍Net margin -51.9%
Revenue $87.6M; Operating income -$52.4M.
- ▍Revenue $87.6M
- ▍Operating income -$52.4M
- ▍Net margin -307.7%
Revenue $87.6M; Operating income -$52.4M.
- ▍Revenue $87.6M
- ▍Operating income -$52.4M
- ▍Net margin -307.7%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -0,09 |
| Revenue | —no estimate | —no estimate | 376,9M USD |
| Operating income | —no estimate | —no estimate | -16,0M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Diluted share count is materially above the basic share count.
- Current liabilities exceed current assets.
- Net cash is negative after subtracting total debt.
- Filings reference going-concern or substantial-doubt language.
- Source documents mention dilution or offering risk.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Director, Chief Executive Officer, 10% owner · 10% Convertible Senior Secured Notes due 2029 → Common StockAcquired 3 661 885exercise · 2026-04-23
- Director, Chief Executive Officer, 10% owner · Simple Agreement for Future Equity → Convertible NotesDisposed 5 000 000exercise · 2026-04-23
- Director, Chief Executive Officer, 10% owner · Simple Agreement for Future Equity → EquityAcquired 5 000 000purchase · 2026-04-08
- Director, Chief Executive Officer, 10% owner · 12% Convertible Senior Note due 2029 → Common StockAcquired 1 783 783purchase · 2026-01-29
Physical assets
1 tracked| Asset | Type | Commodity | Country | Role |
|---|---|---|---|---|
| Hernwood Landfill PV Solar Farm - Hernwood 01 PV | Renewable | Power | United States | Operating company |
Actions
Ask Handelsavisen
- Market data
- Regulatory filings
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Return On Equitynet_income / total_equity
- Enterprise Valuemarket_cap - net_cash
- Ev To Revenueenterprise_value / revenue
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- SunPower Inc. company facts · 2026-07-26
- SunPower Inc. 10-Q 2026-05-19 · 2026-07-26
- SunPower Inc. 10-K 2026-04-14 · 2026-07-26
- SunPower Inc. 10-Q 2025-12-19 · 2026-07-26
- SunPower Inc. 10-Q 2025-08-13 · 2026-07-26
- ha_price_52w fired on SPWR · 2026-07-26
- SunPower Inc Market data — analyst estimates · 2026-07-26
- SunPower Inc Market data — ESG · 2026-07-26
- SunPower Inc. HA canonical relationships · 2026-07-26
Ownership & reference
Top holders
- Institutional Investor · as of 2022-09-300,00 %$0M
- Investment Managers · as of 2024-06-300,00 %$50M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$2M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2025-12-310,00 %$6M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Funds · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
Insider activity
- Director · Common StockSold 86 956 @ $1,60$139K · 2025-12-16
- Director · Common StockBought 86 956 @ $2,01$175K · 2025-10-24
- Director · Common StockSold 10 000 @ $2,04$20K · 2025-10-23
Short positioning
Geographic breakdown
Intel & risk
no material change vs prior analysis (walked 17 fields; 4 schema-expansion field(s) excluded)
- Narrative— → —medium
- Business summary— → —medium
- Conclusion— → —medium
- Key takeaways— → —medium
- Company share pct— → —medium
Evidence & claims
From filings & derived data- Operating income (YoY) (2025-12-28 vs 2024-12-29): 60.7%Derived (calculated)
- Net margin (FY 2025-12-28): -15.1%Derived (calculated)
- Gross margin (FY 2025-12-28): 43.1%Derived (calculated)
- Return on equity (FY 2025-12-28): 50.3%Derived (calculated)
- Return on assets (FY 2025-12-28): -18.8%Derived (calculated)
- Current ratio (FY 2025-12-28): 0.73xDerived (calculated)
- Debt-to-equity (FY 2025-12-28): -3.68xDerived (calculated)
- Cash & equivalents (YoY) (2025-12-28 vs 2024-12-29): -28.1%Derived (calculated)
- Cost of revenue (YoY) (2025-12-28 vs 2024-12-29): 146.7%Derived (calculated)
- EPS (basic) (YoY) (2025-12-28 vs 2024-12-29): 38.8%Derived (calculated)
- EPS (diluted) (YoY) (2025-12-28 vs 2024-12-29): 57.4%Derived (calculated)
- Gross profit (YoY) (2025-12-28 vs 2024-12-29): 227.1%Derived (calculated)
- Net income (YoY) (2025-12-28 vs 2024-12-29): 19.7%Derived (calculated)
- Operating cash flow (YoY) (2025-12-28 vs 2024-12-29): 72.0%Derived (calculated)
- Revenue (YoY) (2025-12-28 vs 2024-12-29): 175.9%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-28 vs 2024-12-29): 7.6%Derived (calculated)
- Total assets (YoY) (2025-12-28 vs 2024-12-29): 67.0%Derived (calculated)
- Total liabilities (YoY) (2025-12-28 vs 2024-12-29): 36.9%Derived (calculated)
- Long-term debt (YoY) (2025-12-28 vs 2024-12-29): 11.8%Derived (calculated)
- EPS (basic) (annual): USD-PER-SHARES -1SEC XBRL filing
- Pre-tax income (annual): USD -42.68MSEC XBRL filing
- Total operating expenses (annual): USD 156.14MSEC XBRL filing
- EPS (diluted) (annual): USD-PER-SHARES -1SEC XBRL filing
- Cost of revenue (annual): USD 170.79MSEC XBRL filing